Innovator U.S. Equity Power Buffer ETF - August
PAUG
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- Innovator Capital Management, LLC (Innovator) serves as the issuer and sponsor of the Innovator U.S. Equity Power Buffer ETF - August (PAUG), a defined outcome exchange-traded fund that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined cap while buffering investors against the first 15% of losses over a one-year outcome period, typically resetting annually from August 1 through July 31; the actively managed fund primarily holds FLEX options on SPY, U.S. Treasury securities or cash equivalents as collateral, and related instruments, with a net expense ratio of 0.79% and approximately $1 billion in assets under management. Innovator offers a broad suite of over 150 Defined Outcome ETFs across segments including U.S. Equity Power Buffer, Ultra Buffer, and Managed Outcome ETFs; international equity buffers; ladder and income strategies; and sector-specific products, all designed to provide targeted upside exposure with downside protection or defined income over specific periods. The firm targets retail and institutional investors, financial advisors, and wealth managers seeking risk-managed equity exposure, operating primarily in the United States with products listed on major exchanges like Cboe. Founded in 2017 by ETF industry pioneers Bruce Bond and John Southard and headquartered in Wheaton, Illinois, Innovator has grown to manage more than $28-29 billion in assets across its ETF lineup as of late 2025, distributed by Foreside Fund Services, LLC. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator for approximately $2 billion in cash and equity, subject to performance targets, with the transaction expected to close in Q2 2026 pending regulatory approval; this deal will integrate Innovator's team of over 60 employees into Goldman Sachs Asset & Wealth Management, expanding the latter's active ETF capabilities to over 215 strategies and more than $75 billion in assets while retaining existing investment management arrangements. Earlier in 2025, Innovator expanded its offerings with new dual-directional ETFs and continued growth in defined outcome products, surpassing $29 billion in AUM by October. No other significant acquisitions, funding rounds, or operational reorganizations have been reported for Innovator in the last 1-2 years.