Innovator Capital Management, LLC (Innovator) is an investment management firm that issues and manages a suite of defined outcome exchange-traded funds (ETFs), including buffer, accelerated, laddered, step-up, income, and floor strategies linked to equity indices such as the S&P 500 Price Return Index, developed international markets, and U.S. Treasuries; core offerings encompass the Innovator U.S. Equity Power Buffer ETF - June (PJUN), which seeks to track the return of the SPDR S&P 500 ETF Trust up to a predetermined cap while providing a 15% downside buffer against the index's first 15% of losses over an annual outcome period from June 1 to May 31, utilizing FLEX options and collateral for tax-efficient exposure that resets annually. The firm pioneered Defined Outcome ETFs in 2018, offering approximately 159 ETFs across growth, income, and protection segments with buffers of 9%, 15%, or 30%, targeting financial advisors, institutional investors, and retail portfolios seeking structured risk-managed equity exposure. Innovator operates primarily in the United States, with products listed on exchanges like Cboe and NYSE Arca, and manages roughly $28 billion in assets under supervision as of September 2025. Founded in 2017 and headquartered at 200 W. Front Street in Wheaton, Illinois, the firm was co-founded by ETF industry veterans Bruce Bond and John Southard, formerly of PowerShares. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator for approximately $2 billion, a transaction expected to close in the second quarter of 2026, significantly expanding Goldman Sachs Asset Management's active ETF capabilities in the fast-growing defined outcome category.