Innovator Capital Management, LLC (Innovator) issues exchange-traded funds focused on defined outcome strategies that track major equity indices up to a predetermined cap while providing buffers against a specified level of losses over annual outcome periods; these include the Innovator U.S. Equity Power Buffer ETF - September (PSEP; ticker: PSEP), which seeks to track the SPDR S&P 500 ETF Trust (SPY) up to a cap with a 15% downside buffer, as well as laddered allocation Power Buffer ETFs, Buffer Step-Up Strategy ETFs, Managed Floor ETFs, Equity Defined Protection ETFs, and autocallable income strategy ETFs such as the Innovator Equity Autocallable Income Strategy ETF (ACEI) and Innovator Index Autocallable Income Strategy ETF (ACII). The firm offers a broad suite of over 150 ETFs spanning risk-managed equity exposure to U.S. large-cap, small-cap, Nasdaq-100, international developed markets, and fixed income segments; product categories encompass Power Buffer ETFs, 100% Buffer ETFs, Managed Outcome ETFs, Accelerated ETFs, Deepwater Frontier Tech ETF, and Hedged Nasdaq-100 ETF, utilizing FLEX options and collateral for tax-efficient, actively managed structures targeted at institutional investors, financial advisors, and retail investors seeking growth with downside protection or income generation. Innovator operates primarily in the United States, listing its ETFs on exchanges such as NYSE Arca and BATS, with assets under management exceeding $28 billion as of late 2025.
Founded in 2017 and headquartered in Wheaton, Illinois, the firm pioneered Defined Outcome ETFs in 2018 and has grown to manage approximately 159 ETFs with a focus on innovative solutions derived from structured products and annuities.
In December 2025, Goldman Sachs agreed to acquire Innovator for approximately $2 billion in cash and equity, subject to performance targets and regulatory approval, with the transaction expected to close in Q2 2026 and integrate Innovator as a wholly owned subsidiary to expand Goldman Sachs Asset Management's ETF offerings to over 215 strategies and $75 billion in assets; this follows recent product launches including the International Developed Equity Managed Floor ETF (IFLR) in November 2025, Dual Directional Buffer ETFs in September and October 2025, and the first monthly distributions for autocallable income ETFs ACII and ACEI in December 2025.