Innovator Nasdaq-100 10 Buffer ETF
QBUF
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ROIC.AI
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- Innovator Capital Management, LLC (Innovator) develops and manages defined outcome exchange-traded funds (ETFs), including the Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF), which seeks to provide investors with returns that track the price return of the Invesco QQQ Trust up to an upside cap while offering a buffer against the first 10% of losses over a quarterly outcome period; the actively managed fund primarily invests in FLEX options referencing the QQQ, with buffer and cap levels resetting every three months. Innovator's core offerings encompass a broad suite of over 150 Defined Outcome ETFs across U.S. Equity Buffer ETFs, Premium Income ETFs with barrier levels, Equity Defined Protection ETFs, and strategies targeting income, growth, and downside protection, utilizing FLEX options to deliver predefined investment outcomes previously available mainly through annuities or structured products; these products serve institutional investors, financial advisors, registered investment advisors, wirehouses, and broker-dealers, with total assets under management reaching approximately $28 billion as of September 30, 2025. The firm operates primarily in the United States, with ETF listings on the Nasdaq Stock Market. Founded in 2017 and headquartered in Wheaton, Illinois, Innovator was established by industry veterans Bruce Bond, CEO and co-founder, and John Southard, President and co-founder, both previously instrumental in launching PowerShares ETFs; the company pioneered the world's first Defined Outcome ETFs in 2018 and has grown to manage 159 such funds as of late 2025. QBUF itself launched on June 28, 2024, as part of Innovator's quarterly buffer series tied to the Nasdaq-100 Index via QQQ exposure, achieving assets of over $192 million by early 2025 with a net expense ratio of 0.79%. In a transformative development announced December 1, 2025, Goldman Sachs agreed to acquire Innovator for approximately $2 billion in cash and equity, subject to performance targets, with the transaction slated to close in the second quarter of 2026 pending regulatory approval; this deal integrates Innovator's defined outcome ETF platform into Goldman Sachs Asset & Wealth Management, expanding the combined entity's ETF strategies to over 215 globally with more than $75 billion in assets, bolstering offerings in the rapidly growing active ETF segment. The acquisition aligns with Goldman Sachs' strategic focus on asset management growth, incorporating Innovator's leadership team, including Bond and Southard, and over 60 employees into its third-party wealth and ETF operations while preserving existing investment management and service providers.