Innovator Capital Management, LLC (Innovator) serves as the investment adviser for the Innovator U.S. Equity Ultra Buffer ETF - June (UJUN), an 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 providing a high level of downside buffer protection against the first 30% of losses over a specific outcome period, typically resetting each June; this defined outcome strategy utilizes FLEX options and other portfolio management techniques to deliver targeted risk-managed exposure to U.S. large-cap equities. Innovator offers a broad suite of over 150 Defined Outcome ETFs, including Buffer ETFs, Defined Income ETFs, Defined Protection ETFs, and dual-directional products; these span equity, fixed income, and multi-asset strategies with built-in risk management for income, growth, and protection objectives, distributed through Innovator ETFs Trust and listed on major U.S. exchanges. The firm targets retail and institutional investors seeking predictable investment outcomes amid market volatility, with products accessible via broker-dealers and advisors across the United States.
Founded in 2017 and headquartered in Wheaton, Illinois, Innovator pioneered the world's first Buffer ETFs in 2018 and has grown to manage approximately $28-29 billion in assets under management as of late 2025, positioning it as the leading provider in the defined outcome ETF category. The company operates primarily in the U.S. investment management industry, with no disclosed subsidiaries or parent relationships prior to recent developments.
In December 2025, Goldman Sachs announced an agreement to acquire Innovator for approximately $2 billion, a transformative transaction expected to close in the second quarter of 2026 that will make Innovator an indirect wholly-owned subsidiary of Goldman Sachs and significantly expand Goldman Sachs Asset Management's ETF offerings in high-growth active strategies. This deal follows Innovator's November 2025 expansion of its industry-first dual-directional ETFs, enhancing its portfolio of outcome-oriented solutions; no prior major acquisitions, funding rounds, or reorganizations by Innovator were reported in the last 1-2 years. The acquisition aligns with surging demand for structured, risk-defined products and leverages Innovator's innovation legacy from founders Bruce Bond and John Southard, previously of PowerShares ETFs.