Innovator Capital Management, LLC (Innovator) is an investment management firm specializing in defined outcome exchange-traded funds (ETFs) that utilize FLEX options strategies to deliver targeted investment outcomes, including accelerated upside exposure, downside buffers, income generation, and protection; these encompass buffer ETFs providing 9% to 100% downside protection over defined periods, accelerated ETFs offering 2x to 3x the performance of underlying indices like the S&P 500 to a cap, dual directional ETFs designed for positive returns in both rising and falling markets to a threshold, autocallable income ETFs for monthly equity-linked distributions, and defined protection ETFs, with the Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) seeking 2x the price return of the SPDR S&P 500 ETF Trust (SPY) subject to an upside cap and 9% buffer over a one-year outcome period. The firm targets institutional investors, financial advisors, and retail investors seeking risk-managed equity exposure amid market volatility. Innovator operates primarily in the United States, listing its ETFs on the Cboe BZX exchange.
Founded in 2017 and headquartered at 200 W Front Street in Wheaton, Illinois, Innovator pioneered the world's first buffer ETF in 2018 and has grown to manage approximately $28 billion in assets across more than 150 ETFs as of late 2025.
In December 2025, Goldman Sachs announced an agreement to acquire Innovator for approximately $2 billion, a transaction expected to close in the second quarter of 2026 that will integrate Innovator's defined outcome ETF platform into Goldman Sachs Asset Management and expand its active ETF offerings. Earlier in November 2025, Innovator expanded its industry-first dual directional ETF suite with launches building on prior introductions like DDFO, DDTO, and TOCT. In early December 2025, the firm announced the first monthly distributions for its pioneering autocallable income ETFs, ACII and ACEI, further diversifying its risk-managed income solutions.