Goldman Sachs has completed its roughly $2 billion acquisition of Innovator Capital Management, the firm that pioneered defined-outcome ETFs. The deal, first announced in December 2025, closed on April 2, 2026, bringing approximately $31 billion in assets under supervision and 171 ETFs into the Goldman Sachs Asset Management fold. What Goldman actually boughtInnovator Capital Management built its reputation on a specific product: defined-outcome ETFs. Before this acquisition, Goldman Sachs Asset Management managed roughly $51.4 billion in U.S. assets across 50 ETF products. The acquisition also signals that Goldman views active and structured ETF strategies as central to its future.