December opened with a big shakeup in the ETF landscape, with Goldman Sachs announcing a major acquisition. The firm has concluded a deal to acquire Innovator Capital Management and its defined outcome ETFs to the company’s ETF side. The move adds $28 billion in AUS (assets under supervision) across some 159 defined outcome ETFs as of the end of September 2025. Specifically, the move sees Goldman Sachs expand its active ETF side amid growing interest in active.
See more: Goldman Sachs ETFs Recently Hit $50 Billion in AUM
“We’re in the early stage of innovation in the defined outcome space and there are lots of opportunities for growth”, said Bryon Lake, chief transformation officer within Goldman Sachs Asset Management. “Innovator is a leader with the most pronounced product range, a deep and experienced team and a strong brand.”
“Goldman Sachs has refocused its ETF efforts in 2025 and seen strong growth in part from their options based ETF strategies like (GPIQ ) and (GPIX ),” said VettaFi Head of Research Todd Rosenbluth. “However, the addition of the Innovator lineup of funds will be a key catalyst. Options based ETFs have appealed to advisors that seek to support clients with risk mitigation equity objectives."
Goldman Sachs Adds Defined Outcome ETF Suite
Globally, active ETF AUM has grown at a 47% compound annual growth rate (CAGR) since 2020, per a press release from the firm. That has brought global active ETF AUM to some $1.6 trillion, the release noted. Defined outcome ETFs, an important and growing part of that space, have themselves grown at 66% CAGR since 2020.
Defined outcome ETFs, like the firm’s Innovator U.S. Equity Power Buffer ETF – January (PJAN ), its third largest ETF by AUM, can help investors meet specific goals. Using derivatives and options-based strategies, investors can provide downside protection for their assets or enhanced yields. Specifically, such strategies can also help meet defined outcomes over longer periods.
Together, as of September 30, 2025, the two firms managed more than 215 ETF strategies globally, and over $75 billion in global AUS. The move now places Goldman Sachs Asset Management among the top ten active ETF managers. Looking ahead, the move could help Goldman Sachs play in an increasingly popular ETF segment.
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