Goldman Sachs announced Monday it has agreed to acquire Innovator Capital Management — a firm specializing in exchange-traded funds, or ETFs, designed to limit investor losses — for about $2 billion.

The cash-and-stock deal aims to expand the Wall Street giant’s offerings in a rapidly growing area of the investment market.

The acquisition, set to close in the second quarter of 2026, will bring Innovator into Goldman’s asset management division, which oversees investments for clients.

Innovator said it managed $28 billion in assets across 159 ETFs as of Sept. 30.

ETFs are investment funds that trade on stock exchanges in the same way that individual stocks do. They typically hold a basket of assets that include stocks or bonds.

Innovator focuses on “defined-outcome” ETFs, which util

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