Goldman Sachs Completes Acquisition of Innovator Capital Management

NEW YORK - April 2, 2026 - The Goldman Sachs Group, Inc. (Goldman Sachs) (NYSE: GS) today announced it has closed the acquisition of Innovator Capital Management, LLC (Innovator), the pioneer and industry leader in defined outcome exchange-traded funds (ETFs). The closing of this transaction marks a significant milestone for the growth of Goldman Sachs Asset Management's ETF business and enhances the firm's offerings in one of the fastest-growing active ETF categories.

By integrating Innovator's approximately $31 billion in assets under supervision (AUS)¹ across its suite of 171 ETFs focused on defined outcome strategies, Goldman Sachs Asset Management now manages approximately 240 ETFs globally. With total ETF AUS of $90 billion, Goldman Sachs Asset Management is a top ten global active ETF provider².

"With this acquisition, we have taken a transformative step in our commitment to provide sophisticated investment solutions that are designed to deliver specific outcomes for investors through market cycles," said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. "Integrating Innovator's specialized defined outcome ETF capabilities expands our range of strategies that can be accessible for a broad range of investors, while enhancing our leadership in the active ETF category."

The acquisition adds Innovator's specialized expertise in defined outcome ETFs, which use options-based strategies to support investors seeking income, targeted risk profiles, and growth opportunities.

Innovator's Bruce Bond, Co-Founder and Chief Executive Officer and John Southard, Co-Founder and President join Goldman Sachs as Advisory Directors to support the continued growth of the defined outcome suite. Graham Day, Chief Investment Officer; and Trevor Terrell, Head of Distribution, join Goldman Sachs as Partners.

Innovator's more than 70 employees join Goldman Sachs, and the firm is retaining investment management and service providers for the existing Innovator ETF lineup to ensure a seamless transition for fund shareholders.

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About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Goldman Sachs Asset Management
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs, delivering investment and advisory services across public and private markets for the world's leading institutions, financial advisors, and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees approximately $3.6 trillion in assets under supervision as of December 31, 2025. Follow us on LinkedIn.

About Innovator Capital Management
Innovator Capital Management is a leading active ETF sponsor and is the pioneer of outcome-based ETFs. Most notably the inaugural and largest lineup of Buffer ETFs™. The firm is committed to delivering innovative risk-managed strategies and managed 171 ETFs with approximately $31 billion in assets under management as of February 28, 2026.
Innovatoretfs.com

For More Information, Please Contact:

Goldman Sachs Media Relations
Mary Athridge
+1 212 902 5400
[email protected]

Goldman Sachs Investor Relations
Jehan Ilahi
+1 212 902 0300
[email protected]

¹ AUS as of February 28, 2026. Innovator Capital Management AUS represents fee-based client assets managed on a discretionary basis. Post-closing proxy solicitation process expected to be completed for a small minority of client assets.

² Morningstar Direct. Pro forma data as of February 28, 2026 for the Global Active ETF Category.