Goldman Sachs (NYSE: $GS) : $2B Innovator Deal Boosts ETF Power

Goldman Sachs (NYSE: GS) is taking a major leap in the fast-growing ETF market with its $2 billion acquisition of Innovator Capital Management. The deal brings in a powerful lineup of 161 U.S.-listed ETFs managing nearly $30 billion in assets, instantly strengthening Goldman’s position in defined outcome products—one of the hottest ETF segments today. Innovator is widely recognized for pioneering “buffer” ETFs, which use options to offer downside protection in exchange for capped upside. These strategies have surged in popularity as investors seek structured, rules-based approaches to managing risk.

Innovator’s products carry a median expense ratio of 0.79%, translating to roughly $237 million in annual revenue at current AUM levels. Beyond U.S. equities, its strategies span various indexes and asset classes, giving Goldman broader reach and deeper ETF diversification. Before the acquisition, Goldman ranked 18th among U.S. ETF issuers with $51.4 billion in assets. Combined with Innovator, it climbs to 16th place—leapfrogging Global X and Direxion. Still, joining the top 10 will require significantly more scale.

CEO David Solomon highlighted the accelerating growth of active ETFs, noting their role in reshaping public markets. Although defined outcome ETFs are technically active, they operate as disciplined, systematic strategies, making them attractive to investors seeking predictable payoff structures.

Technical analysis

Goldman Sachs stock remains firmly bullish. Price action continues to respect an ascending trendline established after breaking a key resistance level. The next major resistance sits near $841, the previous high. As long as the trendline holds, GS maintains strong upside momentum, with the trendline itself acting as dynamic support.