The Goldman Sachs-Innovator Acquisition Already Bearing Fruit

The ETF marketplace underwent a seismic shift at the end of last year with Goldman Sachs Asset Management (GSAM) acquiring Innovator Capital Management. Known for their pioneering ETF strategies, Innovator brings their Defined Outcome suite under the storied GSAM banner, which helps position the firm as a dominant force in risk-managed investing as well as income.

With the CBOE Volatility Index (VIX) up close to 40% this year, these active ETF strategies couldn’t come at a better time. Whether it’s persistent “higher-for-longer” interest rates, geopolitical tensions, or the institutional maturation of artificial intelligence (AI), there’s plenty of additional volatility ahead in 2026.

With that, demand for Innovator’s ETF strategies have been rising.

Innovator’s Heavy Hitters YTD

Year-to-date data inflows courtesy of ETF Database show that investors are seeking out strategies that offer a blend of upside from market participation as well as defined protection whenever the markets get doused with buckets of volatility. Here are the top five Innovator ETFs based on net inflows for the year (ending February 26, 2026):

1. Innovator U.S. Equity Power Buffer ETF – January (PJAN): At $344.03 million in YTD inflows, PJAN led the pack. The fund tracks the SPDR S&P 500 ETF Trust (SPY) up to a predetermined cap while providing a 15% downside buffer over its outcome period.
2. Innovator Equity Managed Floor ETF (SFLR): At runner up with $171.70 million, this fund is ideal for traders looking to capture the upside in large-cap U.S. equities while limiting the potential for maximum losses using a disciplined options overlay.
3. Innovator U.S. Equity Power Buffer ETF – February (PFEB): The fund attracted $144.87 million inflows so far this year. It tracks the return of SPY up to a predetermined cap while also providing a 15% buffer, but resets its outcome period in February.
4. Innovator U.S. Equity Ultra Buffer ETF – January (UJAN): The fund, which also tracks SPY, took in $108.14 million from investors looking to maximize downside protection (specifically from -5% to -35% over the outcome period).
5. Innovator U.S. Equity Buffer ETF – January (BJAN): Rounds out the top five list with $78.50 million in inflows. The fund provides a 9% buffer against losses in SPY while tracking the fund’s returns up to a predetermined cap.

A Positive Outlook for GPIQ/GPIX

Complementing Innovator’s defined outcome infrastructure is Goldman Sachs’ internal lineup of ETFs, particularly those focused on income. More specifically, the Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) and the Goldman Sachs S&P 500 Core Premium Income ETF (GPIX) present income-producing complements to Innovator’s suite. Both funds have also grown their assets profoundly, with GPIQ seeing about $487 million inflows YTD and GPIX with about $517 million.

In a time where the U.S. Federal Reserve is expected to ease monetary policy, income diversification can be achieved with exposure to these funds. GPIQ tracks the Nasdaq 100, and sells call options to allow for participation when markets rise while also offering potential outperformance during negative to flat markets. GPIX does the same, but its underlying index is the S&P 500. Both funds derive their income from options premiums as well as equity dividends. As of January 31, GPIQ has a 12-month distribution rate of 9.81% while GPIX comes in at 8%.

Merging Innovator’s buffer technology with the distribution power and income diversification offered by GPIQ/GPIX, Goldman Sachs is redefining active management strategies that can benefit investors in 2026 and beyond.

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