Goldman gains Innovator ETFs; Corgi sets launch records

In April Goldman Sachs acquired Innovator Capital Management, adding roughly 180 exchange-traded funds and about $35 billion in assets. The acquisition gives Goldman more than 40% market share in defined outcome ETFs.

Bryon Lake, global co-head of third party wealth and chief transformation officer at Goldman Sachs Asset Management, described the firm as “out of the gates fast” a few months after the deal closed. The Innovator portfolio broadened Goldman’s product set and increased assets under management in outcome-oriented strategies.

Goldman entered the ETF market in 2015 with the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), which remains its largest fund by assets. Recent launches have emphasized discretionary active management, especially in fixed income. The Goldman Sachs Core Bond ETF (GBND) has passed $500 million in assets. Goldman also received SEC approval for an ETF share class filing that the firm says will offer optionality for future product design.

Corgi, an AI-first insurance carrier founded in 2024, moved into asset management by turning its corporate asset allocation into ETFs for retail investors. The startup raised $160 million in May at a $1.3 billion valuation.

The firm executed two record single-day ETF launch events, listing 34 ETFs in early May and 35 ETFs in June. Corgi now has nearly 90 ETFs live and has crossed $610 million in combined assets.

Founders Josh Jung and Anthony Crinieri described an aggressive go-to-market plan built on rapid launches and lower fees. Crinieri declared, “We will outwork everybody.”

Corgi uses internal AI models to scan social platforms including X and Reddit for real-time demand signals and to source thematic ideas such as quantum computing, drones, sports betting and semiconductor photonics. The firm targets self-directed retail traders and aims to offer lower fees than many incumbents; some established leveraged ETF providers charge 90 to 150 basis points for products Corgi offers at a fraction of that cost. Corgi’s insurance business serves as a financial backstop that the founders say lets the company operate nearer break-even.

On competition, Lake said Goldman views rival products as beneficial for investors and prefers to “live in a good neighborhood.”

Defined outcome ETFs were introduced by Innovator. After the acquisition, Goldman holds more than 40% of that market category. Corgi has expanded quickly through high-volume launch days and low-price positioning and now manages nearly 90 live ETFs and over $610 million in assets.