Goldman Sachs Asset Management has reached a significant milestone for its exchange-traded fund platform, crossing $100 billion in assets under management as of last week, according to Bryon Lake, co-head of third-party wealth and chief transformation officer at the firm. Speaking at a media event in Manhattan on Wednesday, Lake attributed the growth to surging demand for actively managed ETFs, a segment that has seen its share of total ETF inflows double since 2022.
The Wall Street giant entered the ETF space in 2015 with the launch of the ActiveBeta US Large Cap Equity ETF (ticker: GSLC). Last month, it closed its $2 billion acquisition of Innovator Capital Management, an active ETF sponsor, adding 171 funds to its lineup. With that deal, Goldman Sachs now manages approximately 240 ETFs globally.
Active ETFs have become a dominant force in the asset management industry. According to Goldman Sachs data released earlier this year, active ETF inflows as a proportion of all ETF flows have doubled since 2022, with global active ETF assets exceeding $1.8 trillion. Cerulli Associates reported that active ETF assets ballooned to $1.17 trillion in the second quarter of 2025, up from just $71 billion in 2018. Morningstar analysis indicates that nearly 1,000 active ETFs were launched in 2025, compared to 584 in 2024.
Lake emphasized that the firm's strategy centers on active management, leveraging proprietary technology and data to generate alpha. "To be excellent, you have to have a tremendous amount of technology to drive your investment," he said. "Number two, you need to have data—in an AI-first world data is key." He noted that Goldman Sachs possesses unique data sets that help drive outcomes for investors.
Bruce Bond, advisory director and co-founder of Innovator Capital Management, said the combined entity plans to introduce new products with a stronger alpha focus, particularly targeting younger investors. "A lot of young investors today … if the market doesn't move around 3 or 4 percent a day, there's not a whole lot of interest in it," Bond said. He added that new offerings are expected in the near term to address this demographic.
The milestone underscores the broader shift toward active ETFs, which have outpaced passive funds in growth. For advisors, the trend presents opportunities to incorporate active strategies into client portfolios, though the proliferation of new funds raises questions about sustainability. As noted in a recent InvestLin analysis, record launches in 2025 may be followed by a wave of closures for subscale funds.
Goldman Sachs' expansion also reflects the growing importance of tax-aware and customized solutions. The firm's focus on active ETFs aligns with broader industry moves, such as Fidelity's launch of ETF share classes for mutual funds, a post-patent trend that is reshaping fund structures.
Lake reiterated that the key to being a "great asset manager" lies in technology and data. "We want to be focused on the active end where we can provide real solutions to investors," he said, noting that the firm delivers active strategies through exchange funds, mutual funds, and ETFs.
