# Innovator Capital Management, LLC

> Innovator Capital Management, LLC is an SEC-registered investment advisory firm in Wheaton, IL, registered since 2017, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 18, 2026.

- CRD: 287718
- Filed as: INNOVATOR CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Wheaton, IL
- Filing period: October 2026
- Form ADV filing dated: June 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/287718
- AdvisorCensus page: https://advisorcensus.com/firm/innovator-capital-management-llc-wheaton-il-287718

## Quick answers

**How is Innovator Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Innovator Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management.

**How much does Innovator Capital Management, LLC charge?**
Its Form ADV Part 2A brochure dated April 30, 2026 states: Asset-based fee: 0.47% to 0.89% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Innovator Capital Management, LLC located?**
Innovator Capital Management, LLC's principal office is in Wheaton, IL, according to its Form ADV.

**Is Innovator Capital Management, LLC registered with the SEC or a state?**
Innovator Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 287718.

**How much does Innovator Capital Management, LLC manage?**
Innovator Capital Management, LLC reports $30,237,128,227 in regulatory assets under management in its Form ADV filing dated June 18, 2026 (100% discretionary).

**How have Innovator Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Innovator Capital Management, LLC: Regulatory assets under management: $4,055,730,000 in the October 2021 data and $30,237,128,227 in the October 2026 data, up 646%. Total employees: 30 in October 2021 and 73 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Innovator Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Does Innovator Capital Management, LLC report any disciplinary disclosures?**
Reports 7 disclosure items on Form ADV Item 11: yes answers to 1 question about criminal matters and 6 questions about regulatory matters (11.A(2), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/287718

**What changed in Innovator Capital Management, LLC's recent Form ADV filings?**
In the May 2026 filing data: Item 11 disclosure answers changed: 7 yes answers, previously 0 (now yes: 11.A(2), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5)). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated April 30, 2026)

- Asset-based fee: 0.47% to 0.89% a year (a range, as the brochure states it)

> Each Fund’s prospectus sets forth the applicable Unitary Management Fee, which generally ranges from 0.47% to 0.89% annually.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $30,237,128,227
- Discretionary: $30,237,128,227
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $30,237,128,227 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 73 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports 7 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.A(2): In the past ten years, has the firm or an advisory affiliate been charged with a felony?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.D(5): Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/287718

### Websites listed on Form ADV (Item 1.I)
- am.gs.com
- innovatoretfs.com
- LinkedIn @innovatoretfs
- LinkedIn @goldman-sachs-assetmanagement
- X @innovatoretfs
- YouTube @UCoOlk4ZQLV4wE8eBlqDin2g

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,055,730,000 | 30 | March 29, 2021 |
| October 2022 | $5,961,518,469 | 30 | September 27, 2022 |
| October 2023 | $11,052,562,740 | 42 | September 13, 2023 |
| October 2024 | $17,432,817,984 | 48 | March 27, 2024 |
| October 2025 | $22,284,989,873 | 55 | April 21, 2025 |
| October 2026 | $30,237,128,227 | 73 | June 18, 2026 |

Regulatory assets under management: $4,055,730,000 in the October 2021 data and $30,237,128,227 in the October 2026 data, up 646%.
Total employees: 30 in October 2021 and 73 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Item 11 disclosure answers changed: 7 yes answers, previously 0 (now yes: 11.A(2), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5)).
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Regulatory assets under management went from $22,284,989,873 to $30,237,128,227 (+36%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Innovator Capital Management, LLC (CRD 287718): Form ADV filing data as of October 2026.