Investment objective & strategy
As of April 25, 2025 · prospectusObjective. The Fund seeks investment results that track the total return of the debt securities that comprise the Bloomberg U.S. Aggregate Bond Index (the Benchmark Index).
Strategy. Below is a summary of the principal investment strategies of the Fund. The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of the companies included in the Benchmark Index and, using sampling techniques, a portfolio of securities designed to give the Fund the relevant comparable attributes of the Benchmark Index. These sampling techniques involve investing in a limited number of securities from the Benchmark Index that, when taken together, are expected to perform similarly to the Benchmark Index as a whole. These techniques take into account a … Below is a summary of the principal investment strategies of the Fund. The Fund is not actively managed but is designed to track the performance of its Benchmark Index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of the companies included in the Benchmark Index and, using sampling techniques, a portfolio of securities designed to give the Fund the relevant comparable attributes of the Benchmark Index. These sampling techniques involve investing in a limited number of securities from the Benchmark Index that, when taken together, are expected to perform similarly to the Benchmark Index as a whole. These techniques take into account a variety of factors such as sector, yield, duration, credit quality and spread. The Benchmark Index includes over 12,000 securities and covers the U.S. investment grade bond market, including corporate bonds, government securities, mortgage-backed securities (which may be purchased or sold on a delayed delivery or forward commitment basis through the to-be-announced (TBA) market), and includes securities with short-, medium-, and long-term maturities. The Fund may invest in exchange-traded funds (ETFs) and derivatives, including but not limited to futures contracts on the Benchmark Index, options on futures contracts and credit default swaps. Empower Capital Management, LLC (ECM) is the Funds investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the Board), selects the Funds sub-advisers and monitors their performance on an ongoing basis. The Funds investment portfolio is managed by Franklin Advisers, Inc. (Franklin Advisers) and Franklin Advisory Services, LLC (FAS LLC) (collectively, Franklin or the Sub-Advisers).
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $57.69M | 1.17% |
| US TREASURY N/B | — | $57.54M | 1.16% |
| US TREASURY N/B | — | $53.98M | 1.09% |
| US TREASURY N/B | — | $48.97M | 0.99% |
| US TREASURY N/B | — | $47.64M | 0.96% |
| US TREASURY N/B | — | $43.67M | 0.88% |
| US TREASURY N/B | — | $42.27M | 0.86% |
| US TREASURY N/B | — | $41.89M | 0.85% |
| US TREASURY N/B | — | $41.86M | 0.85% |
| US TREASURY N/B | — | $41.34M | 0.84% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| VANGUARD TOTAL TREASURY ETF · VTG | 35% | 0.03% |
| Columbia U.S. Treasury Index Fund · LUTAX, IUTIX, CUTRX, CUTYX | 35% | 0.17% |
| State Street(R) SPDR(R) Portfolio Treasury ETF · SPTB | 35% | 0.03% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Sub-adviser |
| Franklin Advisory Services, LLC | Sub-adviser |
| Empower Capital Management, LLC | Adviser |
Footnotes
- Expense ratio as of April 25, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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