Investment objective & strategy
As of April 25, 2025 · prospectusObjective. The Fund seeks investment results, before fees and expenses, that track the total return of the common stocks that comprise the Standard & Poors (S&P) MidCap 400 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 common stocks of the companies included in the Benchmark Index. The Benchmark Index is designed to measure the performance of 400 midsize companies and represents the mid cap segment of the U.S. equities market. The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index in as close as possible a proportion of the Fund as each … 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 common stocks of the companies included in the Benchmark Index. The Benchmark Index is designed to measure the performance of 400 midsize companies and represents the mid cap segment of the U.S. equities market. The Fund uses the replication method of indexing, meaning the Fund seeks to own the securities contained in the Benchmark Index in as close as possible a proportion of the Fund as each stocks weight in the Benchmark Index. The Fund may invest in derivatives, including but not limited to futures contracts on the Benchmark Index and options on futures contracts. 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-adviser and monitors its performance on an ongoing basis. The Funds investment portfolio is managed by Irish Life Investment Managers Limited (the Sub-Adviser or ILIM).
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Dreyfus Instl Resv PFD GOVT INSTL | DSVXX | $34.14M | 2.28% |
| TECHNIPFMC PLC | — | $13.02M | 0.87% |
| CASEY'S GENERAL | — | $12.55M | 0.84% |
| UNITED THERAPEUTICS CORP DEL | — | $11.86M | 0.79% |
| CURTISS WRIGHT CORPORATION | — | $11.68M | 0.78% |
| FLEX LTD | — | $11.21M | 0.75% |
| XPO LOGISTICS INC | — | $10.59M | 0.71% |
| WOODWARD INC | — | $9.92M | 0.66% |
| ROYAL GOLD INC | — | $9.58M | 0.64% |
| U.S. Treasury Bills | 912797SX | $9.51M | 0.63% |
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. |
|---|---|---|
| AVIP S&P MidCap 400 Index Portfolio | 97% | 0.40% |
| THRIVENT MID CAP INDEX PORTFOLIO | 97% | 0.25% |
| AZL Mid Cap Index Fund | 97% | 0.33% |
Advisers
| Firm | Role |
|---|---|
| Empower Capital Management, LLC | Adviser |
| IRISH LIFE INVESTMENT MANAGERS LIMITED | Sub-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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