Investment objective & strategy
As of April 25, 2025 · prospectusObjective. The Fund seeks investment results, before fees and expenses, that track the total return of a benchmark index that measures the performance of publicly traded equity real estate investment trusts (REITs).
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 the Dow Jones U.S. Select REIT Index (the 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. The Benchmark Index tracks the performance of publicly traded REITs and REIT-like securities. 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 … 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 the Dow Jones U.S. Select REIT Index (the 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. The Benchmark Index tracks the performance of publicly traded REITs and REIT-like securities. 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 also invest in derivatives, including but not limited to futures contracts, options on futures contracts, and swaps. The Fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. As such, the Fund concentrates its assets in the real estate industry, including REIT stocks, which may include companies with small- and medium-size market capitalizations. 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 |
|---|---|---|---|
| WELLTOWER INC | — | $157.73M | 12.34% |
| PROLOGIS INC REIT | — | $140.48M | 10.99% |
| EQUINIX INC | — | $110.12M | 8.62% |
| SIMON PROPERTY | — | $69.36M | 5.43% |
| DIGITAL REALTY TRUST INC | — | $66.54M | 5.21% |
| REALTY INCOME CORP REIT | — | $64.35M | 5.03% |
| PUBLIC STORAGE | — | $48.92M | 3.83% |
| VENTAS INC REIT | — | $44.41M | 3.47% |
| Dreyfus Instl Resv PFD GOVT INSTL | DSVXX | $41.70M | 3.26% |
| EXTRA SPACE STORAGE INC | — | $31.82M | 2.49% |
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. |
|---|---|---|
| State Street(R) SPDR(R) Dow Jones(R) REIT ETF · RWR | 88% | 0.25% |
| First Trust S&P REIT Index Fund · FRI | 88% | 0.49% |
| JPMorgan BetaBuilders MSCI US REIT ETF · BBRE | 86% | 0.11% |
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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