Fund Evaluator:

Empower S&P 500® Index Investor Overview

Empower S&P 500® Index Investor (MXVIX) is a passively managed U.S. Equity Large Blend fund. Empower Funds launched the fund in 2003.

The investment seeks investment results that track the total return of the common stocks that comprise the Standard & Poor's ("S&P") 500® Index (the "benchmark index"). The fund invests at least 80% of its net assets in common stocks included in its benchmark index. The adviser 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 stock’s weight in the benchmark index. The index is designed to measure the performance of 500 of the top companies in leading industries of the U.S. economy.

About Empower S&P 500® Index Investor (MXVIX)

There are 3 members of the management team with an average tenure of 10.35 years: Nicola Dowdall (2016), Michael Lynch (2016), Peter Leonard (2016). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Empower S&P 500® Index Investor has 505 securities in its portfolio. The top 10 holdings constitute 36.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Empower S&P 500® Index Investor is part of the Equity global asset class and is within the U.S. Equity fund group. Empower S&P 500® Index Investor has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7%. There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Empower S&P 500® Index Investor has 0.9% of the portfolio in cash.

Assets Under Management

The fund has $7 billion in total assets, which is above the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

MXVIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Empower S&P 500® Index Investor expense ratio is average compared to funds in the Large Blend category. Empower S&P 500® Index Investor has an expense ratio of 0.49%, which is 40% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Empower S&P 500® Index Investor has a portfolio turnover rate of 1%, indicating that holds its assets around 1.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of August 2026, Empower S&P 500® Index Investor returned 2.7%, which earned it a grade of B, as the Large Blend category had an average return of 2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Empower S&P 500® Index Investor has a trailing yield of 0.25%, which is below the 0.55% category average.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Empower S&P 500® Index Investor Grades

Year to date, the fund has returned 12.8%, 1.2 percentage points better than the category, which translates into a grade of B. The fund has returned 19.8% over the past year (grade of B), 20.4% over the past three years (grade of B) and 12.2% per year over the past five years (grade of B) and 14.8% per year over the past 10 years (grade of B).

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