Page 33 - DCAC Nov 2025 Files
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Mutual Fund vs. CIT Comparison
Empower S&P 500 Index ISA
• ISA Constraints:
• The Empower S&P 500 Index ISA is part of the BlackRock S&P 500 Index Separate Account
(Americas) Composite. It’s not part of the same composite as mutual funds.
• The management style is the same. Both the ISA and mutual funds use full replication methodology.
In terms of portfolio holdings and various constraints, they should be very similar.
• Security lending is different. Empower is not the lending agent for the ISA. Therefore, security
lending is not authorized for this ISA.
• Inception date of November 29, 2023 does not meet Innovest’s 3-year track record criteria
• County of San Mateo makes up 3.88% of this ISA’s AUM. This passes Innovest’s due diligence
criteria.
Mutual Fund ISA
Assets Under Management N/A $3.2 Billion
# of Holdings N/A 503
# of Investors N/A 1 with many in the queue
Inception Date N/A 11/29/2023
Similar Investment Constraints N/A N/A
Expense Ratio N/A 0.00%
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