TSP S Fund

$111.0851 share price on October 23, 2026-0.88% since the September 30, 2026 close

Index tracked

Dow Jones U.S. Completion Total Stock Market Index

Asset managers

BlackRock Institutional Trust Company, N.A.; State Street Global Advisors Trust Company

Inception date

May 1, 2001

Risk (TSP rating)

Medium-high

Total expense ratio (as of December 31, 2025)

0.051%

Assets (as of December 31, 2025)

$117.4 billion

Prices are TSP’s published share prices (the first row is the latest trading day in our data; the others are month-end closes). For every fund and every date, see TSP share price history.

S Fund (Small Cap Stock Index Investment Fund). The S Fund’s investment objective is to match the performance of the Dow Jones U.S. Completion Total Stock Market Index, a broad market index made up of stocks of small-to-medium U.S. companies not included in the S&P 500 Index.

The S Fund holds the stocks of most companies in the index with market values greater than $1 billion and uses a mathematical sampling technique to pick among the smaller stocks, because the index contains illiquid stocks and stocks priced under $1.00. A portion of assets is reserved for daily client activity and invested in futures contracts of the S&P 400 and Russell 2000.

Index tracked: Dow Jones U.S. Completion Total Stock Market Index. Managed by BlackRock Institutional Trust Company, N.A. and State Street Global Advisors Trust Company, who select and manage the fund’s assets on behalf of the FRTIB’s Executive Director; the fund is judged on how closely its returns match the index.

TSP rates the S Fund’s risk (potential for short-term loss) as Medium-high. Market risk: S Fund returns move with the Dow Jones U.S. Completion Total Stock Market Index, which can decline with overall economic conditions. Inflation risk: returns may not outpace inflation.

The S Fund’s total expense ratio was 0.051% as of December 31, 2025: a net administrative expense ratio of 0.034% plus an investment expense ratio of 0.017%. That is $0.51 a year for every $1,000 invested. TSP publishes expense ratios once a year.

Through September 2026, TSP’s published average annual returns for the S Fund are 11.82% over 1 year, 18.73% over 3 years, 6.23% over 5 years, 11.19% over 10 years, 9.60% since its May 1, 2001 inception; the year-to-date return is 11.62%. Its best calendar year in TSP’s data is 2003 (42.92%) and its worst is 2008 (-38.32%).

On the 10-year average annual return, the S Fund shows 11.19% against the C Fund’s 15.30% (higher) and the G Fund’s 2.97% (lower). Past returns do not predict future results.

S Fund composition by sector (as of December 31, 2025)

Index sector weights. Due to rounding, they may not add up to exactly 100%.

Top ten holdings (as of December 31, 2025, in TSP’s order)

Company names as listed by TSP, with obvious typos corrected, in the order TSP publishes them.

1. Snowflake Inc Class A (SNOW)
2. Marvell Technology Inc. (MRVL)
3. Cloudflare Inc Class A (NET)
4. Vertiv Holdings Class A (VRT)
5. Roblox Corp Class A (RBLX)
6. Alnylam Pharmaceuticals Inc (ALNY)
7. Ferguson Enterprise Inc (FERG)
8. Cheniere Energy Inc (LNG)
9. Strategy Inc Class A (MSTR)
10. Flutter Entertainment Plc (FLUT)

Averages are TSP’s annualized returns ending September 2026, net of fund expenses; the September 2026 column is that month’s return. Since inception counts from May 1, 2001.

Best calendar year: 2003 (42.92%). Worst: 2008 (-38.32%).

Full history for every fund, with monthly returns, is on TSP rates of return.

Average annual returns through September 2026, as published by TSP. Funds that started on different dates cover different periods, and a blank means the fund has not existed that long.