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S Fund

Small cap stock Index investment fund

First, let's answer a few questions.

  • While investment in the S Fund carries risk, it also offers the opportunity to experience gains from equity ownership of small-to-mid-sized U.S. companies. It provides an excellent means of further diversifying your domestic equity holdings.

  • There is a risk of loss if the Dow Jones U.S. Completion TSM Index declines in response to changes in overall economic conditions (market risk) or if S Fund investments do not outpace or grow enough to offset the reduction in purchasing power (inflation risk).

  • The S Fund can be useful in a portfolio that also contains stock funds that track other indexes. The C, S, and I Funds, for example, track different segments of the overall stock market without overlapping. By investing in all segments of the stock market (as opposed to just one), you reduce your exposure to market risk.

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.

Performance

Average annual returns
-- YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs
- - - - -
  • Details As of 12/31/2020

    Assets
    $92.4 billion

    Total expense ratio
    $0.680/$1,000 account balance 0.068% (6.8 basis points)

    Benchmark index
    Dow Jones U.S. Completion Total Stock Market Index | spglobal.com

    Asset manager(s)
    BlackRock Institutional Trust
    Company, N.A.

    Inception date
    5/1/2001

    Top ten holdings As of 12/31/2020

    1. SQ Square, Inc. Class A
    2. UBER Uber Technologies, Inc.
    3. ZM Zoom Video Communications Inc Class A
    4. TWLO Twilio Inc Class A
    5. SNAP Snap Inc Class A
    6. NXPI NXP Semiconductors NV
    7. BX Blackstone Group, Inc. Class A
    8. WDAY Workday, Inc. Class A
    9. DOCU DocuSign, Inc.
    10. LULU Lululemon Athletica, Inc.
  • Portfolio Weight As of December 31, 2020

    Sector Portfolio Weight Portfolio Percentage
    Information Technology 25.0%
    Health Care 16.1%
    Industrials 13.0%
    Financials 12.9%
    Consumer Discretionary 11.0%
    Real Estate 6.5%
    Communication Services 5.6%
    Materials 3.5%
    Consumer Staples 2.7%
    Utilities 2.0%
    Energy 1.5%
    Total 1 99.8%
    1. Due to rounding, numbers may not add up to exactly 100%.
  • Fees As of 12/31/2020

    Net administrative expense ratio1
    $0.490/$1,000 account balance 0.049% (4.9 basis points)

    Investment expense ratio
    $0.190/$1,000 account balance 0.019% (1.9 basis points)

    Total expense ratio2
    $0.680/$1,000 account balance 0.068% (6.8 basis points)

    1. An expense ratio of 0.049% translates to 4.9 basis points or $0.490 per $1,000 acount balance.
    2. Fees paid to the investment manager.

    Additional information

    The FRTIB’s Executive Director currently allocates the selection, purchase, investment, and management of assets contained in the S Fund to BlackRock Institutional Trust Company, N.A. The Fund is invested in the Dow Jones U.S. Completion TSM Index, which contains a large number of stocks, including illiquid stocks with low trading volume and stocks with prices lower than $1.00 per share.

    Therefore, it is not efficient for the Fund to invest in every stock in the index. The S Fund holds the stocks of most of the companies in the index with market values greater than $1 billion. However, a mathematical sampling technique is used to select among the smaller stocks.

    The performance of the S Fund is evaluated on the basis of how closely its returns match those of the Dow Jones U.S. Completion TSM Index. A portion of S Fund assets is reserved to meet the needs of daily client activity. This liquidity reserve is invested in futures contracts of the S&P 400 and Russell 2000 (other broad equity indexes).