TSP S Fund: what's actually inside it
US companies outside the S&P 500: small and mid-cap — the small-cap index fund. Tracks the Dow Jones U.S. Completion Total Stock Market index.
3,327 holdings · expense ratio 0.051% · top 10 = 10.6% · concentration score 0/100 · holdings as of 2026-06-30
Top 25 holdings
| # | Holding | Weight | |
|---|---|---|---|
| 1 | CASH | 3.77% | |
| 2 | SPCX | 1.14% | |
| 3 | SNOW | 1.00% | |
| 4 | BE | 0.90% | |
| 5 | NET | 0.89% | |
| 6 | ALAB | 0.73% | |
| 7 | RKLB | 0.59% | |
| 8 | LNG | 0.57% | |
| 9 | FERG | 0.52% | |
| 10 | CRDO | 0.50% | |
| 11 | ALNY | 0.45% | |
| 12 | NTRA | 0.44% | |
| 13 | RVMD | 0.42% | |
| 14 | RBLX | 0.41% | |
| 15 | TWLO | 0.35% | |
| 16 | SUNB | 0.35% | |
| 17 | CRS | 0.35% | |
| 18 | MKSI | 0.34% | |
| 19 | MSTR | 0.33% | |
| 20 | CW | 0.32% | |
| 21 | FTAI | 0.31% | |
| 22 | AMRZ | 0.31% | |
| 23 | ENTG | 0.31% | |
| 24 | NVT | 0.31% | |
| 25 | MDB | 0.31% |
Sector split
Overlap with the other TSP funds
The question a federal employee can actually act on: holding two of these, how much is the same underlying company?
| Paired with | Overlap | Effective Funds (50/50) |
|---|---|---|
| TSP I Fund | 4.5% | 2.0 |
| TSP F Fund | 2.7% | 2.0 |
| TSP C Fund | 0.2% | 2.0 |
Frequently asked
What does the TSP S Fund actually hold?
The S Fund tracks the Dow Jones U.S. Completion Total Stock Market index. The Thrift Savings Plan does not publish a holdings list and does not file SEC form N-PORT, so this page shows the 3,327 positions of VXF, which tracks the same index, as of 2026-06-30. The largest position is CASH at 3.8%, and the top ten are 10.6% of the fund.
Is this the TSP's real holdings data?
No, and that distinction matters. It is a labelled proxy: a different fund tracking the same index, not the S Fund itself. VXF tracks the US market excluding the S&P 500 — the same completion mandate — and is the closest covered equivalent. Index funds tracking the same benchmark hold nearly identical portfolios, so the picture is close — but the weights are VXF's, not the TSP's, and the TSP has never published its own.
How much do the TSP funds overlap each other?
The S Fund overlaps the I Fund 4.5% by weight — I Fund 4.5%, F Fund 2.7%, C Fund 0.2%. Overlap is the sum of the smaller weight in each fund over every holding both own, computed from the proxy holdings described above.
Why isn't the G Fund shown?
The G Fund is deliberately absent. It holds non-marketable US Treasury securities issued only to the TSP, which are not traded anywhere and have no market equivalent. Showing it through a bond fund would misrepresent an instrument whose defining feature is that its principal cannot fall.
Most federal employees hold more than the TSP
A TSP account is rarely the whole picture — there is often an IRA, a spouse's 401(k), or a brokerage account alongside it. Paste them all together to see the real overlap between your S Fund and everything else you own, and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch TSP S Fund
We re-read TSPS’s published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Compare it directly
TSP S Fund shown via VXF, holdings as of 2026-06-30. The TSP publishes no holdings of its own. Weights are fractions of the fund. Diagnostics, not advice.