Fund Evaluator:

State Street Small/Mid Cap Equity Index Overview

State Street Small/Mid Cap Equity Index (SSMHX) is a passively managed U.S. Equity Mid-Cap Blend fund. State Street Investment Management launched the fund in 2015.

The investment seeks to provide investment results that, before expenses, correspond generally to the total return of the Russell Small Cap Completeness Index that tracks the performance of mid- to small- capitalization exchange traded U.S. equity securities. The portfolio uses a passive management strategy designed to track the performance of the index. The index is a float-adjusted, market capitalization index which measures the performance of the Russell 3000® Index companies excluding S&P 500® constituents. Under normal market conditions, it invests at least 80% of its net assets (plus borrowings, if any) in stocks in the index.

About State Street Small/Mid Cap Equity Index (SSMHX)

There are 3 members of the management team with an average tenure of 7.40 years: Ted Janowsky (2015), Emiliano Rabinovich (2026), Karl Schneider (2015). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell Small Cap Complete TR USD index with a weighting of 100%. State Street Small/Mid Cap Equity Index has 2473 securities in its portfolio. The top 10 holdings constitute 8.5% 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.

State Street Small/Mid Cap Equity Index is part of the Equity global asset class and is within the U.S. Equity fund group. State Street Small/Mid Cap Equity Index has 3.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.5%. There is 3.0% 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). State Street Small/Mid Cap Equity Index has 1.5% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $1 billion average for the Mid-Cap 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.

SSMHX 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 State Street Small/Mid Cap Equity Index expense ratio is low compared to funds in the Mid-Cap Blend category. State Street Small/Mid Cap Equity Index has an expense ratio of 0.01%, which is 99% lower than its category average, making the fund expense ratio grade a A. 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. State Street Small/Mid Cap Equity Index has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.

Recently, in the month of July 2026, State Street Small/Mid Cap Equity Index returned -3.9%, which earned it a grade of D, as the Mid-Cap Blend category had an average return of -1.8%. 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.

State Street Small/Mid Cap Equity Index has a trailing yield of 1.17%, which is above the 0.48% category average. The fund normally distributes its income annually and its capital gains annually.

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.

State Street Small/Mid Cap Equity Index Grades

Year to date, the fund has returned 13.4%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 21.5% over the past year (grade of B), 16.3% over the past three years (grade of A) and 6.8% per year over the past five years (grade of D) and 11.9% per year over the past 10 years (grade of A).

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