Due to the possibility to drastically reduce the Solid State Transformer (SST) volume and weight, its use is becoming a reality in traction and wind power plant applications, while, in the electric distribution system, it is still considered futuristic. A SST, with managerial role in the electric distribution grid, is generally called Smart Transformer (ST). Unfortunately the low efficiency, the low reliability and the high cost still act as barriers for its widespread use in the real world. This paper focuses on the impact of a modular design, by benchmarking different ST topologies. Moreover, the paper provides guidelines on how to choose the semiconductor modules and assessments on how the choice affects the efficiency of the ST.