# EDGAR Filing Document

**Accession Number:** 0001559992
**File Stem:** 0001193125-25-159680
**Filing Date:** 2025-7
**Character Count:** 407950
**Document Hash:** 3558a1816b9194b5ef16204215f36075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-159680.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001193125-25-159680

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STONE RIDGE TRUST
- **CENTRAL INDEX KEY:** 0001559992

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22761
- **FILM NUMBER:** 251126551

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 855-609-3680

**MAIL ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** 65TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stone Ridge Trust
- **DATE OF NAME CHANGE:** 20121010
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STONE RIDGE TRUST
- **CENTRAL INDEX KEY:** 0001559992

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-184477
- **FILM NUMBER:** 251126550

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 855-609-3680

**MAIL ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** 65TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stone Ridge Trust
- **DATE OF NAME CHANGE:** 20121010

## Series and Classes Contracts Data

### LifeX Durable Income ETF (Series ID: S000089133)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000255640 | LifeX Durable Income ETF |  |

As filed with the Securities and Exchange Commission on July 16, 2025

1933 Act File No. 333-184477 <br>1940 Act File No. 811-22761

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A** 

---

| | | | |
|:---|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
|  | Pre-Effective Amendment No. |  | ☐ |
|  | Post-Effective Amendment No. | 106 | ☒ |
|  |  | and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
|  | Amendment No. | 108 | ☒ |

---

(Check appropriate box or boxes)

------

**STONE RIDGE TRUST** 

(Exact Name of Registrant as Specified in Charter)

------

One Vanderbilt Avenue, 65th Floor <br>New York, New York 10017 <br>(Address of Principal Executive Offices)

855-609-3680 <br>(Registrant's Telephone Number, including Area Code)

Stone Ridge Trust <br>One Vanderbilt Avenue, 65th Floor <br>New York, New York 10017 <br>(Name and Address of Agent for Service)

------

Copies of Communication To:

Elizabeth J. Reza Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02199 Gregory C. Davis Ropes & Gray LLP Three Embarcadero Center San Francisco, CA 94111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| It is proposed that this filing will become effective (check appropriate box): | It is proposed that this filing will become effective (check appropriate box): |
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☐ | on May 1, 2025 pursuant to paragraph (b) |
| ☒ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of Rule 485 |
| If appropriate, check the following box: | If appropriate, check the following box: |
| ☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

This Post-Effective Amendment No. 106 to the Registration Statement of Stone Ridge Trust on Form N-1A (File No. 333-184477) is being filed pursuant to Rule 485(b) under the Securities Act of 1933, as amended, to include a prospectus and statement of additional information relating to LifeX Durable Income ETF, a series of the Registrant. No information contained herein is intended to amend or supersede any prior filing relating to any other series of the Registrant.

------

**PROSPECTUS** 

**[ ], 2025** 

**Stone Ridge Asset Management LLC** 

------

**LifeX Durable Income ETF** 

**Ticker Symbol: LFDR** 

The above-listed fund (the "Fund") is a series of Stone Ridge Trust (the "Trust"). Shares of the Fund are listed and traded on Cboe BZX Exchange, Inc. (the "Exchange") under the ticker listed above.

*Neither the Securities and Exchange Commission (the "Commission") nor any state securities commission has approved or disapproved of these securities or determined this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.* 

This prospectus contains important information about the Fund and services available to shareholders. Please save it for reference.

------

**STONE RIDGE TRUST**

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[FUND SUMMARY](#xx_3f7ccc65-fcc1-4a7a-9d3d-1506e68e7553_1)** | S-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [LifeX Durable Income ETF](#xx_3f7ccc65-fcc1-4a7a-9d3d-1506e68e7553_1) | S-1 |
| **[INVESTMENT OBJECTIVE, STRATEGIES AND RISKS](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [More Information Regarding Investment Strategies](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [More Information Regarding the Risks of Investing](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of Portfolio Holdings](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_5) | 5 |
| **[HOW THE FUND DIFFERS FROM TRADITIONAL MUTUAL FUNDS](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_5)** | 5 |
| **[MANAGEMENT AND ORGANIZATION](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_6)** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Managers](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Distributor, Administrator, Custodian and Transfer Agent](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_7) | 7 |
| **[SHAREHOLDER INFORMATION](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_8)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How Fund Share Prices Are Calculated](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_8) | 8 |
| **[HOW TO PURCHASE AND SELL FUND SHARES](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_9)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Buying and Selling Fund Shares, including on the Secondary Market](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_9) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Distributions and Federal Income Tax Matters](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_11) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Frequent Purchases and Sales of Fund Shares](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_13) | 13 |
| **[DISTRIBUTION](#xx_1a4a801f-6d85-4e4d-9498-2807ed54a728_13)** | 13 |
| **[FINANCIAL HIGHLIGHTS](#xx_850170b6-6a9d-4e58-88ff-c17c3f07fc36_1)** | 14 |
| **[STONE RIDGE'S PRIVACY NOTICE](#xx_437213b0-0385-4a9a-9fee-0e84ca74d92e_1)** | 15 |
| **[USEFUL SHAREHOLDER INFORMATION](#xx_f292c34d-51c3-4f3f-bbc3-c52e27d83f43_1)** | **Back Cover** |

---

------

**FUND SUMMARY**

***LifeX Durable Income ETF***

**Investment Objective**

The LifeX Durable Income ETF (the "Fund") seeks to provide reliable monthly distributions consisting of income and principal.

There can be no assurance that the Fund will achieve its investment objective.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses you pay each year as a percentage of the value of your investment)<br>|  |
| &nbsp;&nbsp;&nbsp; Management Fees<sup>(1)</sup> | 0.25% |
| &nbsp;&nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | 0.00% |
| &nbsp;&nbsp;&nbsp; Other Expenses<sup>(2)</sup> | 0.00% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 0.25% |

---

------

<sup>(1)</sup>

Management Fees include fees payable to the Adviser for advisory services and for shareholder servicing, administrative and other services. The Fund pays for these services under what is essentially an all-in fee structure (the "Unified Management Fee"). Pursuant to the Investment Management Agreement with the Fund (the "Management Agreement"), the Adviser is paid a Unified Management Fee at the annual rate of 0.25% of the Fund's average daily total assets less total liabilities. The Fund (and not the Adviser) is responsible for certain other fees and expenses that are not covered by the Unified Management Fee under the Management Agreement. Please see "Management and Organization — The Adviser" for an explanation of the Unified Management Fee. Management Fees have been restated to reflect current contractual rates.

<sup>(2)</sup>

Other Expenses have been adjusted from amounts incurred during the period of LifeX Income Fund 1963M's operations to reflect estimated current expenses. LifeX Income Fund 1963M (the "Predecessor Fund") is the predecessor to the Fund. Please see "Management and Organization — The Adviser" for an explanation of the fees and other expenses not covered by the Unified Management Fee.

**Example**. This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you sell your shares at the end of such periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (as described above) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells investments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal period ended December 31, 2024, which includes the period in which the Predecessor Fund was in operation, the Fund's portfolio turnover was 780%.

The Predecessor Fund's portfolio turnover rate during the period in which the Predecessor Fund was in operation reflects transactions made in preparation for the Predecessor Fund's reorganization with and into the Fund and is not representative of the Fund's expected portfolio turnover rate. Based on the Fund's portfolio of investments, the Fund anticipates having a modest portfolio turnover rate. Portfolio turnover will not be a limiting factor should the Adviser deem it advisable to purchase or sell securities.

------

**Principal Investment Strategies**

*The Investments*. The Fund is an exchange-traded fund ("ETF") that pursues its investment objective by investing in debt securities issued by the U.S. Treasury (which we refer to as "U.S. Government Bonds") as well as money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit risk-free (i.e., free of the risk of non-payment of either interest or principal). When constructing its portfolio of U.S. Government Bonds, the Fund seeks to select particular bond maturities and investment amounts that enable the Fund to "lock in" interest rates and reliably sustain its planned distributions and recalibration strategy. As of [ ], 2025, the average duration (which is a measure of a bond's sensitivity to interest rates) of the Fund's U.S. Government Bonds is approximately [X.X years.

*The Offering*. The Fund is one of many series of Stone Ridge Trust (the "Trust") designed to provide a paycheck-like experience for investors by making predictable monthly distributions consisting of income and principal from its investments.

Every five years, beginning in January of 2030, the Fund's per-share distribution rate will be recalibrated based on current market interest rates to a level that the Adviser believes would result in the distribution of substantially all of the Fund's assets over a 40-year time horizon. The Fund will calibrate its distribution rate by calculating the payout rate of a 40-year Treasury bond ladder and adjusting for the Fund's Unified Management Fee.

The purpose of including a portion of principal in the Fund's distributions is to provide investors with a higher level of cashflow than would be possible from distributing the Fund's interest income alone. The purpose of recalibrating the distribution rate every five years is to enable the Fund to operate and provide monthly distributions in perpetuity. As a result of returning principal and recalibrating periodically, the Fund's per-share distribution rate is expected to decline over time.

*Distributions*. From the date of its launch until the date of the first recalibration of its distribution rate in January 2030, the Fund intends to make an identical distribution each month equal to $0.8333 per outstanding share of the Fund. For example, an investor who purchases 10,000 shares before the Fund's initial distribution is expected to receive $8,333 in total distributions per month until the next recalibration date.

The following table illustrates the Fund's intended distributions for each of the next five years for an investor who purchases 10,000 shares, incorporating an estimate of the effect of its periodic recalibrations, estimated based on current market interest rates as of [ ], 2025.

---

| | | |
|:---|:---|:---|
| **Year** | **Total Distributed Per Year**<sup>†</sup> <br>| **Total Distributed Per Month** |
| 2026 | $100000 | $8333 |
| 2027 | $100000 | $8333 |
| 2028 | $100000 | $8333 |
| 2029 | $100000 | $8333 |
| 2030 | $[ ] | $[ ] |

---

------

<sup>†</sup>

An investor purchasing 10,000 shares intra-year after some of the Fund's monthly distributions have already been paid will receive less than the total yearly distributions as a result.

The Fund intends to make the distributions discussed above on or about the third (3rd) business day of each calendar month. See "Principal Investment Risks—Distribution and Interest Rate Risk" for more information on the distribution rates.

**Principal Investment Risks**

***Investors should carefully consider the Fund's risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program. Before making an investment decision, investors should (i) consider the suitability of this investment with respect to an investor's***

------

***investment objectives and individual situation and (ii) consider factors such as an investor's net worth, income, age and risk tolerance. An investor may lose money by investing in the Fund.*** 

The following is a summary of certain risks of investing in the Fund. Before investing, please be sure to read the additional information under "Investment Objective, Strategies and Risks — More Information Regarding the Risks of Investing" below.

**Distribution and Interest Rate Risk**. The Fund's per-share distribution rate will be recalibrated every five years beginning in January 2030. While the Fund's investment strategy is expected to significantly reduce the variability of the periodic recalibration, there is nonetheless a risk that the Fund may ultimately recalibrate its distribution rate to be higher or lower than expected as a result of fluctuations in market interest rates. For instance, the recalibrated distribution rate may be lower than currently estimated if interest rates decrease prior to a recalibration date. On the other hand, if market interest rates increase following a recalibration date, the value of the Fund's distributions, as well as the market value of the Fund's shares, will decrease. Similarly, if inflation is higher than expected, shareholders face the risk that the value of the Fund's distributions will decrease relative to the cost of relevant goods and services.

**U.S. Government Bonds Risk**. Securities issued by the U.S. Treasury have not had credit-related defaults. There can be no assurance that U.S. Government Bonds will avoid default in the future.

**ETF Structure Risks**. The Fund is structured as an ETF and is subject to risks related to exchange trading, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund's net asset value ("NAV"), there may be times when the market price reflects a significant premium or discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Although the Fund's shares are listed on the Exchange, it is possible that an active trading market may not be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares of the Fund are created and redeemed by a limited number of authorized participants ("Authorized Participants"). Fund shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the Fund.

**Limited Operating History Risk**. The Fund is a series of an open-end management investment company and has a limited history of operations. As a result, prospective investors have a limited track record or history on which to base their investment decision.

**Management and Operational Risk**. The Fund is subject to management risk because it relies on the Adviser's ability to achieve its investment objective. The Fund runs the risk that the Adviser's management techniques will fail to produce desired results and cause the Fund to incur significant losses. The Adviser may select investments that do not perform as anticipated by the Adviser.

In making decisions for the Fund, the Adviser uses quantitative models to select U.S. Government Bonds and other securities in which the Fund invests, as well as in connection with the periodic recalibration of the Fund's monthly distributions. Any imperfections, errors or limitations in quantitative analyses and models used by the Adviser as part of the investment process could affect the Fund's performance. The Adviser has not provided and will not provide any guarantee or assurance to the Fund that these quantitative analyses or models will accurately reflect the Fund's performance.

The Fund is also subject to the risk of loss as a result of other services provided by the Adviser and other service providers, including the pricing, administrative, accounting, tax, legal, custody, transfer agency and other services provided by other service providers. Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error and cyber-attacks, disruptions and failures affecting, or by, a service provider.

------

**Performance**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Shares from year to year and by comparing the Fund's average annual total returns for the periods indicated with those of a broad measure of market performance. Past performance (before and after taxes) is not an indication of future performance. Performance data current to the most recent month end may be obtained by calling (855) 609-3680.

The Predecessor Fund, a separate series of the Trust, commenced operations on January 8, 2024. On December 13, 2024, the Predecessor Fund reorganized with and into the Fund (the "Reorganization"). Performance information provided for the period prior to the Reorganization is that of the Predecessor Fund. Past performance (before and after taxes) is not an indication of future performance.

---

| | | |
|:---|:---|:---|
| **Average Total Returns**<br> **for the periods ended December 31, 2025** | **One Year** | **Since Inception on** |
| **Average Total Returns**<br> **for the periods ended December 31, 2025** | **One Year** | **January 8, 2024** |
| Return Before Taxes | -1.47 | -2.33 |
| Return After Taxes on Distributions | -1.65 | -2.48 |
| Return After Taxes on Distributions and Sale of Fund Shares | -1.78 | -2.65 |
| Bloomberg U.S. Treasury Index | 0.94 | 1.29 |

---

**Management**

*Investment Adviser*

Stone Ridge is the Fund's investment adviser.

*Portfolio Managers*

Nate Conrad, Li Song, Ross Stevens, and Yan Zhao (the "Portfolio Managers") are jointly and primarily responsible for the day-to-day management of the Fund. Messrs. Conrad, Song and Stevens and Ms. Zhao have been Portfolio Managers since the Fund's inception. See "Management and Organization" below.

**Board of Advisors** 

The Adviser has formed a Board of Advisors to provide guidance and advice to the Adviser with respect to developments in longevity, both generally and as it relates to the Fund and other similar funds. The Board of Advisors currently consists of Ross Stevens, Founder and CEO of Stone Ridge; Ted Mathas (Chairman), former Chairman of the Board of Directors and Chief Executive Officer of New York Life Insurance Company (2008-2023); Peter Attia, longevity expert, physician, and author; Eric Clarke, Founder of Orion Advisor Solutions; and Laura Carstensen, Founder and Director of the Stanford Center on Longevity. The Board of Advisors does not serve an investment advisory function.

**Purchase and Sale of Fund Shares**

Because the Fund is an ETF, individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. When you buy or sell shares of the Fund, you may be required to pay a brokerage commission, and you may experience tax consequences, including gains or losses, in connection with these transactions. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information regarding the Fund's NAV, market price, premiums and discounts, and median bid-ask spread over the most recent thirty calendar days is available at www.lifexfunds.com.

------

**Tax Information**

A portion of the Fund's distributions is expected to be taxed as ordinary income and/or capital gains, as described further below, unless you are exempt from taxation or investing through a tax advantaged arrangement, such as an individual retirement account (an "IRA"). If you are investing through a tax-advantaged arrangement, you may be taxed upon withdrawals from that arrangement.

The Fund does not expect to recognize capital gains on the distribution of its portfolio securities to Authorized Participants in redemption of the Fund's shares. The Fund intends to make distributions for which a portion of each distribution is expected and intended to constitute a return of capital. A return of capital is a distribution from the shareholder's investment principal, rather than net profits from the Fund's returns, and should not be confused with the Fund's "yield" or "income." A return of capital will reduce the amount of capital available for investment and reduce a shareholder's tax basis in his or her shares. A return of capital is generally not taxable to the shareholder. However, if a shareholder's tax basis in his or her shares has been reduced to zero, the portion of the Fund's distributions that exceeds such tax basis is expected to constitute capital gains. See "How to Purchase and Sell Fund Shares — Distributions and Federal Income Tax Matters" for a discussion of the federal income tax treatment of a return of capital.

**Payments to Financial Intermediaries** 

With respect to shares of the Fund purchased through a broker-dealer or other financial intermediary, the Adviser and its affiliates may pay certain intermediaries for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of the Fund. These payments create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. Contact your financial intermediary for details regarding any such payments it receives from the Adviser or its affiliates.

------

**INVESTMENT OBJECTIVE, STRATEGIES AND RISKS** 

*Set forth below is additional information about the Fund's investment strategies and risks.*

**More Information Regarding Investment Strategies**

**Investment Objective**

The Fund seeks to provide reliable monthly distributions consisting of income and principal.

There can be no assurance that the Fund will achieve its investment objective.

**Investment Strategies** 

*The Investments*. The Fund is an exchange-traded fund ("ETF") that pursues its investment objective by investing in debt securities issued by the U.S. Treasury (which we refer to as "U.S. Government Bonds") as well as money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit risk-free (i.e., free of the risk of non-payment of either interest or principal). When constructing its portfolio of U.S. Government Bonds, the Fund seeks to select particular bond maturities and investment amounts that enable the Fund to "lock in" interest rates and reliably sustain its planned distributions and recalibration strategy.

*The Offering*. The Fund is one of many series of Stone Ridge Trust (the "Trust") designed to provide a paycheck-like experience for investors by making predictable monthly distributions consisting of income and principal from its investments.

Every five years, beginning in January of 2030, the Fund's per-share distribution rate will be recalibrated based on current market interest rates to a level that the Adviser believes would result in the distribution of substantially all of the Fund's assets over a 40-year time horizon. The Fund will calibrate its distribution rate by calculating the payout rate of a 40-year Treasury bond ladder and adjusting for the Fund's Unified Management Fee.

The purpose of including a portion of principal in the Fund's distributions is to provide investors with a higher level of cashflow than would be possible from distributing the Fund's interest income alone. The purpose of recalibrating the distribution rate every five years is to enable the Fund to operate and provide monthly distributions in perpetuity. As a result of returning principal and recalibrating periodically, the Fund's per-share distribution rate is expected to decline over time.

*Distributions*. From the date of its launch until the date of the first recalibration of its distribution rate in January 2030, the Fund intends to make an identical distribution each month equal to $0.8333 per outstanding share of the Fund. For example, an investor who purchases 10,000 shares before the Fund's initial distribution is expected to receive $8,333 in total distributions per month until the next recalibration date.

The following table illustrates the Fund's intended distributions for each of the next five years for an investor who purchases 10,000 shares, incorporating an estimate of the effect of its periodic recalibrations, estimated based on current market interest rates as of [ ], 2025.

---

| | | |
|:---|:---|:---|
| **Year** | **Total Distributed Per Year†** | **Total Distributed Per Month** |
| 2026 | $100000 | $8333 |
| 2027 | $100000 | $8333 |
| 2028 | $100000 | $8333 |
| 2029 | $100000 | $8333 |
| 2030 | $[ ] | $[ ] |

---

------

†

An investor purchasing 10,000 shares intra-year after some of the Fund's monthly distributions have already been paid will receive less than the total yearly distributions as a result.

------

The Fund intends to make the distributions discussed above on or about the third (3rd) business day of each calendar month. See "Principal Investment Risks—Distribution and Interest Rate Risk" for more information on the distribution rates.

The following table illustrates the proportion of the Fund's intended distributions that is expected to consist of income and principal for each of the next five years, estimated as of [ ], 2025.

---

| | | |
|:---|:---|:---|
|  | **LifeX Durable Income ETF** | **LifeX Durable Income ETF** |
| **Year** | **Income** | **Principal** |
| 2025 | &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 37<br> %<br>|
| 2026 | &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 37<br> %<br>|
| 2027 | &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| 2028 | &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| 2029 | &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 37<br> %<br>|

---

**More Information Regarding the Risks of Investing**

***Investors should carefully consider the Fund's risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program. Before making an investment decision, investors should (i) consider the suitability of this investment with respect to an investor's investment objectives and individual situation and (ii) consider factors such as an investor's net worth, income, age and risk tolerance. An investor may lose money by investing in the Fund.*** 

The Fund is subject to the principal risks described above in the "Fund Summary" and the additional risks described below. As with any fund, there is no guarantee that the Fund will achieve its investment objective. You could lose all or part of your investment in the Fund, and the Fund could underperform other investments.

**Distribution and Interest Rate Risk**. The Fund's per-share distribution rate will be recalibrated every five years beginning in January 2030. While the Fund's investment strategy is expected to significantly reduce the variability of the periodic recalibration, there is nonetheless a risk that the Fund may ultimately recalibrate its distribution rate to be higher or lower than expected as a result of fluctuations in market interest rates. For instance, the recalibrated distribution rate may be lower than currently estimated if interest rates decrease prior to a recalibration date. On the other hand, if market interest rates increase following a recalibration date, the value of the Fund's distributions, as well as the market value of the Fund's shares, will decrease. Similarly, if inflation is higher than expected, shareholders face the risk that the value of the Fund's distributions will decrease relative to the cost of relevant goods and services.

**U.S. Government Bonds Risk**. Securities issued by the U.S. Treasury have not had credit-related defaults. However, events have in the past, and may in the future, lead to a downgrade in the long-term credit rating of U.S. bonds by several major rating agencies and introduced greater uncertainty about the repayment by the United States of its obligations. A further credit rating downgrade could decrease, and a U.S. credit default would decrease, the value of the Fund's investments and increase the volatility of the Fund's portfolio. There can be no assurance that U.S. Government Bonds will retain their value.

**Limited Operating History Risk**. The Fund is a series of an open-end management investment company and has a limited history of operations. As a result, prospective investors have a limited track record or history on which to base their investment decision.

**Management and Operational Risk**. The Fund is subject to management risk because it relies on the Adviser's ability to achieve its investment objective. The Fund runs the risk that the Adviser's management techniques will fail to produce desired results and cause the Fund to incur significant losses. The Adviser may select investments that do not perform as anticipated by the Adviser.

In making decisions for the Fund, the Adviser uses quantitative models to select U.S. Government Bonds and other securities in which the Fund invests, as well as in connection with the periodic recalibration of the Fund's monthly distributions. Any imperfections, errors or limitations in quantitative analyses and models used by the Adviser as part of the investment process could affect the Fund's performance. The Adviser has not provided and will not

------

provide any guarantee or assurance to the Fund that these quantitative analyses or models will accurately reflect the Fund's performance.

The Fund is also subject to the risk of loss as a result of other services provided by the Adviser and other service providers, including the pricing, administrative, accounting, tax, legal, custody, transfer agency and other services provided by other service providers. Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error and cyber-attacks, disruptions and failures affecting, or by, a service provider.

**Cyber-Security Risk**. The Fund's, the Adviser's, and the Fund's other service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cyber-security breaches of those technological or information systems. Cyber-security breaches could allow unauthorized parties to gain access to proprietary information, customer data or Fund assets, or cause the Fund or their service providers to suffer data corruption or lose operational functionality. With the increased use of technology, mobile device and cloud-based service offerings and the dependence on the internet and computer systems to perform necessary business functions, investment companies (such as the Fund) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber attacks and/or other technological malfunctions. In general, cyber attacks are deliberate, but unintentional events may have similar effects. Cyber attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, ransomware, releasing confidential information without authorization, and causing operational disruption. Successful cyber attacks against, or security breakdowns of, the Fund, the Adviser, or the Custodian, Transfer Agent (as defined below), or other third-party service provider may adversely affect the Fund or its shareholders. For instance, cyber attacks may interfere with the processing of shareholder transactions, interfere with quantitative models, affect the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, result in theft of Fund assets, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. While the Adviser has established business continuity plans and systems that it believes are reasonably designed to prevent cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been, or cannot be, identified. Service providers may have limited indemnification obligations to the Adviser or the Fund, each of whom could be negatively impacted as a result.

**Money Market Fund Risk**. The Fund intends to invest in money market funds that invest in U.S. Government Bonds. An investment in money market funds is subject to the risk that such money market funds' income will decline because of falling interest rates. Because money market funds' income is based on short-term interest rates, which can fluctuate significantly over short periods, income risk is expected to be high for such funds. A low or negative interest rate environment will adversely affect money market funds' return. Low or negative interest rates, depending on their duration and severity, could prevent money market funds from, among other things, providing a positive yield and/or maintaining a stable share price of $1, which would adversely affect the Fund's investments in money market funds. Money market funds that invest in U.S. Government Bonds are also subject to the risks described above in "U.S. Government Bonds Risk."

**Tax Risk**. The Fund intends to elect to be treated as and to qualify each year for treatment as a regulated investment company ("RIC") under Subchapter M of Chapter 1 of the Internal Revenue Code of 1986, as amended (the "Code"). To qualify for such treatment, the Fund must derive at least 90% of its gross income each taxable year from qualifying income, meet certain asset diversification tests at the end of each fiscal quarter and distribute at least 90% of its investment company taxable income for each taxable year. If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code for any reason, and were not able to cure such failure, the Fund would be treated as a "C Corporation" and, as such, would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as dividend income.

**ETF Structure Risks**. The Fund is structured as an ETF and is subject to risks related to exchange trading, including:

*Authorized Participant Concentration Risk*. Prior to trading in the secondary market, shares of the Fund are "created" at their NAV pursuant to an agreement between authorized participants ("Authorized Participants") and Foreside Financial Services, LLC (the "Distributor"). A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an Authorized Participant deposits into the Fund a designated

------

portfolio of securities, assets or other positions (a "creation basket"), and an amount of cash (including any cash representing the value of any substituted securities, assets or other positions), if any, that together approximate the holdings of the Fund in exchange for a specified number of shares ("Creation Units"). Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other positions (a "redemption basket") held by the Fund and an amount of cash (including any portion of such securities for which cash may be substituted). To the extent the Fund permits or requires creation and redemption transactions in cash rather than in kind, the Fund may be subject to certain brokerage and other costs and expenses and may realize gains or losses that may not be borne by ETFs that transact in kind. To offset these costs and expenses, the Fund charges a variable fee to Authorized Participants on creation and redemption transactions in cash. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, the Fund's shares may trade at a greater premium or discount between the market price and the NAV of the Fund's shares and/or wider bid/ask spreads than those experienced by other ETFs. Additionally, the Fund could possibly face trading halts and/or delisting from Cboe BZX Exchange, Inc. (the "Exchange"). This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.

*Market Trading Risks*.

*Absence of Active Market*. Although shares of the Fund are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares or the Fund's underlying portfolio securities will develop or be maintained by market makers or Authorized Participants.

*Secondary Market Trading Risk*. Shares of the Fund may trade in the secondary market at times when the Fund does not accept orders to purchase or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts than might be experienced at times when the Fund accepts purchase and redemption orders. Secondary market trading in Fund shares may be halted by the Exchange because of market conditions or for other reasons.

Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short. Fund shares may be loaned, borrowed, pledged or purchased on margin, and certain ETFs have options associated with them. The use of Fund shares in these ways may result in increased volatility and larger premiums and discounts on Fund shares. In addition, trading activity in derivative products based on the Fund may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.

*Shares of the Fund May Trade at Prices Other Than NAV*. Shares of the Fund trade on the Exchange at prices at, above or below the Fund's most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund's holdings. The trading price of the Fund's shares fluctuates continuously throughout trading hours based on both market supply of and demand for Fund shares and the underlying value of the Fund's portfolio holdings or NAV. As a result, the trading prices of the Fund's shares may deviate significantly from NAV during periods of market volatility, including during periods of significant redemption requests or other unusual market conditions. **ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.** However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that the Fund's shares normally will trade on the Exchange at prices close to the Fund's next calculated NAV, exchange prices are not expected to correlate exactly with the Fund's NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods of significant market volatility, may result in trading prices for shares of the Fund that differ significantly from its NAV. Authorized Participants may be less willing to create or redeem Fund shares if there is a lack of an active market for such shares or its underlying investments, which may contribute to the Fund's shares trading at a premium or discount to NAV.

------

*Costs of Buying or Selling Fund Shares*. Buying or selling Fund shares on the Exchange involves two types of costs that apply to all securities transactions. When buying or selling shares of the Fund through a broker, you will likely incur a brokerage commission and other charges. In addition, you may incur the cost of the "bid-ask spread"; that is, the difference between what investors are willing to pay for Fund shares (the "bid" price) and the price at which they are willing to sell Fund shares (the "ask" price).

The bid-ask spread, which varies over time for shares of the Fund based on trading volume and market liquidity, is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has less trading volume and market liquidity. In addition, increased market volatility may cause wider bid-ask spreads. There may also be regulatory and other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments through a brokerage account.

*Fund Shares Liquidity Risk*. Although the Fund's shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund's shares or for Authorized Participants to submit purchase or redemption orders for Creation Units. Accordingly, if such parties do not to perform their functions, this could, such as during times of market stress, in turn, lead to variances between the market price of the Fund's shares and the underlying value of those shares and bid/ask spreads could widen. Trading in the Fund's shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Fund's shares inadvisable. In addition, trading in the Fund's shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund's shares will continue to be met or will remain unchanged.

*Redemption Risk*. Authorized Participants may from time to time own a substantial amount of Fund shares. These Authorized Participants may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be no assurance that any large Authorized Participant or large group of Authorized Participants would not redeem their investment or that the size of the Fund would be maintained. Redemptions of a large number of Fund shares by Authorized Participants may adversely affect the Fund's liquidity and net assets. To the extent the Fund permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund's NAV, have a material effect on the market price of the shares and increase the Fund's brokerage costs and/or accelerate the realization of taxable income and/or gains and cause the Fund to make taxable distributions to its investors earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming investors may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. The Fund also may be required to sell its more liquid Fund investments to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. To the extent these large Authorized Participants transact in shares on the secondary market, such transactions may account for a large percentage of the trading volume for the shares of the Fund and may, therefore, have a material upward or downward effect on the market price of the shares.

**Disclosure of Portfolio Holdings** 

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's Statement of Additional Information ("SAI"). The Fund discloses its portfolio holdings daily at www.lifexfunds.com.

**HOW THE FUND DIFFERS FROM TRADITIONAL MUTUAL FUNDS** 

**Redeemability**. Traditional mutual fund shares may be bought from, and redeemed with, the issuing fund for cash at net asset value ("NAV") typically calculated once at the end of each business day. Shares of an ETF, by contrast, cannot be purchased from or redeemed with the ETF except by or through Authorized Participants, and then typically for an in-kind basket of securities. Except when aggregated in Creation Units, the shares of the Fund are not redeemable securities of the Fund. In addition, ETFs issue and redeem shares, generally on a continuous basis, only in large blocks of shares called Creation Units.

------

**Exchange Listing**. Unlike traditional mutual fund shares, the Fund's shares are listed for trading on the Exchange. Investors can purchase and sell shares on the secondary market through a broker or other financial intermediary. There can be no assurance that the Fund's shares will continue to trade on the Exchange or that the Fund's shares will continue to meet the requirements for listing or trading on the Exchange. Investors purchasing shares in the secondary market through a brokerage account or with the assistance of a financial intermediary may be subject to brokerage commissions and charges. Secondary-market transactions do not occur at NAV, but at market prices that change throughout the day, based on the supply of, and demand for, shares and on changes in the prices of the Fund's portfolio holdings. The market price of the Fund's shares may differ from the NAV of the Fund. The difference between market price of the Fund's shares and the NAV of the Fund is called a premium when the market price is above the reported NAV and called a discount when the market price is below the reported NAV. The market price of the Fund's shares may deviate significantly from the NAV of the Fund's shares, for example, in times of extreme market volatility or other conditions.

**MANAGEMENT AND ORGANIZATION**

**Board of Trustees**

The Board of Trustees of the Trust (the "Board") oversees the conduct of the Fund's affairs and the Adviser's management of the Fund.

**The Adviser**

Stone Ridge acts as the Fund's investment manager under an Investment Management Agreement (the "Management Agreement"). Stone Ridge's principal office is located at One Vanderbilt Avenue, 65th Floor, New York, New York 10017. As of [ ], 2025, Stone Ridge's assets under management were approximately $[ ] billion. Stone Ridge is a Delaware limited liability company and is controlled by Stone Ridge Holdings Group LP, a holding company for the Adviser and its affiliates.

Under the general oversight of the Board, Stone Ridge has been engaged to carry out the investment and reinvestment of the assets of the Fund, furnish continuously an investment program with respect to the Fund, determine which investments should be purchased, sold or exchanged and implement such determinations by causing the Fund to make investments. Stone Ridge compensates all Trustees and officers of the Fund who are members of Stone Ridge's organization and who render investment services to the Fund. Pursuant to the Management Agreement, the Adviser is paid a management fee for advisory services and for shareholder servicing, administrative and other services. The Fund pays for these services under what is essentially an all-in fee structure (the "Unified Management Fee"). Pursuant to the Management Agreement, the Adviser is paid a Unified Management Fee at the annual rate of 0.25% of the Fund's average daily total assets less total liabilities. The Fund (and not the Adviser) will be responsible for certain other fees and expenses that are not covered by the Unified Management Fee under the Management Agreement. Stone Ridge may voluntarily reimburse any fees and expenses of the Fund but is under no obligation to do so. Any voluntary reimbursements may be terminated at any time.

A discussion regarding the considerations of the Board for approving the Management Agreement is available in the Fund's first filing on Form N-CSR, which was for the period ended December 31, 2024.

Pursuant to the Management Agreement with respect to the Fund, Stone Ridge agrees to manage the investment and reinvestment of the Fund's assets, determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and continuously review, supervise and administer the investment program of the Fund. In addition, under the terms of the Management Agreement, subject to the general supervision of the Board, Stone Ridge provides or causes to be furnished all supervisory, administrative, custodial and other services reasonably necessary for the operation of the Fund under the Unified Management Fee, including Stone Ridge's own operating and overhead expenses attributable to its duties under the Management Agreement (such as salaries, bonuses, rent, office and administrative expenses, depreciation and amortization and auditing expenses).

In addition to bearing the Unified Management Fee, the Fund (and not the Adviser) bears the following expenses: the Fund's ordinary and recurring investment expenses, including all fees and expenses directly related to portfolio transactions and positions for such Fund's account (including brokerage, clearing, and settlement costs), interest charges, custody or other expenses attributable to negative interest rates on investments or cash, borrowing and other investment-related costs and fees including interest and commitment fees, short dividend expense, acquired

------

fund fees and expenses, and taxes; litigation and indemnification expenses, judgments and extraordinary expenses not incurred in the ordinary course of the Fund's business.

**Board of Advisors** 

The Adviser has formed a Board of Advisors to provide guidance and advice to the Adviser with respect to developments in longevity, both generally and as it relates to the Fund and other similar funds. The Board of Advisors currently consists of Ross Stevens, Founder and CEO of Stone Ridge; Ted Mathas (Chairman), former Chairman of the Board of Directors and Chief Executive Officer of New York Life Insurance Company (2008-2023); Peter Attia, longevity expert, physician, and author; Eric Clarke, Founder of Orion Advisor Solutions; and Laura Carstensen, Founder and Director of the Stanford Center on Longevity. The Board of Advisors does not serve an investment advisory function.

**Portfolio Managers**

Nate Conrad, Li Song, Ross Stevens, and Yan Zhao are the Portfolio Managers of the Fund. Each of the Portfolio Managers has been a Portfolio Manager of the Fund since inception. Each of the Portfolio Managers is also a portfolio manager of other investment companies advised by the Adviser.

***Nate Conrad***. Nate Conrad, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Song, Mr. Stevens and Ms. Zhao. Prior to joining Stone Ridge in 2016, Mr. Conrad worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Mr. Conrad is the Head of LifeX at Stone Ridge, having formerly served as the Head of Markets at Stone Ridge. Mr. Conrad received his BSE in Computer Information Science from the University of Pennsylvania's Engineering School.

***Li Song.*** Li Song, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Conrad, Mr. Stevens, and Ms. Zhao. Prior to joining Stone Ridge in 2018, Mr. Song worked at Goldman Sachs as a senior strategist in Emerging Markets foreign exchange, interest rate, options, and credit products. Mr. Song received his PhD, MPhil and MA in Statistics from Columbia University and his BS in Mathematics at the University of Science and Technology of China.

***Ross Stevens.*** Ross Stevens, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Conrad, Mr. Song, and Ms. Zhao. Mr. Stevens founded Stone Ridge in 2012. Mr. Stevens received his PhD in Finance and Statistics from the University of Chicago (Booth) and his BSE in Finance from the University of Pennsylvania (Wharton).

***Yan Zhao***. Yan Zhao, Portfolio Manager of the Fund, is responsible for the day-to-day management of the Fund and its investments jointly with Mr. Conrad, Mr. Song, and Mr. Stevens. Ms. Zhao is a co-founder of Stone Ridge. Ms. Zhao has held a variety of leadership roles at Stone Ridge, including Head of Reinsurance. Ms. Zhao holds an MBA from Harvard Business School and a BA in Economics from Harvard University.

**Additional Information Regarding the Adviser and Portfolio Managers**

The Fund's SAI provides additional information about the Adviser, including information about potential conflicts of interest that the Adviser may face in managing the Fund, and about each Portfolio Manager's compensation, other accounts managed by each Portfolio Manager, and each Portfolio Manager's ownership of securities in the Fund. The SAI is part of this prospectus and is available free of charge by calling (855) 609-3680 or at www.stoneridgefunds.com. The information (other than this prospectus, including the SAI) contained on, or that can be accessed through, www.stoneridgefunds.com is not part of this prospectus or the SAI.

**Distributor, Administrator, Custodian and Transfer Agent** 

Foreside Financial Services, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), located at Three Canal Plaza, Suite 100, Portland, Maine 04101, is the Fund's distributor. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, is the Fund's transfer agent (the "Transfer Agent"), administrator (the "Administrator") and accounting agent. U.S. Bank NA, 1555 N. River Center Drive, Suite 302, Milwaukee, Wisconsin 53212 is the Fund's custodian (the "Custodian"). The Adviser pays fees to the Distributor as

------

compensation for the services it renders. The Adviser compensates the Transfer Agent and Custodian for their services out of the Unified Management Fee.

**SHAREHOLDER INFORMATION**

**How Fund Share Prices Are Calculated**

The NAV per share of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments, cash and other assets, less any liabilities (including accrued expenses or dividends), by the total number of shares outstanding. The Fund's shares will be valued as of a particular time (the "Valuation Time") on each day that the New York Stock Exchange ("NYSE") opens for business.<sup>1</sup> The Valuation Time is ordinarily at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). In unusual circumstances, the Valuation Time may be at a time other than 4:00 p.m. Eastern time, for example, in the event of an earlier, unscheduled close or halt of trading on the NYSE. The current NAV per share of the Fund may be obtained by contacting the Transfer Agent by telephone at (855) 609-3680.

In accordance with the regulations governing registered investment companies, the Fund's transactions in portfolio securities and purchases and sales of shares (which bear upon the number of shares outstanding) are generally not reflected in the NAV determined for the business day on which the transactions are effected (the trade date), but rather on the following business day.

The Board has approved procedures pursuant to which the Fund values its investments (the "Valuation Procedures"). The Board has established a Valuation Committee (the "Board Valuation Committee"), which has designated the Adviser to serve as "valuation designee" in accordance with Rule 2a-5 of the Investment Company of 1940, as amended ("1940 Act") and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair value determinations relating to all investments held by the Fund (as needed), periodically assessing and managing any valuation risks and establishing and applying fair value methodologies, subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the "Adviser Valuation Committee") performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair value determinations.

Listed below is a summary of certain of the methods generally used currently to value investments of the Fund under the Valuation Procedures:

For investments in investment companies that are registered under the 1940 Act, the value of the shares of such funds is calculated based upon the NAV per share of such funds. The prospectuses for such funds explain the circumstances under which they will use fair value pricing and its effects.

Debt securities, including U.S. government debt securities, are valued by an independent pricing service at an evaluated (or estimated) mean between the closing bid and asked prices.

The Fund generally expects that its investments in U.S. Government Bonds will not require the use of fair valuation methodologies. In the event that market quotations are not readily available for a particular Fund asset or available market quotations or other information are deemed to be unreliable by the Adviser Valuation Committee, then such instruments will be fair valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate.

Fair value pricing may require subjective determinations about the value of a portfolio instrument. Fair values may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Fund. It is possible that the fair value determined for a security may be materially different than the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

1. The NYSE is generally open from Monday through Friday, 9:30 a.m. to 4:00 p.m., Eastern Time. NYSE, NYSE Arca, NYSE Bonds and NYSE Arca Options markets will generally close on, and in observation of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

------

value that could be realized upon the sale of such security. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

**HOW TO PURCHASE AND SELL FUND SHARES**

**Intended Investors** 

The Fund's shares may be purchased by any investor that desires reliable monthly distributions.

**Buying and Selling Fund Shares, including on the Secondary Market** 

The Fund issues or redeems its shares at NAV per share only in Creation Units and only to Authorized Participants (or APs). Most investors will buy and sell shares in secondary market transactions through brokers or other financial intermediaries, and therefore must have an account with them to buy and sell shares. Shares can be bought or sold through your financial intermediary throughout the trading day like shares of any publicly traded issuer. When buying or selling shares through a financial intermediary, you will incur customary brokerage commissions and charges and you may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. The price at which you buy or sell shares (i.e., the market price) may be more (a premium to) or less (a discount to) than the NAV of the shares. Unless imposed by your financial intermediary, there is no minimum dollar amount you must invest in the Fund and no minimum number of shares you must buy. The Fund accommodates frequent purchases and redemptions of Creation Units by Authorized Participants and does not place a limit on purchases or redemptions of Creation Units by these investors. The Fund reserves the right, but does not have the obligation, to reject any purchase at any time.

Shares of the Fund are listed and trade on the Exchange.

**Book Entry**. Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company (DTC), or its nominee, is the registered owner of all outstanding shares of the Fund and is recognized as the owner of all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of Fund share certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely on the procedures of DTC and its participants. These procedures are the same as those that apply to any stocks that you hold in book entry or "street name" through your brokerage account. Your account information will be maintained by your financial intermediary, which will provide you with account statements, confirmations of your purchases and sales of shares, and tax information. Your financial intermediary also will be responsible for distributing income dividends and capital gain distributions and for ensuring that you receive shareholder reports and other communications from the Fund.

**Continuous Offering**. Authorized Participants should be aware of certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because shares may be issued on an ongoing basis, a "distribution" of shares could be occurring at any time. Certain activities that Authorized Participants perform with respect to the sale of shares could, depending on the circumstances, result in an Authorized Participant being deemed to be a participant in the distribution, in a manner that could render the Authorized Participant a statutory underwriter and subject the Authorized Participant to the prospectus delivery and liability provisions of the Securities Act of 1933, as amended (the "Securities Act"). For example, an Authorized Participant could be deemed a statutory underwriter if the Authorized Participant purchases Creation Units from the Fund, breaks them down into the constituent shares, and sells those shares directly to customers, or if the Authorized Participant chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. Whether a person is an underwriter for purposes of the Securities Act depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause an Authorized Participant to be deemed an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary market transactions), and thus dealing with shares as part of an unsold allotment within the meaning of

------

Section 4(a)(3)(c) of the Securities Act will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Creations and Redemptions**. Prior to trading in the secondary market, shares of the Fund are "created" at their NAV by Authorized Participants that have entered into an agreement with the Distributor. Shares are available only in block-size Creation Units or multiples thereof. A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an Authorized Participant deposits into the Fund a designated portfolio of securities, assets or other positions (a "creation basket"), and an amount of cash (including any cash representing the value of any substituted securities, assets or other positions), if any, that together approximate the holdings of the Fund in exchange for Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other positions (a "redemption basket") held by the Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are generally not redeemable by the Fund. Creation and redemption baskets may differ and the Fund may accept "custom baskets." More information regarding custom baskets is contained in the Fund's SAI.

The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in proper form under the authorized participant agreement and related AP procedures.

Only an Authorized Participant may create or redeem Creation Units with the Fund. Authorized Participants may create or redeem Creation Units for their own accounts or for the accounts of customers, including, without limitation, affiliates of such Fund.

In the event of a system failure or other interruption, including disruptions at market makers or Authorized Participants, orders to purchase or redeem Creation Units either may not be executed according to the Fund's instructions or may not be executed at all, or the Fund may not be able to place or change orders.

To the extent the Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the Securities Act. Further, an Authorized Participant that is not a "qualified institutional buyer," as such term is defined in Rule 144A under the Securities Act, will not be able to receive restricted securities eligible for resale under Rule 144A.

Creations and redemptions must be made through a firm that is either a member of the Continuous Net Settlement System of the National Securities Clearing Corporation or a DTC participant that has executed an agreement with the Distributor with respect to creations and redemptions of Creation Unit aggregations. Information about the procedures regarding creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is included in the Fund's SAI.

Because new shares may be created and issued on an ongoing basis, at any point during the life of the Fund a "distribution," as such term is used in the Securities Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus delivery and liability provisions of the Securities Act. Any determination of whether one is an underwriter must take into account all the relevant facts and circumstances of each particular case.

Broker-dealers should also note that dealers who are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary transactions), and thus dealing with shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is available only with respect to transactions on a national securities exchange.

------

**Distributions and Federal Income Tax Matters** 

It is the Fund's policy to make distributions at least annually of all or substantially all of its net investment income and net realized capital gains, if any.

This section summarizes some of the important U.S. federal income tax consequences of investing in the Fund. This discussion does not address all aspects of taxation that may apply to shareholders, such as the estate tax, or to specific types of shareholders such as tax-deferred retirement plans and persons who are not "U.S. persons" within the meaning of the Code. Investors should consult their tax advisers for information concerning the possible application of federal, state, local or non-U.S. tax laws to them. Please see the SAI for additional information regarding the tax aspects of investing in the Fund.

The Fund intends to elect to be treated as and to qualify each year to be treated as a RIC under Subchapter M of Chapter 1 of the Code. A RIC generally is not subject to federal income tax at the fund level on income and gains that are timely distributed to shareholders. To qualify for such treatment, the Fund must meet certain income, asset diversification and distribution requirements.

Failure of the Fund to qualify and be eligible to be treated as a RIC would result in fund-level taxation and, consequently, a reduced return on investment for shareholders. The Fund could in some cases cure such failure, including by paying a fund-level tax or interest, making additional distributions, or disposing of certain assets.

For federal income tax purposes, distributions of net investment income are generally taxable to shareholders as ordinary income. The tax treatment of Fund distributions of capital gains is determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than how long investors owned their shares. Distributions of net capital gains (the excess of the Fund's net long-term capital gains over its net short-term capital losses) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which are taxed to individuals at reduced rates. Distributions of net gains from the sale or deemed disposition of investments that the Fund held or is treated as having held for one year or less will be taxable as ordinary income.

If, in and with respect to any taxable year, the Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits, the excess distribution will be treated as return of capital to the extent of such shareholder's tax basis in its shares, and to the extent it exceeds such tax basis, as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition, if any, by the shareholder of its shares. A portion of each distribution is expected to constitute a return of capital (or, to the extent that such portion exceeds such shareholder's tax basis in such shares, capital gains).

A dividend will be treated as paid on December 31 of a calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year.

Early each year, investors will receive a statement showing the tax status of their dividends and distributions for the prior year.

The ultimate tax characterization of the Fund's distributions made in a taxable year cannot finally be determined until after the end of that taxable year. The Fund may make total distributions during a taxable year in an amount that exceeds the Fund's "current and accumulated earnings and profits" (generally, the net investment income and net capital gains of the Fund with respect to that year), in which case the excess generally will be treated as a return of capital, which will be tax-free to the holders of the shares, up to the amount of the shareholder's tax basis in the applicable shares, with any amounts exceeding such basis treated as gain from the sale of such shares. A portion of each distribution is expected to constitute a return of capital (or, to the extent that such portion exceeds such shareholder's tax basis in such shares, capital gains).

The Fund generally does not expect to recognize taxable gains on the in-kind distribution of appreciated portfolio securities to a redeeming Authorized Participant, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute. However, certain tax aspects of the Fund's in-kind distributions are not clear. If the Fund were required to recognize gain on its in-kind distributions, the effect on the Fund would be similar to the Fund effecting a portion of its redemptions for cash. This generally would cause the Fund to recognize gain it might

------

not otherwise have recognized, or to recognize such gain sooner than would otherwise have been required, and would increase the amount required to be distributed by the Fund in order to maintain its qualification as a RIC.

Any gain or loss resulting from the sale, exchange or other taxable disposition of your shares generally will be treated as capital gain or loss for federal income tax purposes in an amount equal to the difference between your adjusted tax basis in the shares and the amount received. Gain or loss, if any, recognized by a shareholder on a sale, exchange or other taxable disposition of Fund shares generally will be taxed as long-term capital gain or loss if the shareholder held the shares for more than one year, and as short-term capital gain or loss if the shareholder held the shares for one year or less, assuming in each case that the shareholder held the shares as capital assets. Short-term capital gains generally are taxed at the rates applicable to ordinary income. Any loss realized upon a disposition of shares held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any Capital Gain Dividends received by the shareholder with respect to the shares. The deductibility of capital losses is subject to limitations. Additionally, any loss realized on a sale of shares of the Fund may be disallowed under "wash sale" rules to the extent the shares disposed of are replaced with other shares of the Fund within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition. If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired.

Investments through tax-qualified retirement plans and other tax-advantaged accounts are generally not subject to current federal income tax. The Fund's distribution rate, measured as the distribution amount per share per year divided by the NAV of the Fund, is expected to increase over time as the NAV of the Fund declines over time and, as a result, the Fund generally expects that this effect will satisfy required minimum distribution requirements on applicable retirement accounts.

A 3.8% Medicare contribution tax is imposed on the "net investment income" of certain individuals, estates and trusts to the extent their income exceeds certain threshold amounts. Net investment income generally includes dividends, interest and net gains from the disposition of investment property (including the Fund's ordinary income dividends and Capital Gain Dividends). Shareholders should consult their tax advisers regarding the effect, if any, that this provision may have on their investment in the Fund.

Sections 1471-1474 of the Code and the U.S. Treasury Regulations and Internal Revenue Service ("IRS") guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA"). If a shareholder fails to provide this information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA 30% of ordinary dividends the Fund pays to that shareholder. If a payment by the Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above. The IRS and the Department of the Treasury have issued proposed regulations providing that the gross proceeds of share redemptions or exchanges and Capital Gain Dividends the Fund pays will not be subject to FATCA withholding. Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary. In addition, some foreign countries have implemented, and others are considering, and may implement, laws similar in purpose and scope to FATCA.

The states generally permit investment companies, such as the Fund, to "pass through" to their shareholders the state and local tax exemption on income earned from investments in the types of U.S. Treasury obligations the Fund expects to hold, so long as a fund meets all applicable state requirements. For example, California, Connecticut and New York exempt such income when a fund has invested at least 50% of its assets in U.S. government securities. The Fund generally expects that shareholders will be allowed to exclude from state and local taxable income distributions made to the shareholder by the Fund that are attributable to interest the Fund directly or indirectly earned on such investments. Investors should consult their tax advisers regarding the applicability of any such exemption to their situation, particularly with respect to their applicable state and local tax laws.

Authorized Participants should consult their tax advisors about the U.S. federal, state, local or foreign tax consequences of purchasing and redeeming Creation Units in the Fund.

The discussion above is very general. Investors should consult their tax advisers about the effect that an investment in the Fund could have on their tax situation, including possible foreign, federal, state or local tax consequences, or about any other tax questions they may have.

------

**Frequent Purchases and Sales of Fund Shares** 

Under some circumstances, frequent purchases and sales of shares of a fund (also referred to as "excessive trading" or "short-term trading") can detrimentally impact the fund and long-term shareholders where it has the effect of diluting the value of shares and/or necessitating portfolio activity that may cause taxable events and increase brokerage costs, which may harm fund performance. These risks most commonly arise in cases where there is an opportunity to exploit inefficiencies in fund pricing, for example where a fund values portfolio instruments at a closing price that does not reflect its current market value at the time of the fund's calculation of its net asset value. Not all funds are susceptible to market timing.

The Board has determined not to adopt policies and procedures with respect to frequent purchases and redemptions of Fund shares. The Board's determination was based on a conclusion that Authorized Participants generally transact with the Fund on an in-kind basis and, to the extent that there is a cash component, there is no material risk of pricing inefficiencies that would give rise to excessive trading concerns and no material risk of dilution in the value of Fund shares as a result. The Board also considered that the Fund may take certain measures, such as imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject purchases of Creation Units under certain circumstances.

**Rule 12b-1 Fees** 

The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund may be authorized to pay distribution fees of up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No distribution and service fees are currently paid by the Fund, however, and there are no current plans to impose these fees. In the event 12b-1 fees are charged, over time they would increase the cost of an investment in the Fund because they would be paid on an ongoing basis.

**DISTRIBUTION**

The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund.

The Adviser or its affiliates may make payments to certain broker-dealers, registered investment advisers, banks or other intermediaries (together, "intermediaries") in connection with certain activities or services that may facilitate, directly or indirectly, investment in the Fund. These payments may relate to marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems, data provision services, or their making shares of the Fund available to their customers generally and in certain investment programs. Such payments, which may be significant to the intermediary or its representatives, are made by the Adviser or its affiliates from their own resources and not from assets of the Fund. A financial intermediary may make decisions about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments or other financial incentives it is eligible to receive. Therefore, such payments or other financial incentives offered or made to an intermediary create conflicts of interest between the intermediary (or its representatives) and its customers and may cause the intermediary to recommend the Fund over another investment. **Please contact your salesperson or other investment professional for more information regarding any such payments his or her firm may receive from the Adviser or its affiliates.**

------

**FINANCIAL HIGHLIGHTS**

The financial highlights in the following table are intended to help you understand the Fund's financial performance for the fiscal period indicated. Certain information reflects financial results for a single Fund share. The total return in the tables represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from the financial statements audited by [ ], whose report, along with the Fund's financial statements, is included in the annual report, which is available upon request.

The Fund commenced operations following the Reorganization of a corresponding series of the Trust (the "Predecessor Fund"), which occurred on December 13, 2024. The financial highlights for periods prior to the Reorganization is for the Predecessor Fund.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Period Ended** <br>**December 31,** <br>**2024** <br><sup>(a)(h)</sup> |
|  | &nbsp;&nbsp;&nbsp; **Period Ended** <br>**December 31,** <br>**2024** <br><sup>(a)(h)</sup> |
| **PER SHARE DATA:** |  |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $201.20 |
| INVESTMENT OPERATIONS: |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Loss on Investments<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; (11.09)<br>|
| &nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp; (4.47)<br>|
| LESS DISTRIBUTIONS FROM: |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; (7.50)<br>|
| &nbsp;&nbsp;&nbsp; Return of Capital Distributions | &nbsp;&nbsp;&nbsp; (2.87)<br>|
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (10.37)<br>|
| ETF Transaction Fees per Share | &nbsp;&nbsp;&nbsp; $- <br><sup>(d)</sup><br>|
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $186.36 |
| TOTAL RETURN<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp; -2.33<br> %<br>|
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net Assets, End of Period (000's) | &nbsp;&nbsp;&nbsp; $745 |
| Ratio of expenses to Average Net Assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Ratio of Net Investment Income to Average Net Assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>|
| Portfolio Turnover Rate<sup>(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp; 780<br> %<br>|

---

------

(a) The Fund commenced operations on January 8, 2024.

(b) Net investment income per share has been calculated based on average shares outstanding during the period.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended December 31, 2024, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions during the period.

(d) Amount represents less than $0.005 per share.

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

(g) Portfolio turnover rate excludes in-kind transactions.

(h) After period ended December 31, 2024, the Fund effected a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

------

**STONE RIDGE'S PRIVACY NOTICE**

**Stone Ridge's Commitment to Privacy** 

Stone Ridge Asset Management LLC (together with its affiliates, "Stone Ridge") recognizes and respects your privacy. This Privacy Notice describes the types of non-public personal information Stone Ridge obtains, how Stone Ridge uses that information and to whom Stone Ridge discloses it. Non-public personal information means personally identifiable financial information that is not publicly available and any list, description or other grouping of consumers (and publicly available information pertaining to such consumers) that is derived using any personally identifiable financial information that is not publicly available. If you are an individual investor, this Privacy Notice will be relevant to you directly. If you are providing information to Stone Ridge on behalf of other individuals, such as your employees or clients, this Privacy Notice will be relevant to those individuals, and you should transmit this document to such individuals or otherwise advise them of its content.

**Information Stone Ridge Collects About You** 

Stone Ridge collects the following categories of non-public personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information that you provide, which may include your name and address, social security number or tax identification number, date of birth and/or other information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information about transactions and balances in accounts with Stone Ridge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information about transactions and balances in accounts with non-affiliated third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information from consumer reporting agencies, service providers or other sources that may be engaged or consulted in connection with conducting due diligence, know-your-customer, anti-money laundering and other checks required to be performed in relation to admitting new investors.

**How Stone Ridge Discloses Your Personal Information** 

Stone Ridge uses your non-public personal information primarily to complete financial transactions that you request or to make you aware of other financial products and services. Stone Ridge does not sell your non-public personal information to third parties. Below are the details of circumstances in which Stone Ridge may disclose non-public personal information to third parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To service providers (including financial, technical, marketing and professional service providers and consultants) and financial institutions that provide services to the Stone Ridge, who are required protect the confidentiality of your personal information and to use the information only for the purposes for which it is disclosed to them).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To regulatory, self-regulatory, administrative or law enforcement agencies or other oversight bodies in certain circumstances where we are required to share personal information and other information with respect to your interest in an investment with the relevant regulatory authorities. They, in turn, may exchange this information with other authorities, including tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● As authorized, for example, by subscription agreements or organizational documents of an investment and as authorized by you or your designated representatives or other authorized persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In connection with a corporate transaction — for example, to third parties as part of a corporate business transaction, such as a merger, acquisition, joint venture or financing or sale of company assets.

**How Stone Ridge Safeguards and Retains Your Personal Information** 

Stone Ridge restricts access to non-public personal information about you to its employees and to third parties, as described above. Stone Ridge maintains physical, electronic, and procedural safeguards reasonably designed to protect the confidentiality of your non-public personal information. Despite these security measures that Stone Ridge has put in place to protect your personal information, no such measures can guarantee security or protect against unauthorized activity. Stone Ridge may retain your personal information for such a period as permitted or

------

required by any applicable laws or regulations and for such a period as may be permitted in accordance with the lawful purposes or legitimate interests outlined above.

**Keeping You Informed** 

Stone Ridge reserves the right to modify this policy at any time and will keep you informed of further changes as required by law.

------

**USEFUL SHAREHOLDER INFORMATION**

**Trust.** Stone Ridge Trust consists of 44 series. The series are investment portfolios of Stone Ridge Trust, an open-end series management investment company organized as a Delaware statutory trust.

**Shareholder Reports.** Annual and semi-annual reports to shareholders provide additional information about the Fund's investments. These reports include financial statements, a discussion of the market conditions and investment strategies that significantly affected the Fund's performance, as well as the auditors' report (in the annual report only).

**Statement of Additional Information.** The Statement of Additional Information provides more detailed information about the Fund. It is incorporated by reference into (and is legally a part of) this combined prospectus.

**How to Obtain Additional Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You can obtain shareholder reports or the Statement of Additional Information (without charge), make inquiries or request other information about the Fund by contacting the Transfer Agent at (855) 609-3680, writing the Fund at Stone Ridge Trust, c/o U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, visiting the Fund's website at www.stoneridgefunds.com or calling your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may review and copy information about the Fund, including reports and other information about the Fund, on the EDGAR Database on the Commission's website at www.sec.gov. You may get copies of this information, with payment of a duplication fee, by electronic request at the following E-mail address: publicinfo@sec.gov. You may need to refer to the Fund's file number.

If someone makes a statement about the Fund that is not in this prospectus, you should not rely upon that information. Neither the Fund nor the Distributor is offering to sell shares of the Fund to any person to whom the Fund may not lawfully sell its shares.

**How to Reach Stone Ridge Trust** 

Please send all requests for information or transactions to:

Stone Ridge Trust <br>c/o U.S. Bank Global Fund Services <br>615 East Michigan Street <br>Milwaukee, Wisconsin 53202

You may contact us by telephone at (855) 609-3680.

**You can also visit our website at:** 

www.stoneridgefunds.com

**Distributor** <br>Foreside Financial Services, LLC <br>Three Canal Plaza, Suite 100 <br>Portland, Maine 04101

**Investment Adviser** <br>Stone Ridge Asset Management LLC <br>One Vanderbilt Avenue, 65th Floor <br>New York, NY 10017

Investment Company Act File Number: 811-22761

------

**STATEMENT OF ADDITIONAL INFORMATION** 

**STONE RIDGE TRUST** 

**LIFEX DURABLE INCOME ETF** 

Ticker Symbol: LFDR

[ ], 2025

------

One Vanderbilt Avenue, 65th Floor <br>New York, NY 10017 <br>(855) 609-3680

------

Stone Ridge Trust consists of forty-two series, including the fund listed above (the "Fund"). Additional Stone Ridge Trust funds are offered in separate prospectuses and statements of additional information.

The Fund is an investment portfolio of Stone Ridge Trust, an open-end series management investment company organized as a Delaware statutory trust.

Shares of the Fund are listed and traded on Cboe BZX Exchange, Inc. (the "Exchange") under the ticker listed above.

This Statement of Additional Information ("SAI") is not a prospectus and is only authorized for distribution when preceded or accompanied by the Fund's current prospectus dated [ ], 2025, as may be supplemented from time to time (the "Prospectus"). This SAI supplements and should be read in conjunction with the Prospectus, as well as material incorporated by reference into the Fund's Registration Statement and other information regarding the Fund. The Fund commenced operations following the reorganization of a corresponding series of the Trust (the "Predecessor Fund") into the Fund, which occurred on December 13, 2024 (the "Reorganization"). The audited financial statements and notes thereto in the Fund's filing on Form N-CSR for the fiscal period ended on December 31, 2024, as filed with the Securities and Exchange Commission (the "Commission") on March 10, 2025 (File No. 811-22761) (the "Annual Report"), are incorporated into this SAI by reference. The financial information for periods prior to the Reorganization is for the Predecessor Fund. The financial statements included in the Annual Report have been audited by [ ], whose report thereon is also incorporated herein by reference. No other parts of the Annual Report are incorporated by reference herein. Copies of the Prospectus and/or Annual Report may be obtained without charge by writing the Fund, by calling the toll-free telephone number listed above, by visiting www.stoneridgefunds.com or from the EDGAR database on the Commission's website (www.sec.gov). The Fund's address is One Vanderbilt Avenue, 65th Floor, New York, NY 10017.

------

**Stone Ridge Trust** 

**LifeX Durable Income ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [ADDITIONAL INVESTMENT INFORMATION, RISKS AND RESTRICTIONS](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_1) | 1 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_11) | 11 |
| [CONTINUOUS OFFERING](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_12) | 12 |
| [MANAGEMENT OF THE FUND](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_13) | 13 |
| [PROXY VOTING POLICIES AND PROCEDURES](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_18) | 18 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_18) | 18 |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_19) | 19 |
| [TAX STATUS](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_24) | 24 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_30) | 30 |
| [DESCRIPTION OF THE TRUST](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_32) | 32 |
| [PURCHASES AND REDEMPTION OF SHARES](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_34) | 34 |
| [FINANCIAL STATEMENTS](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_34) | 34 |
| [MISCELLANEOUS INFORMATION](#xx_103be86a-a7f3-4c91-ac35-d2b129c9b4c0_34) | 34 |
| [APPENDIX A](#xx_66126e98-9a50-41c9-8e67-4be9916f1e43_1) | A-1 |

---

------

**ADDITIONAL INVESTMENT INFORMATION, RISKS AND RESTRICTIONS**

The Fund is an exchange-traded fund (an "ETF") that pursues its investment objective by investing in debt securities issued by the U.S. Treasury, which we refer to as "U.S. Government Bonds," and money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit-risk free (i.e., free of the risk of non-payment).

On January 28, 2025, the Board of Trustees of the Trust (the "Board") approved a new name for the Fund. Effective as of February 14, 2025, the Fund's name was changed from Stone Ridge Durable Income ETF to LifeX Durable Income ETF.

The Prospectus discusses the investment objective of the Fund, as well as the principal investment strategies it employs to achieve its objective and the principal investment risks associated with those strategies. Additional information about the strategies and other investment practices the Fund may employ and certain related risks of the Fund are described below. The Fund is an investment portfolio of Stone Ridge Trust (the "Trust"), an open-end series management investment company organized as a Delaware statutory trust on September 28, 2012.

The Fund seeks to provide reliable monthly distributions consisting of income and principal. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective has been adopted as a non-fundamental investment policy and may be changed by the Board without a vote of shareholders.

The Fund offers and issues shares at its net asset value per share ("NAV") only in aggregations of a specified number of shares (each, a "Creation Unit"), generally in exchange for the deposit (or delivery) of a designated portfolio of securities, assets or other positions (including any portion of such securities for which cash may be substituted) (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"). Shares may be purchased or redeemed at NAV only in Creation Units by authorized participants ("Authorized Participants") and, generally, in exchange for Deposit Securities and a Cash Component. See the "Creation and Redemption of Creation Units" section of this SAI.

Shares of the Fund are listed and trade on Cboe BZX Exchange, Inc. (the "Exchange") at market prices that may be at, above or below the Fund's NAV.

Capitalized terms used in this SAI and not otherwise defined have the meanings given to them in the Prospectus. References in this SAI to the Fund investing in any instrument, security or strategy includes direct or indirect investment, including gaining exposure through derivatives or other investment companies.

**Exchange Listing and Trading** 

A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the "How the Fund Differs from Traditional Mutual Funds—Exchange Listing" section of the Prospectus. The discussion below supplements, and should be read in conjunction with, that section of the Prospectus.

Shares of the Fund are listed for trading, and trade throughout the day, on the Exchange. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of shares of the Fund will continue to be met. The Exchange will consider the suspension of trading in, and will commence delisting proceedings outlined in the Exchange's rulebook for the Fund under any of the following circumstances: (i) following the initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50 beneficial holders of shares of the Fund for 30 or more consecutive trading days; (ii) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will also remove shares of the Fund from listing and trading upon termination of the Fund.

------

As in the case of other publicly-traded securities, when you buy or sell shares of the Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

The Trust reserves the right to adjust the share prices of the Fund in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund or an investor's equity interest in the Fund.

**Additional Investment Information and Risks**

**U.S. Treasury Obligations**. These include Treasury bills (which have maturities of one year or less when issued), Treasury notes (which have maturities of one to ten years when issued) and Treasury bonds (which have maturities of more than ten years when issued).

Treasury securities are backed by the full faith and credit of the United States as to timely payments of interest and repayments of principal. Similar to other issuers, changes to the financial condition or credit rating of the United States government may cause the value of the Fund's direct or indirect investment in Treasury obligations to decline. Securities issued by the U.S. Treasury have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments). However, events have in the past, and may in the future, lead to a downgrade in the long-term credit rating of U.S. bonds by several major rating agencies.

**Portfolio Turnover**. Purchases and sales of portfolio investments may be made as considered advisable by Stone Ridge Asset Management LLC ("Stone Ridge" or the "Adviser") in the best interests of the shareholders. The Fund's portfolio turnover rate may vary from year-to-year, as well as within a year. Higher portfolio turnover rates can result in corresponding increases in portfolio transaction costs for the Fund and may result in higher taxes when Fund shares are held in a taxable account. Portfolio turnover information for the Fund is not presented because the Fund has not completed its first fiscal year of operations as of the date of this SAI. Based on the Fund's portfolio of investments, the Fund anticipates having a modest portfolio turnover rate.

For reporting purposes, the Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. Portfolio turnover rate excludes in-kind transactions, if any. In determining such portfolio turnover, all securities whose maturities at the time of acquisition were one year or less are excluded. A 100% portfolio turnover rate would occur, for example, if all of the securities in the Fund's investment portfolio (other than short- term money market securities) were replaced once during the fiscal year. Portfolio turnover will not be a limiting factor should the Adviser deem it advisable to purchase or sell securities.

**U.S. Government Security Derivatives Risk**. The Fund may enter into derivatives contracts with respect to any security or other instrument in which it is permitted to invest or with respect to any related security, instrument or index ("reference instruments" or "reference securities"). The Fund may seek to hedge its exposure to interest rates and inflation through investments in futures, swaps or other derivative instruments on U.S. Government Bonds ("U.S. Government Bonds Derivatives"). This universe of investments is subject to change under varying market conditions and as these instruments evolve over time.

The use of derivatives involves risks that are in addition to, and potentially greater than, the risks of investing directly in U.S. Government Bonds. Derivatives are financial contracts the value of which depends on, or is derived from, an asset or other underlying reference. Using derivatives can increase losses and reduce opportunities for gains when interest rates or other economic factors, or the derivative instruments themselves, behave in a way not anticipated by the Fund, especially in abnormal market conditions. Using derivatives also can have a leveraging effect (which may increase investment losses) and increase Fund volatility. The Fund incurs costs in connection with opening and closing derivatives positions.

In a centrally cleared derivatives transaction, the Fund's counterparty is a clearing house, rather than a bank or broker, and the credit risk is generally less than for privately negotiated derivatives because a clearinghouse provides a guarantee of performance. However, it is not clear how an insolvency proceeding of a clearinghouse would be conducted. The Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing

------

member because the Fund would be limited to recovering only a pro rata share of the funds held by the clearing member on behalf of customers for cleared derivatives.

The use of derivatives can lead to losses because of adverse movements in the price or value of the reference instrument, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's exposure to the reference instrument and magnifies potential losses. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market, thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior, unexpected events or the Adviser's failure to use derivatives effectively. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the reference instrument.

Rule 18f-4 under the 1940 Act ("Rule 18f-4") provides for the regulation of a registered investment company's use of derivatives and certain related instruments. The Fund intends to qualify as a "limited derivatives user" under Rule 18f-4, and, therefore, it is required to limit its derivatives exposure (excluding derivatives transactions used to hedge certain currency or interest rate risks) to 10% of its net assets, and to maintain written policies and procedures reasonably designed to manage its derivatives risk. Compliance with Rule 18f-4 will restrict the Fund's ability to engage in certain derivatives transactions.

*U.S. Government Bonds Derivatives Tax Issues*. The Fund's investments in derivative instruments could affect the amount, timing and character of the Fund's distributions; in some cases, the tax treatment of such investments may not be certain. The tax issues relating to these and other types of investments and transactions are described more fully under "Distributions and Federal Income Tax Matters" in the Prospectus.

*Regulatory Issues*. With respect to the Fund, the Adviser has claimed an exclusion from the definition of the term commodity pool operator ("CPO") under the Commodity Exchange Act ("CEA") pursuant to Commodity Futures Trading Commission Rule 4.5. Accordingly, the Adviser (with respect to the Fund) is not subject to registration or regulation as a CPO under the CEA. To remain eligible for the exclusion, the Fund is limited in its ability to use certain financial instruments regulated under the CEA ("commodity interests"), including futures and options on futures and certain swaps transactions.

**Certain Transactions**. Stone Ridge and/or its affiliates expect, from time to time and in their sole discretion, to purchase and sell shares of a Fund in the secondary market. Such purchases and sales may be significant in volume and are expected over time to result in creation and redemption activity by market makers and/or authorized participants, though there is no assurance that such activities will occur as a result of such purchases and sales. Any such creation and redemption activities may help a Fund to rebalance its portfolio in a manner that would not require the Fund to trade its portfolio securities directly and incur transaction-related costs. Such activity may temporarily affect the price at which Fund shares trade and may over time result in the Fund distributing portfolio securities in kind, reducing both the amount of capital gains that would otherwise be realized through portfolio sales and the amount of taxable gains distributable to Fund shareholders. Such secondary market trading may be done on a periodic, systematic basis or on other bases and, for certain Funds, may constitute a significant percentage of a Fund's average daily trading volume on any given business day. There is no assurance any such activity will occur and any such trading may be discontinued at any time without advance notice.

**Liquidity Risk Management**. Rule 22e-4 under the 1940 Act (the "Liquidity Rule") requires open-end funds, including ETFs such as the Fund, to establish a liquidity risk management program (the "Liquidity Program") and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Fund has implemented a Liquidity Program, and the Board, including a majority of the Independent Trustees of the Trust, has appointed the Adviser as the administrator of the Liquidity Program. Under the Liquidity Program, the Adviser assesses, manages, and periodically reviews the Fund's liquidity risk and, if required, classifies each investment held by the Fund as a "highly liquid investment," "moderately liquid investment," "less liquid investment" or "illiquid investment." The Liquidity Rule defines "liquidity risk" as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors' interest in the Fund. The liquidity of the Fund's

------

portfolio investments is determined based on relevant market, trading and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the liquidity risk management program requirements for "in-kind" ETFs, as defined in the Liquidity Rule. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, the Fund can expect to be exposed to greater liquidity risk.

**Investment Restrictions** 

**Fundamental Investment Restrictions of the Fund**. The following investment restrictions of the Fund are designated as fundamental policies and as such cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. Under the Investment Company Act of 1940, as amended (the "1940 Act"), a "majority" vote is defined as the vote of the holders of the lesser of: (a) 67% or more of the shares of the Fund present at a meeting if the holders of more than 50% of the outstanding shares are present or represented by proxy at the meeting; or (b) more than 50% of the outstanding shares of the Fund. Under these restrictions, the Fund:

(1) may issue senior securities to the extent permitted by applicable law;

(2) may borrow money to the extent permitted by applicable law;

(3) may not underwrite securities;

(4) may not purchase, sell or hold real estate;

(5) may not make loans;

(6) may not purchase and sell commodities, except that the Fund may purchase and sell futures contracts and options and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities; and

(7) may not invest 25% or more of its total assets in a particular industry or group of industries (other than securities issued or guaranteed by the U.S. government or its agencies or instrumentalities).

Where applicable, the foregoing investment restrictions shall be interpreted based on the applicable rules, regulations and pronouncements of the U.S. Securities and Exchange Commission (the "Commission") and its staff.

**Creation and Redemption of Creation Units** 

**General**. The Trust issues and sells shares of the Fund only in Creation Units on a continuous basis through the Distributor (as defined below) or its agent, without a sales load, at a price based on the Fund's NAV next determined after receipt, on any business day, which is any day the New York Stock Exchange is open for business<sup>1</sup> (each, a "Business Day"), of an order received by the Distributor or its agent in proper form. On days when the New York Stock Exchange closes earlier than normal, the Fund may require orders to be placed earlier in the day. As of April 7, 2025, 1,000 shares of the Fund constitute a Creation Unit and each Creation Unit has an approximate value of $183,028.

In its discretion, the Trust reserves the right to increase or decrease the number of the Fund's shares that constitute a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of the Fund, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

------

<sup>1</sup>

The NYSE is generally open from Monday through Friday, 9:30 a.m. to 4:00 p.m., Eastern time. NYSE, NYSE Arca, NYSE Bonds and NYSE Arca Options markets will generally close on, and in observation of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

------

The Trust reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in cash and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust collateral. The Trust may use such collateral at any time to purchase Deposit Securities. See the "Creation and Redemption of Creation Units" section of this SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of Commission rules and regulations applicable to management investment companies offering redeemable securities.

**Fund Deposit**. The consideration for purchases of Creation Units of the Fund generally consists of Deposit Securities and the Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute a "Fund Deposit" or "basket" as that term is used in Rule 6c-11 under the 1940 Act. The Fund Deposit represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. Such Fund Deposit is applicable, subject to any adjustments as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund Deposit is made available.

The "Cash Component" is an amount equal to the difference between the NAV of the shares (per Creation Unit) and the "Deposit Amount," which is an amount equal to the market value of the Deposit Securities, and serves to compensate for any differences between the NAV per Creation Unit and the Deposit Amount. Payment of any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized Participant purchasing the Creation Unit.

The identity and number or par value of the Deposit Securities change pursuant to changes in the composition of the Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time by the Adviser with a view to the investment objective of the Fund.

The Fund Deposit may also be modified to minimize the Cash Component by redistributing the cash to the Deposit Securities portion of the Fund Deposit through "systematic rounding." The rounding methodology "rounds up" position sizes of securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum allowed percentage change in weight and share quantity of any given security in the Fund Deposit.

The Trust may, in its sole discretion, substitute an amount of cash (i.e., a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security.

**Cash Purchase Method**. In limited circumstances when partial or full cash purchases of Creation Units are available or specified, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser. The Authorized Participant may also be required to pay certain transaction fees and charges for cash purchases, as described below, and may be required to cover certain brokerage, tax, foreign exchange, execution and price movement costs as described in this SAI.

**Procedures for Creation of Creation Units**. To be eligible to place orders with the Distributor and to create a Creation Unit of the Fund, an entity must be: (i) a "Participating Party," i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC"), a clearing agency that is registered with the Commission, or (ii) a DTC Participant (as defined below), and must have executed an agreement with the Distributor, with respect to creations and redemptions of Creation Units ("Authorized Participant Agreement") (discussed below). A member or participant of a clearing agency registered with the Commission that has a written agreement with the Fund or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units is referred to as an "Authorized Participant." All shares of the Fund, however created, will be entered on the records of the Depository Trust Company ("DTC") in the name of Cede & Co. for the account of a DTC Participant.

------

**Role of the Authorized Participant**. Creation Units may be purchased only by an Authorized Participant. Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that such Authorized Participant will make available in advance of each purchase of shares an amount of cash sufficient to pay the Cash Component, once the NAV of a Creation Unit is next determined after receipt of the purchase order in proper form, together with the transaction fees described below. An Authorized Participant, acting on behalf of an investor, may require the investor to enter into an agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component. Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized Participant Agreement and that orders to purchase Creation Units may have to be placed by the investor's broker through an Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional charges to such investor. At any given time, there may be only a limited number of Authorized Participants that have entered into an Authorized Participant Agreement. A list of current Authorized Participants may be obtained from the Distributor. In addition, the Distributor may be appointed as the proxy of the Authorized Participant and may be granted a power of attorney under its Authorized Participant Agreement.

**Placement of Creation Orders**. Fund Deposits must be delivered through the Federal Reserve System (for cash and U.S. government securities), through DTC (for corporate and municipal securities) or through a central depository account, such as with Euroclear or DTC, maintained by the Custodian (as defined below) or a sub-custodian (a "Central Depository Account"). Any portion of the Fund Deposit that may not be delivered through the Federal Reserve System or DTC must be delivered through a Central Depository Account. The Fund Deposit transfers made through DTC must be ordered by the DTC Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund generally before 3:00 p.m. Eastern time on the Settlement Date. Fund Deposit transfers made through the Federal Reserve System must be deposited by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number or amount of Deposit Securities or cash through the Federal Reserve System to the account of the Fund generally before 3:00 p.m. Eastern time on the Settlement Date. Fund Deposit transfers made through a Central Depository Account must be completed pursuant to the requirements established by the custodian or sub-custodian for such Central Depository Account generally before 2:00 p.m. Eastern time on the Settlement Date. The "Settlement Date" for all funds is generally the first, second or third Business Day, as applicable, after the date on which an order to create Creation Units (or an order to redeem Creation Units) is placed. All questions as to the number of Deposit Securities to be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian generally before 3:00 p.m. Eastern time on the Settlement Date. If the Cash Component and the Deposit Securities are not received by 3:00 p.m. Eastern time on the Settlement Date, the creation order may be canceled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund. The delivery of Creation Units so created generally will occur no later than the first, second or third Business Day, as applicable, following the day on which the purchase order is deemed received by the Distributor, provided that the relevant Fund Deposit has been received by the Fund prior to such time. The typical Settlement Date for the Fund is T+1, unless the Fund and Authorized Participant agree to a different Settlement Date.

**Purchase Orders**. To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its agent an irrevocable order to purchase shares of the Fund, in proper form, generally before 4:00 p.m. Eastern time on any Business Day to receive that day's NAV. The Distributor or its agent will notify the Adviser and the Custodian of such order. The Custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the delivery of the Fund Deposit are set forth in the applicable Authorized Participant Agreement and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be made through an Authorized Participant. A list of current Authorized Participants may be obtained from the Distributor. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor or its agent by the Cut-Off Time (as defined below) on such Business Day.

------

The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than the Cut-Off Time of the Fund. Investors should be aware that an Authorized Participant may require orders for purchases of shares placed with it to be in the particular form required by the individual Authorized Participant.

The Authorized Participant is responsible for any and all expenses and costs incurred by the Fund, including any applicable cash amounts, in connection with any purchase order.

**Timing of Submission of Purchase Orders**. An Authorized Participant must submit an irrevocable order to purchase shares of the Fund generally before 4:00 p.m. Eastern time on any Business Day in order to receive that day's NAV. Creation Orders must be transmitted by an Authorized Participant in the form required by the Fund to the Distributor or its agent pursuant to procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. Orders to create shares of the Fund that are submitted on the Business Day immediately preceding a holiday may not be accepted. The Fund's deadline specified above for the submission of purchase orders is referred to as that Fund's "Cut-Off Time." The Distributor or its agent, in their discretion, may permit the submission of such orders and requests by or through an Authorized Participant at any time (including on days on which the Exchange is not open for business) via communication through the facilities of the Distributor's or its agent's proprietary website maintained for this purpose. Purchase orders and redemption requests, if received in good order as determined by the Trust in its sole discretion, will be processed based on the NAV next determined after receipt of an order in proper form as described in the Authorized Participant Agreement and disclosed in this SAI.

**Acceptance of Orders for Creation Units**. Subject to the conditions that (i) an irrevocable purchase order has been submitted by the Authorized Participant (either on its own or another investor's behalf) and (ii) arrangements satisfactory to the Fund are in place for payment of the Cash Component and any other cash amounts which may be due, the Fund will accept the order, subject to the Fund's right (and the right of the Distributor and the Adviser) to reject any order until acceptance, as set forth below.

Once the Fund has received in good order an order, upon the next determination of the NAV of the shares, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor or its agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the order.

The Fund reserves the right to reject or revoke a creation order transmitted to it by the Distributor or its agent if (i) the order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the Deposit Securities delivered do not conform to the identity and number of shares specified, as described above; (iv) acceptance of the Deposit Securities would have certain adverse tax consequences to the Fund; (v) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (vi) acceptance of the Fund Deposit would, in the discretion of the Fund or the Adviser, have an adverse effect on the Fund or the rights of beneficial owners; or (vii) circumstances outside the control of the Fund, the Distributor or its agent and the Adviser make it impracticable to process purchase orders. The Distributor or its agent shall notify a prospective purchaser of a Creation Unit and/or the Authorized Participant acting on behalf of such purchaser of its rejection of such order. The Fund, the Custodian, any sub-custodian and the Distributor or its agent are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.

**Issuance of a Creation Unit**. Except as provided herein, a Creation Unit will not be issued until the transfer of good title to the applicable Fund of the Deposit Securities and the payment of the Cash Component have been completed. When the sub-custodian has confirmed to the custodian that the securities included in the Fund Deposit (or the cash value thereof) have been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and the Adviser shall be notified of such delivery and the applicable Fund will issue and

------

cause the delivery of the Creation Unit. Creation Units are generally issued on a "T+1 basis" (i.e., one Business Day after trade date). The Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, including a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law.

To the extent contemplated by an Authorized Participant Agreement with the Distributor, the Fund will issue Creation Units to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral. The Trust may use such collateral at any time to buy Deposit Securities for the Fund. Such collateral must be delivered no later than the time specified by the Fund or its custodian on the contractual settlement date. Information concerning the Fund's current procedures for collateralization of missing Deposit Securities is available from the Distributor or its agent. The Authorized Participant Agreement will permit the Fund to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Fund of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings and other charges.

In certain cases, Authorized Participants may create and redeem Creation Units on the same trade date and in these instances, the Fund reserves the right to settle these transactions on a net basis or require a representation from the Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund and the Fund's determination shall be final and binding.

**Costs Associated with Creation Transactions**. A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is generally the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day. The standard creation transaction fee may be reduced by the Fund if transfer and processing expenses associated with the creation are anticipated to be lower than the stated fee. If a purchase consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs). To the extent these transaction charges exceed the maximum additional charge applicable to the creating Authorized Participant, the Fund would bear such costs and the Fund's shareholders may experience dilution (or, potentially, increased taxable income in respect of the Fund, particularly if the redemption consists solely or partially of cash). Authorized Participants will also bear the costs of transferring the Deposit Securities to the Fund. Certain fees/costs associated with creation transactions may be waived or reimbursed in certain circumstances. Investors who use the services of a broker or other financial intermediary to acquire Fund shares may be charged a fee for such services.

The Fund's standard creation transaction fee is $300 and its maximum additional charge, as a percentage of the NAV per Creation Unit, is 2%.

**Redemption of Creation Units**. Shares of the Fund may be redeemed by Authorized Participants only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Distributor or its agent and only on a Business Day. The Fund will not redeem shares in amounts less than Creation Units. There can be no assurance, however, that there will be sufficient liquidity in the secondary market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a Creation Unit that could be redeemed by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.

The Fund publishes the designated portfolio of securities (including any portion of such securities for which cash may be substituted) that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day (the "Fund Securities" or "Redemption Basket"), and an

------

amount of cash (the "Cash Amount," as described below) (each subject to possible amendment or correction) are applicable, in order to effect redemptions of Creation Units of the Fund until such time as the next announced composition of the Fund Securities and Cash Amount is made available. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units.

Unless cash redemptions are available or specified for the Fund, the redemption proceeds for a Creation Unit generally consist of Fund Securities, plus the Cash Amount, which is an amount equal to the difference between the NAV of the shares being redeemed, as next determined after the receipt of a redemption request in proper form, and the value of Fund Securities, less a redemption transaction fee (as described below).

The Trust may, in its sole discretion, substitute a "cash in lieu" amount to replace any Fund Security in certain circumstances, including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a trading restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of such Fund Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the delivery of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security cannot be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The amount of cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. In the event that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. The Fund generally redeems Creation Units for Fund Securities, but the Fund reserves the right to utilize a cash option for redemption of Creation Units. The Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be "rounded up," while limiting the maximum allowed percentage change in weight and share quantity of any given security in the Redemption Basket.

**Cash Redemption Method**. In limited circumstances when partial or full cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. The Authorized Participant may also be required to pay certain transaction fees and charges for cash redemptions, as described below, and may be required to cover certain brokerage, tax, foreign exchange, execution and price movement costs as described in this SAI.

**Costs Associated with Redemption Transactions**. A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is generally the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day. The standard redemption transaction fee may be reduced by the Fund if transfer and processing expenses associated with the redemption are anticipated to be lower than the stated fee. If a redemption consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs). Authorized Participants will also bear the costs of transferring the Fund Securities from the Fund to their account on their order. Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.

The Fund's standard redemption transaction fee is $300 and its maximum additional charge, as a percentage of the NAV per Creation Unit, inclusive of the standard redemption transaction fee, is 2% (for the avoidance of doubt, the sum of the standard redemption transaction fee and the maximum additional charge will not exceed 2% of the value of the shares redeemed for the Fund).

------

**Placement of Redemption Orders**. Redemption requests for Creation Units of the Fund must be submitted to the Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable request to redeem shares of the Fund generally before 4:00 p.m. Eastern time on any Business Day in order to receive that day's NAV. On days when the Exchange closes earlier than normal, the Fund may require orders to redeem Creation Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for a redemption request to be made through an Authorized Participant. A list of current Authorized Participants may be obtained from the Distributor.

The Authorized Participant must transmit the request for redemption in the form required by the Fund to the Distributor or its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant Agreement in effect. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the shares to the Fund's Transfer Agent (as defined below); such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

A redemption request is considered to be in "proper form" if: (i) an Authorized Participant has transferred or caused to be transferred to the Fund's Transfer Agent the Creation Unit redeemed through the book-entry system of DTC so as to be effective by the Exchange closing time on any Business Day on which the redemption request is submitted; (ii) a request in form satisfactory to the applicable Fund is received by the Distributor or its agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified above; and (iii) all other procedures set forth in the Authorized Participant Agreement are properly followed.

Upon receiving a redemption request, the Distributor or its agent shall notify the applicable Fund and the Fund's Transfer Agent of such redemption request. The tender of an investor's shares for redemption and the distribution of the securities and/or cash included in the redemption payment made in respect of Creation Units redeemed will be made through DTC and the relevant Authorized Participant to the Beneficial Owner (as defined below) thereof as recorded on the book-entry system of DTC or the DTC Participant through which such investor holds, as the case may be, or by such other means specified by the Authorized Participant submitting the redemption request.

A redeeming Authorized Participant, whether on its own account or acting on behalf of a Beneficial Owner, must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.

Deliveries of redemption proceeds by the Fund are generally made within one Business Day (i.e., "T+1"). The Fund reserves the right to settle redemption transactions on a basis other than T+1, if necessary or appropriate under the circumstances and compliant with applicable law. Delayed settlement may occur due to a number of different reasons, including, without limitation, settlement cycles for the underlying securities, unscheduled market closings, an effort to link distribution to dividend record dates and ex-dates and newly announced holidays. For example, the redemption settlement process may be extended beyond T+1 because of the occurrence of a holiday in the U.S. bond market that is not a holiday observed in the U.S. equity market.

To the extent contemplated by an Authorized Participant's agreement with the Distributor or its agent, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to the Fund, at or prior to the time specified by the Fund or its custodian on the Business Day after the date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral. Such collateral must be delivered no later than the time specified by the Fund or its custodian on the Business Day after the date of submission of such redemption request and shall be held by the Custodian and

------

marked-to-market daily. The fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant Agreement permits the Fund to acquire shares of the Fund at any time and subjects the Authorized Participant to liability for any shortfall between the aggregate of the cost to the Fund of purchasing such shares, plus the value of the Cash Amount, and the value of the collateral together with liability for related brokerage and other charges.

Because the portfolio securities of the Fund may trade on exchange(s) on days that the Exchange is closed, are Securities Industry and Financial Markets Association holidays or are otherwise not Business Days for the Fund, shareholders may not be able to redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund: (i) for any period during which the applicable Exchange is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the applicable Exchange is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the Commission.

**Custom Baskets**. Creation and Redemption baskets may differ and the Fund will accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings; (ii) a representative basket that is different from the initial basket used in transactions on the same business day; or (iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. The Fund has adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom baskets that are in the best interests of the Fund and its shareholders, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Adviser who are required to review each custom basket for compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of the Fund may be taken into account. The policies and procedures distinguish among different types of custom baskets that may be used for the Fund and impose different requirements for different types of custom baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant. The Adviser has established a governance process to oversee basket compliance for the Fund, as set forth in the Fund's policies and procedures.

**Taxation on Creations and Redemptions of Creation Units**. An Authorized Participant generally will recognize either gain or loss upon the exchange of Deposit Securities for Creation Units. This gain or loss is calculated by taking the market value of the Creation Units purchased over the Authorized Participant's aggregate basis in the Deposit Securities exchanged therefor. However, the U.S. Internal Revenue Service ("IRS") may apply the wash sales rules to determine that any loss realized upon the exchange of Deposit Securities for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.

Current U.S. federal income tax laws dictate that capital gain or loss realized from the redemption of Creation Units will generally create long-term capital gain or loss if the Authorized Participant holds the Creation Units for more than one year, or short-term capital gain or loss if the Creation Units were held for one year or less, if the Creation Units are held as capital assets.

Authorized Participants who are dealers in securities are subject to different tax treatment on the exchange for or redemption of Creation Units.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

On each Business Day, prior to the opening of regular trading on the Exchange, the Fund publicly discloses its entire portfolio holdings via its website (www.lifexfunds.com) and the NSCC and the composition of the in-kind creation basket and the in-kind redemption basket via the NSCC. The holdings of the Fund will also be disclosed in

------

quarterly filings with the Commission on Form N-PORT as of the end of the first and third quarters of the Fund's fiscal year and on Form N-CSR as of the second and fourth quarters of the Fund's fiscal year.

Subject to certain limitations on disclosure of material non-public information, portfolio holdings of the Fund may generally be made available more frequently and prior to their public availability (i) to Authorized Participants, market makers and liquidity providers (e.g., in the course of negotiating a custom basket), (ii) to service providers of the Fund or the Adviser, including outside legal counsel, an accounting or auditing firm, an administrator, custodian, principal underwriter, pricing service, proxy voting service, financial printer, third party that delivers analytical, statistical or consulting services, ratings or rankings agency or other third party that may require such information to provide services for the benefit of the Fund; (iii) to current or prospective Fund shareholders (including shareholders of record of indirect investments in the Fund through another Fund) and their consultants or agents; (iv) as required by law; and (v) for any other legitimate business purpose.

Disclosure of portfolio holdings of the Fund prior to their public availability generally requires that the recipient has agreed, typically by means of a confidentiality agreement, that they will use that information solely for the purpose for which the information was disclosed and will not use or disclose any portion or aspect of the information for any other purpose without prior consent.

The Adviser has adopted and the Board has approved policies and procedures reasonably designed to ensure that disclosure of portfolio holdings information for the Fund is handled as described herein. These policies and procedures provide that none of the Fund, its service providers, the Adviser, or any other party may receive compensation in connection with the disclosure of portfolio holdings. They also require that any potential conflict of interest associated with any disclosure of portfolio holdings is to be evaluated and resolved by the Trust's Chief Compliance Officer ("CCO").

**CONTINUOUS OFFERING** 

The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells such shares directly to customers or if it chooses to couple the creation of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all of the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. Firms that incur a prospectus delivery obligation with respect to shares of the Fund are reminded that, pursuant to Rule 153 under the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange generally is satisfied by the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 under the Securities Act is available only with respect to transactions on an exchange.

In connection with the Funds' operations, investors in the Funds may include an affiliate of the Fund or Funds, including Stone Ridge and its affiliates. Each such investor and any other affiliate of a Fund may sell some or all of the shares held by them pursuant to the registration statement for the Funds (each, a "Selling Shareholder"), which

------

shares have been registered to permit the resale from time to time after purchase. In such instances, the Funds will not receive any of the proceeds from the resale by the Selling Shareholders of these shares. Selling Shareholders may sell shares owned by them directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the shares may be listed or quoted at the time of sale, through trading systems, in the over-the-counter market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. Selling Shareholders may redeem the shares held in Creation Unit size by them through an Authorized Participant. Any Selling Shareholder and any broker-dealer or agents participating in the distribution of shares may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act, in connection with such sales. Any Selling Shareholder and any other person participating in such distribution will be subject to any applicable provisions of the Exchange Act and the rules and regulations thereunder.

**MANAGEMENT OF THE FUND**

**Board of Trustees** 

The business and affairs of the Fund are managed under the oversight of the Board subject to the laws of the State of Delaware and the Trust's Fifth Amended and Restated Agreement and Declaration of Trust, as may be further amended from time to time (the "Declaration of Trust"). The Trustees are responsible for oversight of the practices and processes of the Fund and its service providers, rather than active management of the Fund, including in matters relating to risk management. The Trustees seek to understand the key risks facing the Fund, including those involving conflicts of interest; how Fund management identifies and monitors those risks on an ongoing basis; how Fund management develops and implements controls to mitigate those risks; and how Fund management tests the effectiveness of those controls. The Board cannot foresee, know or guard against all risks, nor are the Trustees guarantors against risk. The officers of the Fund conduct and supervise the Fund's daily business operations. Trustees who are not deemed to be "interested persons" of the Fund as defined in the 1940 Act are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Fund are referred to as "Interested Trustees."

The Board meets as often as necessary to discharge its responsibilities. Currently, the Board conducts regular quarterly meetings, including in-person, telephonic or videoconference meetings, and holds special in-person, telephonic or videoconference meetings as necessary to address specific issues that require attention prior to the next regularly scheduled meeting. At these meetings, officers of the Trust provide the Board (or one of its committees) with written and oral reports on regulatory and compliance matters, operational and service provider matters, organizational developments, product proposals, audit results and insurance and fidelity bond coverage. In addition, it is expected that the Independent Trustees meet at least annually to review, among other things, investment management agreements and certain plans and other agreements and to consider such other matters as they deem appropriate.

The Board has established two standing committees — an Audit Committee and a Valuation Committee — to assist the Board in its oversight of risk as part of its broader oversight of the Fund's affairs. The Committees, both of which are comprised solely of the Board's Independent Trustees, are described below. The Board may establish other committees, or nominate one or more Trustees to examine particular issues related to the Board's oversight responsibilities, from time to time. Each Committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to the Board.

The Board does not have a lead Independent Trustee. The Board, taking into consideration its oversight responsibility of the Fund, including the Fund's regular use of fair valuation and the Board's extensive experience overseeing the development and implementation of fair valuation processes, believes that its leadership structure is appropriate. In addition, the Board's use of Committees (each of which is chaired by an Independent Trustee with substantial industry experience) and the chair's role as chief executive officer of the Adviser, serve to enhance the Board's understanding of the operations of the Fund, and the Adviser because it allows the Trustees to effectively perform their oversight responsibilities.

------

Board members of the Trust, together with information as to their positions with the Trust, principal occupations and other board memberships, are shown below. Unless otherwise noted, each Trustee has held each principal occupation and board membership indicated for at least the past five years. Each Trustee's mailing address is c/o Stone Ridge Asset Management LLC, One Vanderbilt Avenue, 65th Floor, New York, NY 10017.

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)**<br>| **Position(s) Held**<br> **with the Trust**<br>| **Term of Office**<br> **and Length of**<br> **Time Served**<sup>(2)</sup> <br>| **Principal** <br> **Occupation(s)**<br> **During the Past 5** <br> **Years**<br>| **Number of Portfolios**<br> **in the Fund Complex**<br> **Overseen by Trustee**<sup>(3)</sup> <br>| **Other Directorships/**<br> **Trusteeships Held by**<br> **Trustee During the**<br> **Past 5 Years**<br>|
| Jeffery Ekberg<br> (1965)<br>| Trustee | since 2012 | Self-employed <br> (personal investing), <br> since 2011; <br> Principal, TPG <br> Capital, L.P. (private <br> equity firm) until <br> 2011; Chief <br> Financial Officer, <br> Newbridge Capital, <br> LLC (subsidiary of <br> TPG Capital, L.P.) <br> until 2011<br>| 45 | None. |
| Daniel Charney<br> (1970)<br>| Trustee | since 2012 | Co-Head of Global <br> Markets, TD <br> Securities <br> (investment bank) <br> and Vice Chair of <br> TD Cowen, a <br> division of TD <br> Securities (financial <br> services firm) since <br> 2023; Co-President, <br> Cowen and <br> Company, Cowen <br> Inc. (financial <br> services firm), <br> 2012-2023<br>| 45 | None. |

---

**Interested Trustee** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)**<br>| **Position(s) Held**<br> **with the Trust**<br>| **Term of Office**<br> **and Length of**<br> **Time Served**<sup>(1)</sup> <br>| **Principal** <br> **Occupation(s)**<br> **During the Past 5** <br> **Years**<br>| **Number of Portfolios**<br> **in the Fund Complex**<br> **Overseen by Trustee**<sup>(2)</sup> <br>| **Other Directorships/**<br> **Trusteeships Held by**<br> **Trustee During the**<br> **Past 5 Years**<br>|
| Ross Stevens<sup>(4)</sup> <br>(1969)<br>| Trustee, Chairman | since 2012 | Founder and <br> Chief Executive <br> Officer of Stone <br> Ridge since 2012<br>| 45 | None. |

---

------

(1) Each Trustee's mailing address is c/o Stone Ridge Asset Management LLC, One Vanderbilt Avenue, 65th Floor, New York, NY 10017.

(2) Each Trustee serves until resignation or removal from the Board.

(3) The Fund Complex includes the Trust and Stone Ridge Trust II, Stone Ridge Trust V and Stone Ridge Trust VIII, other investment companies managed by the Adviser.

(4) Mr. Stevens is an "interested person" of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his position with the Adviser.

------

**Additional Information About the Trustees** 

*Jeffery Ekberg* — Through his experience as a senior officer, director and accountant of financial and other organizations, Mr. Ekberg contributes experience overseeing financial and investment organizations to the Board. The Board also benefits from his previous experience as a member of the board of other funds.

*Daniel Charney* — Through his experience as a senior officer of financial and other organizations, Mr. Charney contributes his experience in the investment management industry to the Board.

*Ross Stevens* — Through his experience as a senior executive of financial organizations, Mr. Stevens contributes his experience in the investment management industry to the Board.

**Additional Information About the Board's Committees.** The Trust has an Audit Committee and a Valuation Committee. The members of both the Audit Committee and the Valuation Committee consist of all the Independent Trustees, namely Messrs. Ekberg and Charney. Mr. Ekberg is the Audit Committee Chair and has been designated as the Audit Committee financial expert. Mr. Charney is the Valuation Committee Chair. In accordance with its written charter, the Audit Committee's primary purposes are: (1) to oversee the Trust's accounting and financial reporting policies and practices, and its internal controls and procedures; (2) to oversee the quality and objectivity of the Trust's and the Fund's financial statements and the independent audit thereof; (3) to oversee the activities of the Trust's CCO; (4) to oversee the Trust's compliance program adopted pursuant to Rule 38a-1 under the 1940 Act, and the Trust's implementation and enforcement of its compliance policies and procedures thereunder; (5) to oversee the Trust's compliance with applicable laws in foreign jurisdictions, if any; and (6) to oversee compliance with the Code of Ethics by the Trust and the Adviser.

The Audit Committee reviews the scope of the Fund's audits, the Fund's accounting and financial reporting policies and practices and its internal controls. The Audit Committee approves, and recommends to the Independent Trustees for their ratification, the selection, appointment, retention or termination of the Fund's independent registered public accounting firm and approves the compensation of the independent registered public accounting firm. The Audit Committee also approves all audit and permissible non-audit services provided to the Fund by the independent registered public accounting firm and all permissible non-audit services provided by the Fund's independent registered public accounting firm to the Adviser and any affiliated service providers if the engagement relates directly to the Fund's operations and financial reporting. The Audit Committee met four times during the fiscal year ended December 31, 2024.

The Valuation Committee also operates pursuant to a written charter. The duties and powers, to be exercised at such times and in such manner as the Valuation Committee shall deem necessary or appropriate, are as follows: (1) reviewing, from time to time, the Trust's valuation policy and procedures (the "Valuation Policy"), which Valuation Policy serves to establish policies and procedures for the valuation of the Fund's assets; (2) making any recommendations to the Trust's audit committee and/or the Board regarding (i) the functioning of the Valuation Policy, or (ii) the valuation(s) of individual assets; (3) consulting with the Adviser regarding the valuation of the Fund's assets, including fair valuation determinations of any such assets; (4) periodically reviewing information regarding fair value and other determinations made pursuant to the Trust's valuation procedures; (5) reporting to the Board on a regular basis regarding the Valuation Committee's duties; (6) making recommendations in conjunction with the Board's annual (or other periodical) review of the Trust's Valuation Policy; (7) periodically reviewing information regarding industry developments in connection with valuation of assets; and (8) performing such other duties as may be assigned to it, from time to time, by the Board. The Valuation Committee met four times during the fiscal year ended December 31, 2024.

**Trustee Ownership of the Fund**. The following table shows the dollar range of equity securities owned by the Trustees in the Fund and in other investment companies overseen by the Trustee within the same family of investment companies as of December 31, 2024. Investment companies are considered to be in the same family if they share the same investment adviser or principal underwriter and hold themselves out to investors as related

------

companies for purposes of investment and investor services. The information as to ownership of securities that appears below is based on statements furnished to the Fund by its Trustees and executive officers.

---

| | | |
|:---|:---|:---|
|  | **Dollar Range of Equity**<br> **Securities in the Fund**<br>| **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Trustee in**<br> **Family of Investment Companies**<sup>(1)</sup> <br>|
| **Independent Trustees** |  |  |
| Jeffery Ekberg |  | Over $100,000 |
| Daniel Charney |  | Over $100,000 |
| **Interested Trustee** |  |  |
| Ross Stevens<sup>(2)</sup> <br>|  | Over $100,000 |

---

------

(1) Family of Investment Companies includes the Trust and Stone Ridge Trust II, Stone Ridge Trust V and Stone Ridge Trust VIII, other investment companies managed by the Adviser.

(2) Beneficial ownership through the Adviser's or its affiliates' direct Fund investments.

Other than as disclosed in the following table, none of the Independent Trustees or their family members beneficially owned any class of securities of the Adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or the principal underwriter of the Fund, as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Director** | **Name of Owners**<br> **and Relationships**<br> **to Director**<br>| **Title of**<br> **Class**<br>| **Value of**<br> **Securities**<br>| **Percent of**<br> **Class**<br>|
| Daniel Charney | Self<br> &nbsp;&nbsp; New York <br> Digital <br> Investment <br> Group LLC<sup>(1)</sup> <br>| Class B2 | $1142592 | 0.13% |
| Daniel Charney | Self<br> &nbsp;&nbsp; Stone Ridge <br> Archimedes <br> Fund LP<sup>(2)</sup> <br>| Limited Partnership Interest | $5169835 | 0.72% |
| Jeffery Ekberg | Self<br> &nbsp;&nbsp; New York <br> Digital <br> Investment <br> Group LLC<sup>(1)</sup> <br>| Class B2 | $571296 | 0.06% |
| Jeffery Ekberg | Self<br> &nbsp;&nbsp; Stone Ridge <br> Archimedes <br> Fund LP<sup>(2)</sup> <br>| Limited Partnership Interest | $3409352 | 0.47% |

---

------

(1) New York Digital Investment Group LLC is under common control with the Adviser.

(2) The general partner of Stone Ridge Archimedes Fund LP is a subsidiary of the Adviser and each Trustee is a limited partner of Stone Ridge Archimedes Fund LP.

**Compensation of Trustees**. Each Trustee who is not an employee of the Adviser is compensated by an annual retainer. The Trust does not pay retirement benefits to its Trustees and officers. The Fund pays a portion of the compensation of the CCO. Other officers and Interested Trustees of the Trust are not compensated by the Fund.

The following table sets forth compensation received by the Independent Trustees for the Fund's fiscal year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Independent Trustees** | **Aggregate Compensation**<br> **From the Fund**<sup>(1)</sup> <br>| **Total Compensation From the Fund**<br> **Complex**<sup>(2)</sup> **Paid to Trustee**<br>|
| Jeffery Ekberg | $0 | $426217 |

---

------

---

| | | |
|:---|:---|:---|
| **Independent Trustees** | **Aggregate Compensation**<br> **From the Fund**<sup>(1)</sup><br>| **Total Compensation From the Fund**<br> **Complex**<sup>(2)</sup> **Paid to Trustee**<br>|
| Daniel Charney | $0 | $426217 |

---

------

(1) As of December 31, 2024, the Independent Trustees had not yet received compensation from the Fund.

(2) The Fund Complex includes the Trust and Stone Ridge Trust II, Stone Ridge Trust V and Stone Ridge Trust VIII, other investment companies managed by the Adviser.

**Officers of the Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)**<br> **and Address**<sup>(1)(2)</sup> <br>| **Position(s) Held**<br> **with the Trust**<br>| **Term of Office**<br> **and Length of**<br> **Time Served**<sup>(3)</sup> <br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>|
| Ross Stevens<br> (1969)<br>| &nbsp;&nbsp; President, Chief Executive <br> Officer and Principal <br> Executive Officer<br>| since 2012 | &nbsp;&nbsp; Founder and Chief Executive Officer <br> of the Adviser, since 2012.<br>|
| Lauren D. Macioce<br> (1978)<br>| &nbsp;&nbsp; Chief Compliance Officer, <br> Secretary, Chief Legal <br> Officer and Anti-Money <br> Laundering Compliance <br> Officer<br>| since 2016 | &nbsp;&nbsp; General Counsel and Chief <br> Compliance Officer of the Adviser, <br> since 2016.<br>|
| Maura Keselowsky<br> (1983)<br>| &nbsp;&nbsp; Treasurer, Principal <br> Financial Officer, Chief <br> Financial Officer and <br> Chief Accounting Officer<br>| since July 2024 | &nbsp;&nbsp; Supervising Fund Controller at the <br> Adviser, since 2022; member of <br> Finance at the Adviser, since 2018.<br>|
| Anthony Zuco<br> (1975)<br>| Assistant Treasurer | since July 2024 | &nbsp;&nbsp; Member of Finance at the Adviser, <br> since 2015; Supervising Fund <br> Controller at the Adviser (2015-2022).<br>|
| Alexander Nyren<br> (1980)<br>| Assistant Secretary | since 2018 | &nbsp;&nbsp; Head of Reinsurance of the Adviser, <br> since 2018; member of Reinsurance <br> portfolio management team at the <br> Adviser, since 2013.<br>|
| Leson Lee<br> (1975)<br>| Assistant Treasurer | since 2019 | &nbsp;&nbsp; Member of Operations at the Adviser, <br> since 2018.<br>|
| Domingo Encarnacion<br> (1983)<br>| Assistant Treasurer | since 2020 | &nbsp;&nbsp; Tax Manager at the Adviser, since <br> 2016.<br>|
| Stanley Weinberg<br> (1989)<br>| Assistant Treasurer | since 2023 | &nbsp;&nbsp; Member of Operations at the Adviser, <br> since 2019.<br>|
| Daniel Gross<br> (1984)<br>| Assistant Treasurer | since 2023 | &nbsp;&nbsp; Member of Operations at the Adviser, <br> since 2019.<br>|
| Connor O'Neill<br> (1990)<br>| Assistant Treasurer | since April 2024 | &nbsp;&nbsp; Member of Operations at the Adviser, <br> since 2020.<br>|
| Shamil Kotecha<br> (1986)<br>| Assistant Secretary | since October 2024 | &nbsp;&nbsp; Member of Legal and Compliance at <br> the Adviser, since 2018.<br>|
| Jamie Corley<br> (1986)<br>| Assistant Treasurer | since January 2025 | &nbsp;&nbsp; Member of Operations at the Adviser, <br> since 2019.<br>|

---

------

(1) Each officer's mailing address is c/o Stone Ridge Asset Management LLC, One Vanderbilt Avenue, 65th Floor, New York, NY 10017.

(2) Each of the officers is an affiliated person of the Adviser as a result of his or her position with the Adviser.

(3) The term of office of each officer is indefinite.

------

**Code of Ethics.** The Trust and the Adviser have adopted a code of ethics in accordance with Rule 17j-1 under the 1940 Act. This code of ethics permits the personnel of these entities to make personal investments under some circumstances, including in assets or instruments that the Fund may purchase or hold.

The code of ethics is available on the EDGAR database of the Commission's website at www.sec.gov. In addition, copies of the code of ethics may be obtained, after mailing the appropriate duplicating fee, by e-mail request to publicinfo@sec.gov.

**PROXY VOTING POLICIES AND PROCEDURES** 

The Fund has delegated to the Adviser the responsibility for voting the Fund's securities. Attached as Appendix A to this SAI is the summary of the guidelines and procedures that the Adviser uses to determine how to vote proxies relating to portfolio securities, including the procedures that the Adviser uses when a vote presents a conflict between the interests of Fund shareholders, on the one hand, and those of the Adviser or any affiliated person of the Fund or the Adviser, on the other. This summary of the guidelines gives a general indication as to how the Adviser will vote proxies relating to portfolio securities on each issue listed. However, the guidelines do not address all potential voting issues or the intricacies that may surround individual proxy votes. For that reason, there may be instances in which votes may vary from the guidelines presented. Notwithstanding the foregoing, the Adviser always endeavors to vote proxies relating to portfolio securities in accordance with the Fund's investment objective. Information on how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 is available without charge, (1) upon request, by calling (855) 609-3680, and (2) on the Commission's website at www.sec.gov. Given the Fund's investment universe, the Adviser does not expect to frequently have the ability to vote proxies relating to portfolio securities.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

A principal shareholder is any person who owns of record or is known by the Fund to own of record or beneficially 5% or more of any class of the Fund's outstanding equity securities. A control person is one who owns beneficially, either directly or through controlled companies, more than 25% of the voting securities of the Fund or acknowledges the existence of control. A controlling person possesses the ability to control the outcome of matters submitted for shareholder vote by the Fund.

As of [ ], 2025, (i) [Stone Ridge or its affiliate was a control person of the Fund because they beneficially owned more than 25% of the Fund. However, it is anticipated that Stone Ridge or its affiliate will no longer be a control person once the Fund has issued sufficient additional shares to persons not affiliated with the Fund]. The principal business address of Stone Ridge is One Vanderbilt Avenue, 65th Floor, New York, NY 10017.

As of [ ], 2025, the following persons owned of record or beneficially more than 5% of the outstanding shares of the Fund:

**LifeX Durable Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **Parent** | **Jurisdiction** | **%**<br> **Ownership**<br>| **Type of**<br> **Ownership**<sup>(1)</sup> <br>|
| [ ] | [ ] | [ ] | [ ]% | [ ] |

---

------

(1) "Record Ownership" means the shareholder of record, or the exact name of the shareholder on the account, i.e., "ABC Brokerage, Inc." Beneficial ownership refers to the actual pecuniary, or financial, interest in the security, i.e., "Jane Doe Shareholder."

As of [ ], 2025, the Trustees and officers of the Fund as a group owned, directly or indirectly, [ ] % of the outstanding shares of the Fund.

------

**INVESTMENT ADVISORY AND OTHER SERVICES** 

**The Adviser** 

Stone Ridge serves as the Fund's Adviser under an Investment Management Agreement (the "Management Agreement"). The Adviser's principal office is located at One Vanderbilt Avenue, 65th Floor, New York, New York 10017. As of [ ], 2025, Stone Ridge's assets under management were approximately $[ ] billion. The Adviser is a Delaware limited liability company and is controlled by Stone Ridge Holdings Group LP, a holding company for the Adviser and its affiliates.

Under the general oversight of the Board, Stone Ridge has been engaged to carry out the investment and reinvestment of the assets of the Fund, furnish continuously an investment program with respect to the Fund, determine which investments should be purchased, sold or exchanged and implement such determinations by causing the Fund to make investments. Stone Ridge compensates all Trustees and officers of the Fund who are members of Stone Ridge's organization and who render investment services to the Fund. Pursuant to the Management Agreement, the Adviser is paid a management fee for advisory services and for shareholder servicing, administrative and other services. The Fund pays for these services under what is essentially an all-in fee structure (the "Unified Management Fee"). Pursuant to the Management Agreement, the Adviser is paid a Unified Management Fee at an annual rate of 0.25% of the Fund's average daily total assets less total liabilities. The Fund (and not the Adviser) will be responsible for certain other fees and expenses that are not covered by the Unified Management Fee under the Management Agreement. Stone Ridge may voluntarily reimburse any fees and expenses of the Fund but is under no obligation to do so. Any voluntary reimbursements may be terminated at any time. In addition to bearing the Unified Management Fee, the Fund (and not the Adviser) bears the following expenses: the Fund's ordinary and recurring investment expenses, including all fees and expenses directly related to portfolio transactions and positions for the Fund's account (including brokerage, clearing, and settlement costs), interest charges, custody or other expenses attributable to negative interest rates on investments or cash, borrowing and other investment-related costs and fees including interest and commitment fees, short dividend expense, acquired fund fees and expenses, and taxes; litigation and indemnification expenses, judgments and extraordinary expenses not incurred in the ordinary course of the Fund's business. Prior to the date on which a corresponding series of the Trust (a "Predecessor Fund") was reorganized into the Fund (the "Reorganization"), Stone Ridge was compensated by the Predecessor Fund at an annual rate of 1.00% of the Predecessor Fund's average daily total assets less total liabilities, with terms otherwise substantially identical to those listed above.

A discussion regarding the considerations of the Board in approving the Management Agreement is available in the Fund's first filing on Form N-CSR, which was for the period ended December 31, 2024.

The Management Agreement will have an initial term of two years from its effective date and will continue in effect with respect to the Fund (unless terminated sooner) if its continuance is specifically approved at least annually by the affirmative vote of: (i) a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval; and (ii) a majority of the Board or the holders of a majority of the outstanding voting securities of the Fund . The Management Agreement may nevertheless be terminated at any time with respect to the Fund without penalty, on 60 days' written notice, by the Board, by vote of holders of a majority of the outstanding voting securities of the Fund, or by the Adviser. The Management Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act). The Fund commenced operations following the Reorganization. The Predecessor Fund had not completed its initial year of operations prior to the date of the Reorganization. When available, information regarding advisory fees for periods prior to the Reorganization will be that of the Predecessor Fund.

Under the terms of the Management Agreement, neither the Adviser nor its affiliates shall be liable for losses or damages incurred by the Fund, unless such losses or damages are attributable to willful misfeasance, bad faith or gross negligence on the part of either the Adviser or its affiliates or from reckless disregard by it of its obligations and duties under the contract ("disabling conduct"). In addition, the Fund will indemnify the Adviser and its affiliates and hold each of them harmless against any losses or damages not resulting from disabling conduct.

------

**Board of Advisors** 

The Adviser has formed a Board of Advisors to provide guidance and advice to the Adviser with respect to developments in longevity, both generally and as it relates to the Fund and any other potential future funds managed by Stone Ridge with similar investment strategies and structured in a similar manner. The Board of Advisors consists of Ross Stevens, Founder and CEO of Stone Ridge; Ted Mathas (Chairman), former Chairman of the Board of Directors and Chief Executive Officer of New York Life Insurance Company (2008-2023); Peter Attia, longevity expert, physician and author; Eric Clarke, Founder of Orion Advisor Solutions; and Laura Carstensen, Founder and Director of the Stanford Center on Longevity. The Board of Advisors will not serve an investment advisory function.

**Portfolio Managers** 

Nate Conrad, Li Song, Ross Stevens, and Yan Zhao (the "Portfolio Managers") are jointly and primarily responsible for the day-to-day management of the Fund. The following tables set forth certain additional information with respect to the Portfolio Managers. The information is as of December 31, 2024.

**Other Accounts Managed by the Portfolio Managers** 

The table below identifies the number of accounts for which the Portfolio Managers have day-to-day management responsibilities and the total assets in such accounts within each of the following categories: registered investment companies, other pooled investment vehicles and other accounts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered Investment** <br> **Companies** | **Registered Investment** <br> **Companies** | **Other Pooled Investment** <br> **Vehicles** | **Other Pooled Investment** <br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of**<br> **Accounts**<sup>(1)</sup> <br>| **Total Assets**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| Nate Conrad | &nbsp;&nbsp; 33 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Li Song | &nbsp;&nbsp; 35 | &nbsp;&nbsp; $1791 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $1269 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Ross Stevens | &nbsp;&nbsp; 37 | &nbsp;&nbsp; $7295 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $1269 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Yan Zhao | &nbsp;&nbsp; 33 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |

---

------

(1) Does not include any investment companies managed by the Adviser that had not commenced operations as of December 31, 2024.

The Portfolio Managers do not manage funds or accounts with performance-based fees.

**Potential Conflicts of Interest** 

Each of the Portfolio Managers is also responsible for managing other accounts in addition to the Fund, including other accounts of the Adviser or its affiliates. Other accounts may include other investment companies registered under the 1940 Act, unregistered investment companies that rely on Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, separately managed accounts, foreign investment companies and accounts or investments owned by the Adviser or its affiliates or the Portfolio Managers. Management of other accounts in addition to the Fund can present certain conflicts of interest, as described below.

From time to time, conflicts of interest arise between a Portfolio Manager's management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. The other accounts might have similar or different investment objectives or strategies as the Fund, or otherwise hold, purchase, or sell securities or other assets or instruments that are eligible to be held, purchased or sold by the Fund, or may take positions that are opposite in direction from those taken by the Fund. In addition, investors in, or the owners of, certain accounts managed by the Adviser are also investors in the Adviser or its affiliates and/or have indicated an intention to invest additional assets in accounts managed by the Adviser and for which the Adviser will receive a management fee, performance allocation or incentive fee.

------

As a fiduciary, the Adviser owes a duty of loyalty to its clients and must treat each client fairly. The Adviser and the Fund have adopted compliance policies and procedures that are designed to avoid, mitigate, monitor and oversee areas that could present potential conflicts of interest.

**Allocation of Limited Time and Attention.** A Portfolio Manager who is responsible for managing multiple accounts may devote unequal time and attention to the management of those accounts. As a result, the Portfolio Manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of the accounts as might be the case if he or she were to devote substantially more attention to the management of a single account. The effects of this potential conflict may be more pronounced where accounts overseen by a particular Portfolio Manager have different investment strategies.

**Allocation of Investment Opportunities.** Conflicts of interest arise as a result of the Adviser's or its affiliates' management of a number of accounts with similar or different investment strategies. When the Adviser or its affiliates purchase or sell securities or other assets or instruments for more than one account, the trades must be allocated in a manner consistent with their fiduciary duties. The Adviser and its affiliates attempt to allocate investments in a fair and equitable manner over time among client accounts, with no account receiving preferential treatment over time. To this end, the Adviser and its affiliates have adopted policies and procedures that are intended to provide the Adviser and its affiliates with flexibility to allocate investments in a manner that is consistent with their fiduciary duties. There is no guarantee, however, that the policies and procedures adopted by the Adviser and its affiliates will be able to detect and/or prevent every situation in which an actual or potential conflict may appear.

An investment opportunity may be suitable for both the Fund and other accounts, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. If a Portfolio Manager identifies a limited investment opportunity that may be suitable for multiple accounts, the opportunity may be allocated among these several accounts; as a result of these allocations, there may be instances in which the Fund will not participate in a transaction that is allocated among other accounts or the Fund may not be allocated the full amount of an investment opportunity. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. In addition, different account guidelines and/or differences within particular investment strategies may lead to the use of different investment practices for accounts with a similar investment strategy. Whenever decisions are made to buy or sell securities or other assets or instruments by the Fund and one or more of the other accounts simultaneously, the Adviser and its affiliates may aggregate the purchases and sales of the securities or other assets or instruments. The Adviser and its affiliates will not necessarily purchase or sell the same securities or other assets or instruments at the same time, in the same direction or in the same proportionate amounts for all eligible accounts, particularly if different accounts have different amounts of capital under management by the Adviser or its affiliates, different amounts of investable cash available, different strategies or different risk tolerances. As a result, although the Adviser and its affiliates may manage different accounts with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same securities or other assets or instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account, and the trade allocation and aggregation and other policies and procedures of the Fund or the Adviser and its affiliates could have a detrimental effect on the price or amount of the securities or other assets or instruments available to the Fund from time to time. Because the aforementioned considerations may differ between the Fund and other accounts, the investment activities of the Fund and other accounts may differ considerably from time to time. In addition, the Fund could be disadvantaged because of activities conducted by the Adviser or its affiliates for their other accounts, or by the Adviser or its affiliates for their own accounts, as a result of, among other things, the difficulty of liquidating an investment for more than one account where the market cannot absorb the sale of the combined positions.

As a result of regulations governing the ability of certain clients of the Adviser and its affiliates to invest side-by-side, it is possible that the Fund may not be permitted to participate in an investment opportunity at the same time as another fund or another account managed by the Adviser or its affiliates. These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. The decision as to which accounts may participate in any particular investment opportunity will take into account applicable law and the suitability of the investment opportunity for, and the strategy of, the applicable accounts. It is possible that the Fund

------

may be prevented from participating due to such investment opportunity being more appropriate, in the discretion of the Adviser and its affiliates, for another account.

**Conflicts of Interest Among Strategies.** At times, a Portfolio Manager may determine that an investment opportunity may be appropriate for only some of the accounts for which he or she exercises investment responsibility, or may decide that certain of the accounts should take differing positions with respect to a particular security or other asset or instrument. In these cases, the Portfolio Manager may place separate transactions for one or more accounts, which may affect the market price of the security or other asset or instrument or the execution of the transaction, or both, to the detriment or benefit of one or more other accounts. Similarly, the Adviser or its affiliates may take positions in accounts or investments owned by them or on behalf of clients that are similar to or different from those taken by one or more client accounts.

Conflicts may also arise in cases when accounts invest in different parts of an issuer's capital structure, including circumstances in which one or more accounts own private securities or obligations of an issuer and other accounts may own public securities of the same issuer. Actions by investors in one part of the capital structure could disadvantage investors in another part of the capital structure. In addition, purchases or sales of the same investment may be made for two or more accounts on the same date. There can be no assurance that an account will not receive less (or more) of a certain investment than it would otherwise receive if this conflict of interest among accounts did not exist. In effecting transactions, it may not be possible, or consistent with the investment objectives of accounts, to purchase or sell securities or other assets or instruments at the same time or at the same prices.

**Selection of Service Providers.** The Adviser or its affiliates may be able to select or influence the selection of service providers to clients, including the brokers and dealers that are used to execute securities or other transactions for the accounts that they supervise. In addition to executing trades, some brokers and dealers may provide the Adviser or its affiliates with brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain accounts than to others. In addition, the Adviser or its affiliates have received and may receive loans or other services from service providers to clients. Although such services are negotiated at arm's length, they pose conflicts of interest to the Adviser or its affiliates in selecting such service providers.

**Related Business Opportunities.** The Adviser or its affiliates may provide more services (such as distribution or recordkeeping) for some types of accounts than for others. In such cases, a Portfolio Manager may benefit, either directly or indirectly, by devoting disproportionate attention to the management of accounts that provide greater overall returns to the Adviser and its affiliates.

**Broad and Wide-Ranging Activities.** The Adviser and its related parties engage in a broad spectrum of activities and may expand the range of services that they provide over time. The Adviser and its related parties will generally not be restricted in the scope of their business or in the performance of any such services (whether now offered or undertaken in the future), even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. In the ordinary course of their business activities, including activities with third-party service providers, lenders and/or counterparties, the Adviser and its related parties engage in activities where the interests of the Adviser and its related parties or the interests of their clients conflict with the interests of the shareholders of the Fund. Certain employees of the Adviser, including certain Portfolio Managers, also have responsibilities relating to the business of one or more related parties. These employees are not restricted in the amount of time that may be allocated to the business activities of the Adviser's related parties, and the allocation of such employees' time between the Adviser and its related parties may change over time.

**Variation in Compensation.** A conflict of interest arises where the financial or other benefits available to the Adviser differ among the accounts that it manages. The structure of the Adviser's management fee differs among accounts (such as where certain accounts pay higher management fees or a performance or incentive fee), which means the Adviser might be motivated to help certain accounts over others. In addition, a Portfolio Manager or the Adviser might be motivated to favor accounts in which such Portfolio Manager has an interest or in which the Adviser and/or its affiliates have interests. Similarly, the desire to maintain or raise assets under management or to

------

enhance the Adviser's performance record or to derive other rewards, financial or otherwise, could influence the Adviser to lend preferential treatment to those accounts that could most significantly benefit the Adviser.

**Investments by Adviser or Related Entities**. The Adviser or a related entity may invest in entities that may provide financial or other services for the Fund.

**Certain Potential Conflicts Relating to Expenses**. The allocation of fees and expenses among the Fund and other funds or accounts advised by the Adviser will often require the Adviser to exercise its discretion to select an allocation method it determines to be appropriate in light of the particular facts and circumstances. The Adviser will be subject to conflicts of interest in making such determinations, and there can be no assurance that any allocations (i) will reflect an entity's pro rata share of such expenses based on the amounts invested (or anticipated to be invested) and/or the market value of the investment held (or anticipated to be held) by each fund advised by the Adviser, or (ii) will be in proportion to the number of participating funds advised by the Adviser or the proportion of time spent on each such fund. Similarly, the determination of whether an expense (for instance, the fees and expenses of service providers who work on Fund-related matters) is appropriately borne by the Fund or the Adviser often cannot be resolved by reference to a pre-existing formula and will require the exercise of discretion, and the Adviser will be subject to conflicts of interest in making such determinations.

**Portfolio Manager Compensation** 

Portfolio Managers receive a base salary and may also receive a bonus. Compensation of a Portfolio Manager is determined at the discretion of the Adviser and may be deferred. It may be based on a number of factors including the Portfolio Manager's experience, responsibilities, the perception of the quality of his or her work efforts, and the consistency with which he or she demonstrates kindness to other employees, trading counterparties, vendors and clients. As a firm focused on beta, the compensation of Portfolio Managers is not based upon the performance of client accounts that the Portfolio Managers manage. The Adviser reviews the compensation of each Portfolio Manager at least annually.

**Portfolio Manager Securities Ownership** 

None of the Portfolio Managers beneficially own any shares of the Fund as of the date of this SAI.

**Principal Underwriter** 

Subject to the conditions described in the "How to Purchase and Sell Fund Shares" section of the Prospectus, shares of the Fund are offered on a continuous basis. Prior to trading in the secondary market, shares of the Fund are "created" at their NAV by Authorized Participants that have entered into an agreement with Foreside Financial Services, LLC (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, Maine 04101, as distributor pursuant to a distribution agreement between the Distributor and the Trust, on behalf of the Fund. The Distributor does not maintain a secondary market in shares of the Fund. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund.

**Rule 12b-1 Fees** 

The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund may be authorized to pay distribution fees of up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No distribution and service fees are currently paid by the Fund, however, and there are no current plans to impose these fees. In the event 12b-1 fees are charged, over time they would increase the cost of an investment in the Fund because they would be paid on an ongoing basis.

**Other Service Providers** 

**Administrator**. The Trust has entered into an administration agreement with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Administrator"), pursuant to which the Administrator provides administrative services to the Fund. The Administrator is responsible for (i) the general administrative

------

duties associated with the day-to-day operations of the Fund; (ii) conducting relations with the custodian, independent registered public accounting firm, legal counsel and other service providers; (iii) providing regulatory reporting; and (iv) providing necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Fund. In performing its duties and obligations under the administration agreement, the Administrator shall not be held liable except for a loss arising out of the Administrator's refusal or failure to comply with the terms of the administration agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under the administration agreement. The principal business address of the Administrator is 615 East Michigan Street, Milwaukee, Wisconsin 53202.

The Administrator also serves as fund accountant to the Fund under a separate agreement with the Trust and is responsible for calculating the Fund's total NAV, total net income and NAV per share of the Fund on a daily basis. The Adviser compensates the Administrator for its services out of the Unified Management Fee.

**Transfer Agent/Dividend Disbursing Agent.** U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Transfer Agent"), is the transfer agent for the Fund's shares and the dividend disbursing agent for payment of dividends and distributions on Fund shares. The principal business address of the Transfer Agent is 615 East Michigan Street, Milwaukee, Wisconsin 53202. The Adviser compensates the Transfer Agent for its services out of the Unified Management Fee.

**Custodian**. U.S. Bank, NA (the "Custodian"), located at 1555 N. River Center Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the Fund's custodian. As such, the Custodian holds in safekeeping certificated securities and cash belonging to the Fund and, in such capacity, is the registered owner of securities in book-entry form belonging to the Fund. Upon instruction, the Custodian receives and delivers cash and securities of the Fund in connection with Fund transactions and collects all dividends and other distributions made with respect to portfolio securities of the Fund. The Custodian also maintains certain accounts and records of the Fund. The Adviser compensates the Custodian for its services out of the Unified Management Fee.

**Independent Registered Public Accounting Firm.** [ ] serves as the Fund's independent registered public accountant. [ ] provides audit services and assistance and consultation in connection with the review of Commission filings and certain tax compliance services. [ ] is located at [ ]. The Adviser compensates [ ] for its services out of the Unified Management Fee.

**Legal Counsel.** Ropes & Gray LLP serves as counsel to the Fund, and is located at 800 Boylston Street, Boston, Massachusetts 02199. The Adviser compensates Ropes & Gray LLP for its services out of the Unified Management Fee.

**Anti-Money Laundering Requirements** 

The Fund is subject to the USA PATRIOT Act (the "Patriot Act"). The Patriot Act is intended to prevent the use of the U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements under the Patriot Act, the Fund may request information from Authorized Participants to enable it to form a reasonable belief that it knows the true identity of its Authorized Participants. This information will be used to verify the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for compliance with the requirements of the Patriot Act.

**TAX STATUS** 

The following discussion of U.S. federal income tax consequences of investment in the Fund is based on the Internal Revenue Code of 1986, as amended (the "Code"), U.S. Treasury Regulations and other applicable authority, as of the date of the preparation of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Fund and does not address all aspects of taxation that may apply to shareholders or to particular shareholders. In particular, because shares of the Fund generally are expected to be sold only to U.S. citizens or U.S. residents, the following discussion

------

does not address all aspects of taxation that may apply to other shareholders. Shareholders should consult their own tax advisers regarding their particular situation and the possible application of federal, state, local or non-U.S. tax laws.

**Taxation of the Fund** 

The Fund intends to elect to be treated and to qualify and be treated each year as a regulated investment company under Subchapter M of Chapter 1 of the Code (a "RIC"). In order to qualify for the special tax treatment accorded to RICs and their shareholders, the Fund generally must, among other things:

(a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and (ii) net income derived from interests in "qualified publicly traded partnerships" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (y) that derives less than 90% of its income from the qualifying income described in (a)(i) above);

(b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's total assets is represented by cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships; and

(c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and any net tax-exempt interest income, for such year.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund generally will not be subject to U.S. federal income tax on income distributed in a timely manner to its shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions could be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, that the shareholder meets certain holding period and other requirements in respect of the Fund's shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income, if any, and any net capital gain. Investment company taxable income and net capital gain that is retained by the Fund will be subject to tax at the Fund level at regular corporate rates.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if

------

any, of the taxable year after October 31, or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year), or late-year ordinary loss (generally, the sum of its (i) net ordinary loss from the sale, exchange or other taxable disposition of property attributable to the portion, if any, of the taxable year after October 31, and (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

If the Fund fails to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending on October 31 of such year, plus any retained amount from the prior year, the Fund will be subject to a nondeductible 4% excise tax on the undistributed amounts. For these purposes, ordinary gains and losses from the sale, exchange or other taxable disposition of property that would be properly taken into account after October 31 are treated as arising on January 1 of the following calendar year. For purposes of the excise tax, the Fund will be treated as having distributed any amount on which it has been subject to corporate income tax in the taxable year ending within the calendar year. A dividend paid to shareholders in January of a year generally is deemed to have been paid on December 31 of the preceding year, if the dividend is declared and payable to shareholders of record on a date in October, November or December of that preceding year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that it will be able to do so.

**Fund Distributions** 

Shareholders subject to U.S. federal income tax will be subject to tax on dividends received from the Fund, regardless of whether received in cash or reinvested in additional shares. Such distributions generally will be taxable to shareholders in the calendar year in which the distributions are received, except that a dividend declared and payable to shareholders of record in October, November or December and paid to shareholders the following January generally is deemed to have been paid by the Fund on the preceding December 31. Distributions received by tax-exempt shareholders generally will not be subject to U.S. federal income tax to the extent permitted under applicable tax law.

For U.S. federal income tax purposes, distributions of investment income generally are taxable to shareholders as ordinary income. Taxes to shareholders on distributions of capital gains are determined by how long the Fund owned (and is treated for U.S. federal income tax purposes as having owned) the investments that generated them, rather than how long a shareholder has owned his or her shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") generally will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. The Internal Revenue Service ("IRS") and the U.S. Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income, and shareholders will not be able to offset distributions of the Fund's net short-term capital gains with capital losses that they recognize with respect to their other investments. As required by U.S. federal law, detailed U.S. federal tax information with respect to each calendar year will be furnished to each shareholder early in the succeeding year. In general, the Fund does not expect a significant portion of their distributions to be attributable to capital gains from the Fund's investment activities.

The ultimate tax characterization of the Fund's distributions made in a taxable year cannot finally be determined until after the end of that taxable year. The Fund may make total distributions during a taxable year in an amount that exceeds the Fund's "current and accumulated earnings and profits" (generally, the net investment income and net capital gains of the Fund with respect to that year), in which case the excess generally will be treated as a return of capital, which will be tax-free to the holders of the shares, up to the amount of the shareholder's tax basis in the applicable shares, with any amounts exceeding such basis treated as gain from the sale of such shares. A portion of

------

each distribution is expected to constitute a return of capital (or, to the extent that such portion exceeds such shareholder's tax basis in such shares, capital gains).

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund may carry forward net capital losses from any taxable year to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. The Fund's capital loss carryforwards are reduced to the extent they offset the Fund's current-year net realized capital gains, whether the Fund retains or distributes such gains. The Fund must apply such carryforwards first against gains of the same character. The Fund's available capital loss carryforwards, if any, will be set forth in its annual shareholder report for each fiscal year.

If a shareholder elects to reinvest distributions, such distributions will be reinvested in additional shares of the Fund at the NAV calculated as of the payment date. The Fund will pay distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the NAV of the Fund will be reduced by the amount of the payment. If a shareholder is subject to U.S. federal income tax, he or she will be subject to such tax on Fund distributions in the manner described herein whether such distributions are paid in cash or reinvested in additional shares of the Fund.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, redemption or exchange of Fund shares. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in the Fund.

Dividends and distributions on shares of the Fund are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains ("current and accumulated earnings and profits"), even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when the NAV of the Fund reflected either unrealized gains, or realized and undistributed income or gains, which were therefore included in the price the shareholder paid. Such realized income or gains may be required to be distributed regardless of whether the Fund's NAV also reflects unrealized losses. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares.

**Sale or Exchange of Shares** 

The sale, exchange or other taxable disposition of shares of the Fund will generally give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shareholder has held the shares for more than twelve months. Otherwise, the gain or loss generally will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to those shares. All or a portion of any loss realized upon a taxable disposition of shares will be disallowed under the Code's "wash sale" rule if other substantially identical shares of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Upon the sale of Fund shares, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you sold or redeemed. See "Tax Basis Information" below for more information.

**Original Issue Discount, Market Discount** 

Some debt obligations with a fixed maturity date of more than one year from the date of issuance will be treated as debt obligations that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in the Fund's taxable income (and required to be distributed by the Fund) over the term of the debt obligation, even though payment of that amount is not received until a later time

------

(i.e., upon partial or full repayment or disposition of the debt security) or is received in kind rather than in cash. Increases in the principal amount of inflation-indexed debt obligations (including TIPS) will be treated as OID.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price), or OID in the case of certain types of debt obligations. Generally, the Fund will be required to include the acquisition discount, or OID, in income (as ordinary income) over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The Fund may make one or more of the elections applicable to debt obligations having acquisition discount, or OID, which could affect the character and timing of recognition of income.

**Securities Purchased at a Premium** 

Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity — that is, at a premium — the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund would reduce the current taxable income from the bond by the amortized premium and reduce its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund would be permitted to deduct any remaining premium allocable to a prior period.

**Futures, Forward Contracts, Swap Agreements, Hedges, Straddles and Other Transactions** 

The tax treatment of certain positions entered into by the Fund, including regulated futures contracts, will be governed by Section 1256 of the Code ("Section 1256 Contracts"). Gains or losses on Section 1256 Contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"). Also, Section 1256 Contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

In addition to the special rules described above in respect of futures transactions, the Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements) as well as any of its other hedging transactions, may be subject to one or more special tax rules (e.g., mark-to-market, notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the Fund, defer losses to the Fund and cause adjustments in the holding periods of the Fund's securities. These rules could therefore affect the amount, timing and/or character of distributions to shareholders. Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

------

**Tax-Exempt Shareholders** 

Income of a RIC that would be unrelated business taxable income ("UBTI") if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt shareholder of a RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could recognize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code.

**Backup Withholding** 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder (i) who fails to properly furnish the Fund with a correct taxpayer identification number, (ii) who has under-reported dividend or interest income, or (iii) who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Tax Basis Information** 

The Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information and holding period of Fund shares purchased directly from the Fund. The Fund will permit Fund shareholders to elect from among several IRS-accepted cost basis methods, including the average cost method. In the absence of an election, a shareholder's cost basis will be determined under the default method selected by the Fund. The cost basis method a shareholder elects (or the cost basis method applied by default) may not be changed with respect to a cancellation of shares after the cancellation's settlement date. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting rules apply to them. Shareholders who purchase Fund shares through a financial intermediary should contact their financial intermediary to obtain cost basis information and to make or change an election with respect to the shareholder's cost basis method.

**Tax Shelter Reporting Regulations** 

Under U.S. Treasury Regulations, if a shareholder recognizes a loss with respect to the Fund's shares of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any single taxable year of $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, the shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Other Reporting and Withholding Requirements** 

Each prospective investor is urged to consult its tax adviser regarding the applicability of Sections 1471-1474 of the Code, the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively, "FATCA") and any other reporting requirements with respect to the prospective investor's situation, including investments through an intermediary. In addition, some foreign countries have implemented, and others are considering, and may implement, laws similar in purpose and scope to FATCA.

**State and Local Taxes** 

The states of the United States generally permit investment companies, such as the Fund, to "pass through" to their shareholders the state and local tax exemption on income earned from investments in the types of U.S. Treasury obligations the Fund expects to hold, so long as a fund meets all applicable state requirements. For example,

------

California, Connecticut and New York exempt such income when a fund has invested at least 50% of its assets in U.S. government securities. The Fund generally expects that shareholders will be allowed to exclude from state and local taxable income distributions made to the shareholders by the Fund that are attributable to interest the Fund directly or indirectly earned on such investments. Shareholders should consult their tax advisers regarding the applicability of any such exemption to their situation and as to the state or local tax consequences of investing in the Fund.

**Shares Purchased through Tax-Qualified Plans** 

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans, and the precise effect of an investment on their particular tax situation.

**Taxation on Creations and Redemptions of Creation Units** 

An Authorized Participant who exchanges Deposit Securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the Deposit Securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for a person who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

Authorized Participants who are dealers in securities are subject to the tax rules applicable to dealers, which may result in tax consequences to such Authorized Participants different from those set forth above.

The Fund has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Fund also has the right to require the provision of information necessary to determine beneficial share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares, the purchaser (or group of purchasers) will generally not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

**PORTFOLIO TRANSACTIONS AND BROKERAGE** 

**Investment Decisions and Portfolio Transactions** 

Investment decisions for the Fund are made with a view to achieving its investment objective. Investment decisions are the product of many factors in addition to basic suitability for the particular client involved (including the

------

Fund). Some securities or other assets considered for investment by the Fund also may be appropriate for other accounts managed by the Adviser or its affiliates. Thus, a particular security or other asset may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. If a purchase or sale of securities or other assets consistent with the investment policies of the Fund and one or more of these other accounts is considered at or about the same time, transactions in such securities or other assets will generally be allocated among the Fund and other accounts in the manner described above under "Potential Conflicts of Interest — Allocation of Investment Opportunities" and "— Conflicts of Interest Among Strategies" above. When the Adviser or its affiliates determine that an investment opportunity is appropriate for the Fund and one or more other accounts, the Adviser or its affiliates will generally execute transactions for the Fund on an aggregated basis with the other accounts when the Adviser or its affiliates believe that to do so will allow it to obtain best execution and to negotiate more favorable transaction costs than might have otherwise been paid had such orders been placed independently. Aggregation, or "bunching," describes a procedure whereby an investment adviser combines the orders of two or more clients into a single order for the purpose of obtaining better prices and lower execution costs.

**Brokerage and Research Services** 

There is no stated commission in the case of U.S. Treasury obligations the Fund intends to hold, however the prices paid by the Fund will be negatively impacted by the bid-offer spread, market impact, and general dealer activity.

The Adviser places orders for the purchase and sale of portfolio securities or other assets and buys and sells such securities or other assets for the Fund through multiple brokers and dealers. The Adviser will place trades for execution only with approved brokers or dealers. In effecting such purchases and sales, the Adviser seeks the most favorable price and execution of the Fund's orders.

It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, "research and brokerage services") from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this practice, the Adviser or its affiliates may receive research and brokerage services from broker-dealers with which the Adviser places the Fund's portfolio transactions. These research and brokerage services, which in some cases also may be purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities or other assets or instruments, recommendations as to the purchase and sale of securities or other assets or instruments, and services related to the execution of securities or other transactions. The advisory fees paid by the Fund are not reduced because the Adviser or its affiliates receive such research and brokerage services even though the receipt of such research and brokerage services relieves the Adviser or its affiliates from expenses they might otherwise bear. Research and brokerage services provided by broker-dealers chosen by the Adviser to place the Fund's transactions may be useful to the Adviser or its affiliates in providing services to the Adviser's or its affiliates' other clients, although not all of these research and brokerage services may be necessarily useful and of value to the Adviser in managing the Fund. Conversely, research and brokerage services provided to the Adviser or its affiliates by broker-dealers in connection with trades executed on behalf of other clients of the Adviser or its affiliates may be useful to the Adviser in managing the Fund, although not all of these research and brokerage services may be necessarily useful and of value to the Adviser or its affiliates in managing such other clients. To the extent the Adviser or its affiliates use such research and brokerage services, they will use them for the benefit of all clients, to the extent reasonably practicable. Currently, the Adviser does not direct portfolio transactions for the Fund to a particular broker-dealer because the broker-dealer provides soft dollar benefits to the Adviser.

Consistent with Rule 6c-11 under the 1940 Act and the Fund's basket construction and custom basket policies and procedures, the Fund may transact using creation and redemption baskets, including custom baskets that the Adviser believes to be in the best interest of the Fund and its shareholders.

Creation or redemption transactions, to the extent consisting of cash, may require the Fund to contemporaneously transact with broker-dealers for purchases of Deposit Securities or sales of Fund Securities, as applicable. Such transactions with a particular broker-dealer may be conditioned upon the broker-dealer's agreement to transact at guaranteed price levels in order to reduce transaction costs the Fund would otherwise incur as a consequence of

------

settling creation or redemption baskets in cash rather than in-kind. Following the Fund's receipt of an order to purchase or redeem creation or redemption baskets, to the extent such purchases or redemptions consist of a cash portion, the Fund may enter an order with a broker or dealer to purchase or sell the Deposit Securities or Fund Securities, as applicable. Such orders may be placed with the purchasing or redeeming Authorized Participant (or a broker-dealer affiliated with the Authorized Participant or a third-party broker-dealer engaged through the Authorized Participant) in its capacity as a broker-dealer. The amount payable to the Fund will depend on the results achieved by the executing firm and will vary depending on market activity, timing and a variety of other factors.

The Fund paid no brokerage commissions during the fiscal year ended December 31, 2024.

**Regular Broker Dealers**. The Fund is required to identify the securities of its regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies held by the Fund as of the close of its most recent fiscal year and state the value of such holdings. As of December 31, 2024, the Fund did not hold any securities of its regular brokers or dealers or their parent companies.

**DESCRIPTION OF THE TRUST** 

The Trustees are responsible for the management and supervision of the Trust. The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest of the Fund or other series of the Trust with or without par value. Under the Declaration of Trust, the Trustees have the authority to create and classify shares of beneficial interest in separate series and classes without further action by shareholders. To the extent permissible by law, additional series may be added in the future.

Holders of the Fund's shares have certain exclusive voting rights on matters relating to their respective distribution plan, if any.

Unless otherwise required by the 1940 Act or the Declaration of Trust, the Trust has no intention of holding annual meetings of shareholders. Trust shareholders may remove a Trustee by the affirmative vote of at least two-thirds of the Trust's outstanding shares and the Trustees shall promptly call a meeting for such purpose when requested to do so in writing by the record holders of a majority of the outstanding shares of the Trust. Shareholders may, under certain circumstances, communicate with other shareholders in connection with requesting a special meeting of shareholders. However, at any time that less than a majority of the Trustees holding office were elected by the shareholders, the Trustees will call a special meeting of shareholders for the purpose of electing Trustees.

In the event of liquidation, if there are remaining assets, the liquidating Fund will liquidate and distribute all proceeds from the liquidation, if any, to its shareholders. Shares entitle their holders to one vote per share (and fractional votes for fractional shares) and have no preemptive or conversion rights or rights to cumulative voting. When issued, shares are fully paid and non-assessable.

The Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust. The Declaration of Trust further provides for indemnification out of Fund property for all loss and expense of any shareholder or former shareholder held personally liable for the obligations of the Fund solely by reason of owning shares of the Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund itself would be unable to meet its obligations.

The Declaration of Trust further provides that the Board will not be liable for errors of judgment or mistakes of fact or law. However, nothing in the Declaration of Trust protects a Trustee against any liability to which the Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. The Declaration of Trust of the Trust provides for indemnification by the Trust of Trustees and officers of the Trust; however, such persons may not be indemnified against any liability to the Trust or the Trust's shareholders to whom he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

------

Although Fund shares are not automatically redeemable upon the occurrence of any specific event, the Declaration of Trust provides that the Board will have the unrestricted power to alter the number of shares in a Creation Unit. Therefore, in the event of a termination of the Trust or the Fund, the Board, in its sole discretion, could determine to permit the shares to be redeemable in aggregations smaller than Creation Units or to be individually redeemable. In such circumstance, the Trust or the Fund may make redemptions in-kind, for cash or for a combination of cash or securities. Further, in the event of a termination of the Trust or the Fund, the Trust or the Fund might elect to pay cash redemptions to all shareholders, with an in-kind election for shareholders owning in excess of a certain stated minimum amount.

**DTC as Securities Depository for Shares of the Fund**. Shares of the Fund are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC.

DTC was created in 1973 to enable electronic movement of securities between its participants ("DTC Participants"), and NSCC was established in 1976 to provide a single settlement system for securities clearing and to serve as CCP for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository Trust & Clearing Corporation ("DTCC") and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is owned by the DTC Participants, but NYSE and the Financial Industry Regulatory Authority, through subsidiaries, hold preferred shares in DTCC that provide them with the right to elect one member each to the DTCC board of directors. Access to the DTC system is available to entities, such as banks, brokers, dealers and trust companies, that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("Indirect Participants").

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of shares. The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain investors to acquire beneficial interests in shares of the Fund.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to a depositary agreement, DTC is required to make available to the Fund upon request and for a fee to be charged to the Fund a listing of the shares of the Fund held by each DTC Participant. The Fund shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Fund shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Fund shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee as the registered holder of all shares of the Fund. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in shares of the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Fund has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect

------

Participants and Beneficial Owners owning through such DTC Participants. DTC may decide to discontinue providing its service with respect to shares of the Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall take action to find a replacement for DTC to perform its functions at a comparable cost.

**Distribution of Shares**. In connection with the Fund's launch, the Fund was seeded through the sale of one or more Creation Units by the Fund to one or more initial investors. Initial investors participating in the seeding may be Authorized Participants, a lead market maker or other third party investor or an affiliate of the Fund or the Adviser. Each such initial investor may sell some or all of the shares underlying the Creation Unit(s) held by them pursuant to the registration statement for the Fund (each, a "Selling Shareholder"), which shares have been registered to permit the resale from time to time after purchase. The Fund will not receive any of the proceeds from the resale by the Selling Shareholders of these shares.

Selling Shareholders may sell shares owned by them directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into derivatives transactions or through any other means authorized by applicable law. Selling Shareholders may redeem the shares held in Creation Unit size by them through an Authorized Participant.

Any Selling Shareholder and any broker-dealer or agents participating in the distribution of shares may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act, in connection with such sales.

Any Selling Shareholder and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder.

**PURCHASES AND REDEMPTION OF SHARES** 

The Fund offers its shares continuously. Fund shares may only be purchased and sold on secondary markets through a financial intermediary, such as a broker-dealer or a bank.

**FINANCIAL STATEMENTS** 

The Fund's audited financial statements and notes thereto for the fiscal year ended on December 31, 2024, as filed on Form N-CSR with the Commission on March 10, 2025 (File No. 811-22761) (the "Form N-CSR"), are incorporated into this SAI by reference. The information included in the financial statements for periods prior to the Reorganization is for the Predecessor Fund. The financial statements included in the Form N-CSR have been audited by [ ], whose report thereon is also incorporated herein by reference. No other parts of the Form N-CSR are incorporated by reference herein. Copies of the Form N-CSR may be obtained at no charge by calling the Fund at (855) 609-3680.

**MISCELLANEOUS INFORMATION** 

**Investors' Rights**. The Fund relies on the services of the Adviser and its other service providers, including the Distributor, administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set out in this SAI. Investors who acquire shares of the Fund are not parties to the relevant agreement with these service providers and do not have express contractual rights against the Fund or its service providers, except certain institutional investors that are Authorized Participants may have certain express contractual rights with respect to the Distributor under the terms of the relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against the Fund or its service providers. In the event that an investor considers that it may have a claim against the Fund, or against any service provider in connection with its investment in the Fund, such investor should consult its own legal advisor.

By contract, Authorized Participants irrevocably submit to personal jurisdiction and service and venue of any New York State or U.S. federal court sitting in New York, New York having subject matter jurisdiction over any

------

suit, action or proceeding arising out of or relating to the Authorized Participant Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the particular case and the law of the jurisdiction in which the proceeding is brought.

------

**APPENDIX A** 

**STONE RIDGE ASSET MANAGEMENT LLC** 

**PROXY VOTING POLICY** 

*Purpose and General Statement* 

The purpose of this policy is to set forth the principles and procedures by which the Adviser votes or gives consents with respect to the securities owned by the Clients for which the Adviser exercises voting authority and discretion (the "Votes"). For avoidance of doubt, a Vote includes any proxy and any shareholder vote or consent, including a vote or consent for a private company that does not involve a proxy.<sup>1</sup> This policy has been designed to ensure that Votes are voted in the best interests of Clients in accordance with the Adviser's fiduciary duties and Rule 206(4)-6 under the Adviser's Act.

*Policy* 

In the ordinary course of conducting the Adviser's activities, the interests of a Client may conflict with the interests of the Adviser, other Clients and/or the Adviser's affiliates and their clients. Any conflicts of interest relating to the voting of Votes will be addressed in accordance with these policies and procedures.

The guiding principle by which the Adviser votes all Votes is to vote in the best interests of each Client by maximizing the economic value of the relevant Client's holdings, taking into account the relevant Client's investment horizon, the contractual obligations under the relevant advisory agreements or comparable documents and any other relevant facts and circumstances the Adviser determines to be appropriate at the time of the Vote.

*Voting Procedures and Approach* 

It is the general policy of the Adviser to vote or give consent on matters presented to security holders in any Vote, and these policies and procedures have been designated with that in mind. However, the Adviser may determine not to vote a proxy or review additional soliciting materials if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the effect on the applicable economic interests or the value of the portfolio holding is insignificant in relation to an individual Client account or in the aggregate with all Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the cost of voting the proxy or reviewing additional soliciting materials outweighs the possible benefit to the applicable Client account, including situations where a jurisdiction imposes share blocking restrictions that may affect the ability of the portfolio managers to effect trades in the related security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Adviser otherwise has determined that it is consistent with its fiduciary obligations not to vote the proxy or review additional soliciting materials; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● with respect to securities on loan, the Adviser determines that the benefits to the Client of voting the proxy are outweighed by the benefits to the Client of having the security remain out on loan or the Adviser does not have enough time to call back the loan to vote the proxy.

Adviser personnel are responsible for promptly forwarding all proxy materials, consent or voting requests or notices or materials related to any Vote to the CCO. The CCO shall be responsible for ensuring that each Vote is cast timely and as otherwise required by the terms of such Vote and consistent with the requirements of this policy. The CCO will consult with the relevant investment professional(s) to determine how to proceed. In most cases, the CCO will cast the Vote as recommended by the investment professional(s), unless she concludes that doing so would not be in the Client's best interests. In addition to the recommendation of the investment professional(s), the CCO may take into account any other information and may consult with others as she deems relevant and appropriate in order to

------

A Vote does not include consent rights that primarily entail decisions to buy or sell investments, such as tender or exchange offers, conversions, put options, redemption and Dutch auctions.

------

arrive at a decision based on the overriding principle of seeking the maximization of the economic value of the relevant Clients' holdings.

*Conflicts of Interest Review* 

Adviser personnel and, in particular, Employees who provide a recommendation on how a Vote should be cast, are responsible for informing the CCO of all material information relating to any potential conflict of interest in connection with a Vote. If any Employee is pressured or lobbied either from within or outside of the Adviser with respect to any particular voting decision, he or she should contact the CCO. The CCO will use her best judgment to address any such conflict of interest and ensure that it is resolved in accordance with her independent assessment of the best interests of the Clients.

*Engagement of Proxy Advisers* 

Consistent with the Clients' governing documents and other disclosure documents, unaffiliated third parties may be used to help resolve conflicts or to otherwise assist the Adviser in fulfilling all or part of its voting obligations. In this regard, the Adviser may retain independent fiduciaries, consultants or professionals (collectively, "Proxy Advisers") to assist with voting decisions and/or to which voting powers may be delegated. In determining whether to engage (and whether to continue to retain) a Proxy Adviser, the CCO will evaluate whether the Proxy Adviser has the capacity and competency to adequately analyze the matters for which the Adviser is responsible for Voting, considering such factors as the CCO deems appropriate, which may include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the quality of the Proxy Adviser's staffing and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the technology and information used to form the basis of the Proxy Adviser's voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the processes and methodologies the Proxy Adviser uses in formulating its voting recommendations, including when and how the Proxy Adviser engages with issuers and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the adequacy of the Proxy Adviser's disclosure of its processes and methodologies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Proxy Adviser's policies for identifying, disclosing and addressing potential conflicts of interest, including conflicts that generally arise from providing proxy voting recommendations, proxy services and related activities.

In the event the Adviser retains a Proxy Adviser, the CCO will be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● conducting ongoing oversight of the Proxy Adviser to ensure the Proxy Adviser continues to vote proxies in the best interest of the Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● requesting that the Proxy Adviser keep the Adviser apprised of any material changes or conflicts of interest with respect to the Proxy Adviser's business so the Adviser can determine whether such changes are relevant to an assessment of the Proxy Adviser's ability to provide its services and how any conflicts of interest are being addressed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● confirming that the Proxy Adviser has complied with its obligations by undertaking a periodic sampling of proxy votes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● determining that the Proxy Adviser has the capacity and competency to adequately analyze proxy issues by providing materially accurate information.

*Registered Fund Disclosure Requirements* 

The Registered Funds will include the required disclosure relating to proxy voting in the appropriate filings and will, in accordance with Rule 30b1-4 under the 1940 Act, file with the SEC an annual record of proxies voted by a fund on Form N-PX. Form N-PX must be filed each year no later than August 31 and must contain each Registered Fund's proxy voting record for the most recent twelve-month period ending June 30.

------

The Registered Funds must also state in their disclosure documents that information regarding how the Registered Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling a specified toll-free (or collect) telephone number; or on or through the Registered Fund's website at a specified Internet address; or both; and (2) on the SEC's website at http://www.sec.gov.

If a Registered Fund discloses that its proxy voting record is available by calling a toll-free (or collect) telephone number, and the Registered Fund (or financial intermediary through which shares of the Registered Fund may be purchased or sold) receives a request for this information, the Registered Fund (or financial intermediary) must send the information disclosed in the Registered Fund's most recently filed report on Form N-PX within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

If a Registered Fund discloses that its proxy voting record is available on or through its website, the Registered Fund must make available free of charge the information disclosed in the Registered Fund's most recently filed report on Form N-PX on or through its website as soon as reasonably practicable after filing the report with the SEC. The information disclosed in the Fund's most recently filed report on Form N-PX must remain available on or through the Registered Fund's website for as long as the Registered Fund remains subject to the requirements of Rule 30b1-4 and discloses that the Registered Fund's proxy voting record is available on or through its website.

It is the responsibility of Legal and Compliance to ensure that the Registered Funds satisfy the disclosure requirements.

------

**PART C: OTHER INFORMATION**

<u>Item 28.</u>

<u>Exhibits</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [<u>Amended and Restated Certificate of Trust of Stone Ridge Trust (the "Registrant"), dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312516720315/d265751dex991d.htm) [<u>October 23, 2015, incorporated by reference to Exhibit (1)(d) filed with the Registrant's Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312516720315/d265751dex991d.htm) [<u>Statement on Form N-14, as filed with the Securities and Exchange Commission ("SEC") via</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312516720315/d265751dex991d.htm) [<u>EDGAR on September 27, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312516720315/d265751dex991d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Fifth Amended and Restated Agreement and Declaration of Trust of the Registrant, dated as of</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99a3.htm) [<u>July 17, 2024, incorporated by reference to Exhibit (a)(3) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99a3.htm) [<u>Amendment No. 92 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99a3.htm) [<u>on August 30, 2024</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99a3.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;(b) (1) [<u>Second Amended and Restated Bylaws of the Registrant, incorporated by reference to Exhibit (b)(1)</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99b1.htm) [<u>filed with Post-Effective Amendment No. 96 to the Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99b1.htm) [<u>N-1A, as filed with the SEC via EDGAR on December 9, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99b1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) (1) [<u>Investment Management Agreement between Stone Ridge Asset Management LLC ("Stone Ridge")</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007939/invest-mgmt_agmnt.htm) [<u>and the Registrant, on behalf of each of Stone Ridge Reinsurance Risk Premium Fund and Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007939/invest-mgmt_agmnt.htm) [<u>Ridge High Yield Reinsurance Risk Premium Fund, dated as of January 11, 2013, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007939/invest-mgmt_agmnt.htm) [<u>reference to Exhibit (d)(1) filed with the Registrant's Post-Effective Amendment No. 28 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007939/invest-mgmt_agmnt.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007939/invest-mgmt_agmnt.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>First Amended and Restated Investment Management Agreement between Stone Ridge and the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d2.htm) [<u>Registrant on behalf of each of Stone Ridge Reinsurance Risk Premium Fund and Stone Ridge High</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d2.htm) [<u>Yield Reinsurance Risk Premium Fund, dated as of January 31, 2013, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d2.htm) [<u>Exhibit (d)(2) filed with the Registrant's Post-Effective Amendment No. 83 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d2.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of each of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd2.htm) [<u>Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone Ridge U.S. Large Cap Variance</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd2.htm) [<u>Risk Premium Fund (formerly known as Stone Ridge U.S. Variance Risk Premium Fund)) and Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd2.htm) [<u>Ridge U.S. Small Cap Variance Risk Premium Fund, dated as of April 4, 2013,incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd2.htm) [<u>reference to Exhibit (d)(2) filed with the Registrant's Post-Effective Amendment No. 4 to its initial</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd2.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>First Amended and Restated Investment Management Agreement between Stone Ridge and the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d4.htm) [<u>Registrant on behalf of Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d4.htm) [<u>U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d4.htm) [<u>Premium Fund)), dated October 28, 2019, incorporated by reference to Exhibit (d)(4) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d4.htm) [<u>Registrant's Post-Effective Amendment No. 83 to its initial Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d4.htm) [<u>filed with the SEC via EDGAR on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd3.htm) [<u>Ridge U.S. Variance Risk Premium Master Fund (formerly known as Stone Ridge U.S. Master</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd3.htm) [<u>Variance Risk Premium Fund), dated as of April 4, 2013, incorporated by reference to Exhibit (d)(3)</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd3.htm) [<u>filed with the Registrant's Post-Effective Amendment No. 4 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd3.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhd3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmt.htm) [<u>Ridge International Developed Markets Variance Risk Premium Fund and Stone Ridge Emerging</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmt.htm) [<u>Markets Variance Risk Premium Fund, dated as of January 23, 2014, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmt.htm) [<u>Exhibit (d)(4) filed with the Registrant's Post-Effective Amendment No. 29 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmt.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmt.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmnt2.htm) [<u>Ridge International Variance Risk Premium Master Fund (formerly known as Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmnt2.htm) [<u>International Master Variance Risk Premium Fund), dated as of September 19, 2013, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmnt2.htm) [<u>reference to Exhibit (d)(5) filed with the Registrant's Post-Effective Amendment No. 29 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmnt2.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/invest-mgmt_agmnt2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/ima.htm) [<u>Ridge Global Equity Variance Risk Premium Master Fund, incorporated by reference to Exhibit (d)(6)</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/ima.htm) [<u>filed with the Registrant's Post-Effective Amendment No. 21 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/ima.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on June 23, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/ima.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Elements</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99d7.htm) [<u>U.S. Portfolio, Elements U.S. Small Cap Portfolio, Elements International Portfolio, Elements</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99d7.htm) [<u>International Small Cap Portfolio and Elements Emerging Markets Portfolio, dated as of January 24,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99d7.htm) [<u>2017, incorporated by reference to Exhibit (d)(7) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99d7.htm) [<u>Amendment No. 35 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99d7.htm) [<u>on February 28, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d8.htm) [<u>Ridge Diversified Alternatives Fund, dated as of January 29, 2020, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d8.htm) [<u>Exhibit (d)(8) filed with the Registrant's Post-Effective Amendment No. 63 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d8.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on June 2, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Investment Management Agreement between Stone Ridge and Stone Ridge Diversified Alternatives</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d9.htm) [<u>Sub Fund Ltd, dated as of January 29, 2020, incorporated by reference to Exhibit (d)(9) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d9.htm) [<u>Registrant's Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d9.htm) [<u>with the SEC via EDGAR on June 2, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996j.htm) [<u>Ridge All Asset Variance Risk Premium Fund, dated as of August 12, 2020, incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996j.htm) [<u>to Exhibit (6)(j) filed with the Registrant's Registration Statement on Form N-14, as filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996j.htm) [<u>SEC via EDGAR on August 13, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Investment Management Agreement between Stone Ridge and Stone Ridge All Asset Variance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996k.htm) [<u>Premium Sub Fund Ltd, dated as of August 12, 2020, incorporated by reference to Exhibit (6)(k) filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996k.htm) [<u>with the Registrant's Registration Statement on Form N-14, as filed with the SEC via EDGAR on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996k.htm) [<u>August 13, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520219252/d942449dex996k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d12.htm) [<u>Ridge Bitcoin Strategy Fund, dated as of July 19, 2021, incorporated by reference to Exhibit (d)(12)</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d12.htm) [<u>filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d12.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d13.htm) [<u>Ridge Bitcoin Strategy Sub Fund Ltd, dated as of July 19, 2021, incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d13.htm) [<u>(d)(13) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d13.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of the Stone</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d14.htm) [<u>Ridge LifeX Income Open-End Funds, incorporated by reference to Exhibit (d)(14) filed with the</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d14.htm) [<u>Registrant's Post-Effective Amendment No. 87 to its Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d14.htm) [<u>with the SEC via EDGAR on October 23, 2023</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d14.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of the Stone</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d15.htm) [<u>Ridge LifeX Inflation-Protected Income Open-End Funds, incorporated by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d15.htm) [<u>(d)(15) filed with the Registrant's Post-Effective Amendment No. 87 to its Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d15.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on October 23, 2023</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99d15.htm) .

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Investment Management Agreement between Stone Ridge and the Registrant, on behalf of the LifeX</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99d18.htm) [<u>Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, dated as of July 17,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99d18.htm) [<u>2024, incorporated by reference to Exhibit (d)(18) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99d18.htm) [<u>Amendment No. 94 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99d18.htm) [<u>on August 30, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99d18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Amended & Restated Investment Management Agreement between Stone Ridge and the Registrant,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99d19.htm) [<u>on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity Income</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99d19.htm) [<u>ETFs and the LifeX Durable Income ETF, dated December 13, 2024, incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99d19.htm) [<u>Exhibit (d)(19) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99d19.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99d19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Amended & Restated Investment Management Agreement between Stone Ridge and the Registrant,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm) [<u>on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity Income</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm) [<u>ETFs, the LifeX Durable Income ETF and the LifeX Term Income ETFs, dated as of January 1, 2025,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm) [<u>incorporated by reference to Exhibit (d)(20) filed with the Registrant's Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm) [<u>97 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 30,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm) [<u>2024.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [<u>Second Amended & Restated Investment Management Agreement between Stone Ridge and the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm) [<u>Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm) [<u>Income ETFs, the LifeX Durable Income ETF and the LifeX Term Income ETFs, dated as of</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm) [<u>February 19, 2025, incorporated by reference to Exhibit (d)(21) filed with the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm) [<u>Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm) [<u>SEC via EDGAR on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Third Amended & Restated Investment Management Agreement between Stone Ridge and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, the LifeX Durable Income ETF
and the LifeX Term Income ETFs, dated [ ], to be filed by
amendment.

&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [<u>Distribution Agreement between the Registrant, on behalf of the Stone Ridge LifeX Income Funds</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524164330/d822834dex99e10.htm) [<u>and the Stone Ridge LifeX Inflation-Protected Income Funds, and Foreside Global Services, LLC,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524164330/d822834dex99e10.htm) [<u>dated as of December 2, 2023, incorporated by reference to Exhibit (e)(10) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524164330/d822834dex99e10.htm) [<u>Post-Effective Amendment No. 91 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524164330/d822834dex99e10.htm) [<u>via EDGAR on June 20, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524164330/d822834dex99e10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment No. 1 to the Distribution Agreement between the Registrant and Foreside Global</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99e11.htm) [<u>Services, LLC, dated as of September 5, 2024, incorporated by reference to Exhibit (e)(11) filed with</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99e11.htm) [<u>the Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99e11.htm) [<u>filed with the SEC via EDGAR on September 25, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99e11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>ETF Distribution Agreement between the Registrant, on behalf of the LifeX Longevity Income ETFs</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99e11.htm) [<u>and LifeX Inflation-Protected Longevity Income ETFs, and Foreside Financial Services, LLC, dated</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99e11.htm) [<u>as of July 17, 2024, incorporated by reference to Exhibit (e)(11) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99e11.htm) [<u>Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99e11.htm) [<u>via EDGAR on August 30, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99e11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Second Amendment to Distribution Agreement between the Registrant, on behalf of Stone Ridge High</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e13.htm) [<u>Yield Reinsurance Risk Premium Fund and Stone Ridge Diversified Alternatives Fund, and Foreside</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e13.htm) [<u>Global Services, LLC, dated as of October 30, 2024, incorporated by reference to Exhibit (e)(13) filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e13.htm) [<u>with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e13.htm) [<u>as filed with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>First Amendment to the ETF Distribution Agreement between Foreside Financial Services, LLC and</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e14.htm) [<u>the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e14.htm) [<u>Longevity Income ETFs and the LifeX Durable Income ETF, dated December 13, 2024, incorporated</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e14.htm) [<u>by reference to Exhibit (e)(14) filed with the Registrant's Post-Effective Amendment No. 96 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e14.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e14.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Second Amendment to the ETF Distribution Agreement between Foreside Financial Services, LLC</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm) [<u>and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm) [<u>Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income ETFs, dated</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm) [<u>January 1, 2025, incorporated by reference to Exhibit (e)(15) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm) [<u>Amendment No. 97 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm) [<u>on December 30, 2024</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Third Amendment to the ETF Distribution Agreement between Foreside Financial Services, LLC and</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm) [<u>the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm) [<u>Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income ETFs, dated</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm) [<u>February 3, 2025, incorporated by reference to Exhibit (e)(7) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm) [<u>Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm) [<u>on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Fourth Amendment to the ETF Distribution Agreement between Foreside Financial Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and
the LifeX Term Income ETFs, dated [ ], to be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) [<u>Second Amended and Restated Custody Agreement between the Registrant and U.S. Bank National</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99g1.htm) [<u>Association, dated as of September 24, 2020, incorporated by reference to Exhibit (g)(1) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99g1.htm) [<u>Registrant's Post-Effective Amendment No. 68 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99g1.htm) [<u>with the SEC via EDGAR on November 23, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>First Amendment to the Second Amended and Restated Custody Agreement between the Registrant</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g2.htm) [<u>and U.S. Bank National Association, dated as of October 5, 2020, incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g2.htm) [<u>(g)(2) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g2.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Second Amendment to the Second Amended and Restated Custody Agreement between the Registrant</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g3.htm) [<u>and U.S. Bank National Association, dated as of July 19, 2021, incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g3.htm) [<u>(g)(3) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g3.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Third Amendment to the Second Amended and Restated Custody Agreement between the Registrant</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312522057011/d244757dex99g4.htm) [<u>and U.S. Bank National Association, dated as of February 4, 2022, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312522057011/d244757dex99g4.htm) [<u>Exhibit (g)(4) filed with the Registrant's Post-Effective Amendment No. 82 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312522057011/d244757dex99g4.htm) [<u>Statement on Form N-1A, as fled with the SEC via EDGAR on February 28, 2022.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312522057011/d244757dex99g4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Fourth Amendment to the Second Amended and Restated Custody Agreement between the Registrant</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99g5.htm) [<u>and U.S. Bank National Association, dated as of October 21, 2022, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99g5.htm) [<u>Exhibit (g)(5) filed with the Registrant's Post-Effective Amendment No. 83 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99g5.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99g5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Custody Agreement between the Registrant, on behalf of the series listed on Exhibit A thereto, and</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99g6.htm) [<u>U.S. Bancorp Fund Services, LLC, dated as of December 6, 2023, incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99g6.htm) [<u>Exhibit (g)(6) filed with the Registrant's Post-Effective Amendment No. 88 to its Registration</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99g6.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on December 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99g6.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>ETF Custody Agreement between the Registrant, on behalf of the LifeX Longevity Income ETFs and</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99g7.htm) [<u>LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bank National Association, dated</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99g7.htm) [<u>September 6, 2024, incorporated by reference to Exhibit (g)(7) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99g7.htm) [<u>Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99g7.htm) [<u>via EDGAR on September 25, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99g7.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>First Amendment to the ETF Custody Agreement between U.S. Bank National Association and the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm) [<u>Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm) [<u>Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income ETFs, dated December 13,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm) [<u>2024, incorporated by reference to Exhibit (g)(8) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm) [<u>Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm) [<u>on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Second Amendment to the ETF Custody Agreement between U.S. Bank National Association and the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm) [<u>Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm) [<u>Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income ETFs, dated February 14,</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm) [<u>2025, incorporated by reference to Exhibit (g)(9) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm) [<u>Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm) [<u>on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Third Amendment to the ETF Custody Agreement between U.S. Bank National Association and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and
the LifeX Term Income ETFs, dated [ ], to be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Custodian Agreement between the Registrant and Brown Brothers Harriman & Co., dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99g2.htm) [<u>April 10, 2018, incorporated by reference to Exhibit (g)(2) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99g2.htm) [<u>Amendment No. 46 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99g2.htm) [<u>on September 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [<u>Amended and Restated Fund Administration Servicing Agreement between the Registrant, on behalf</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h1.htm) [<u>of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 30, 2017,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h1.htm) [<u>incorporated by reference to Exhibit (h)(1) filed with the Registrant's Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h1.htm) [<u>No. 41 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h1.htm) [<u>December 20, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Addendum to the Amended and Restated Fund Administration Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99h2.htm) [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99h2.htm) [<u>September 21, 2018, incorporated by reference to Exhibit (h)(2) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99h2.htm) [<u>Post-Effective Amendment No. 46 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99h2.htm) [<u>via EDGAR on September 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>First Amendment to the Amended and Restated Fund Administration Servicing Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h3.htm) [<u>the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h3.htm) [<u>January 30, 2019, incorporated by reference to Exhibit (h)(3) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h3.htm) [<u>Amendment No. 49 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h3.htm) [<u>on February 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Second Amendment to the Amended and Restated Fund Administration Servicing Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h4.htm) [<u>the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h4.htm) [<u>February 25, 2020, incorporated by reference to Exhibit (h)(4) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h4.htm) [<u>Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h4.htm) [<u>via EDGAR on June 2, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Third Amendment to the Amended and Restated Fund Administration Servicing Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h5.htm) [<u>the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h5.htm) [<u>October 5, 2020, incorporated by reference to Exhibit (h)(5) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h5.htm) [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h5.htm) [<u>on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h6.htm) [<u>the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h6.htm) [<u>July 19, 2021, incorporated by reference to Exhibit (h)(6) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h6.htm) [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h6.htm) [<u>on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h6.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (7) | &nbsp;&nbsp; [<u>Fifth Amendment to the Amended and Restated Fund Administration Servicing Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h7.htm)<br> [<u>the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h7.htm)<br> [<u>October 21, 2022, incorporated by reference to Exhibit (h)(7) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h7.htm)<br> [<u>Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h7.htm)<br> [<u>via EDGAR on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h7.htm)<br>|
| (8) | &nbsp;&nbsp; [<u>Addendum to the Amended and Restated Fund Administration Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h8.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h8.htm)<br> [<u>February 7, 2023, incorporated by reference to Exhibit (h)(8) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h8.htm)<br> [<u>Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h8.htm)<br> [<u>on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h8.htm)<br>|
| (9) | &nbsp;&nbsp; [<u>Fund Administration Servicing Agreement between the Registrant, on behalf of the series listed on</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h9.htm)<br> [<u>Exhibit A thereto, and U.S. Bancorp Fund Services, LLC, dated as of December 6, 2023, incorporated</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h9.htm)<br> [<u>by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective Amendment No. 88 to its</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h9.htm)<br> [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 28, 2023</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h9.htm).<br>|
| (10) | &nbsp;&nbsp; [<u>ETF Fund Administration Servicing Agreement between the Registrant, on behalf of the LifeX</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h10.htm)<br> [<u>Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bancorp</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h10.htm)<br> [<u>Fund Services, LLC, dated September 6, 2024, incorporated by reference to Exhibit (h)(10) filed with</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h10.htm)<br> [<u>the Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h10.htm)<br> [<u>filed with the SEC via EDGAR on September 25, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h10.htm)<br>|
| (11) | &nbsp;&nbsp; [<u>First Amendment to the ETF Fund Administration Servicing Agreement between U.S. Bancorp Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm)<br> [<u>Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm)<br> [<u>Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm)<br> [<u>ETFs, dated December 13, 2024, incorporated by reference to Exhibit (h)(11) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm)<br> [<u>Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm)<br> [<u>with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm)<br>|
| (12) | &nbsp;&nbsp; [<u>Second Amendment to the ETF Fund Administration Servicing Agreement between U.S. Bancorp</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm)<br> [<u>Fund Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm)<br> [<u>Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm)<br> [<u>ETFs, dated February 14, 2025, incorporated by reference to Exhibit (h)(12) filed with the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm)<br> [<u>Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm)<br> [<u>with the SEC via EDGAR on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm)<br>|
|  | &nbsp;&nbsp; Third Amendment to the ETF Fund Administration Servicing Agreement between U.S. Bancorp Fund <br> Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX <br> Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income <br> ETFs, dated [ ], to be filed by amendment.<br>|
| (13) | &nbsp;&nbsp; [<u>Amended and Restated Transfer Agent Servicing Agreement between the Registrant, on behalf of each</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h2.htm)<br> [<u>of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 30, 2017, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h2.htm)<br> [<u>reference to Exhibit (h)(2) filed with the Registrant's Post-Effective Amendment No. 41 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h2.htm)<br> [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 20, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h2.htm)<br>|
| (14) | &nbsp;&nbsp; [<u>First Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h6.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h6.htm)<br> [<u>February 25, 2020, incorporated by reference to Exhibit (h)(6) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h6.htm)<br> [<u>Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h6.htm)<br> [<u>via EDGAR on June 2, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h6.htm)<br>|
| (15) | &nbsp;&nbsp; [<u>Second Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h9.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h9.htm)<br> [<u>October 5, 2020, incorporated by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h9.htm)<br> [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h9.htm)<br> [<u>on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h9.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (16) | &nbsp;&nbsp; [<u>Third Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h10.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of July 19,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h10.htm)<br> [<u>2021, incorporated by reference to Exhibit (h)(10) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h10.htm)<br> [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h10.htm)<br> [<u>on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h10.htm)<br>|
| (17) | &nbsp;&nbsp; [<u>Fourth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h13.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h13.htm)<br> [<u>October 21, 2022, incorporated by reference to Exhibit (h)(13) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h13.htm)<br> [<u>Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h13.htm)<br> [<u>via EDGAR on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h13.htm)<br>|
| (18) | &nbsp;&nbsp; [<u>Fifth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524239407/d726272dex99h17.htm)<br> [<u>Registrant, on behalf of each of its series other than those series that operate as exchange-traded</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524239407/d726272dex99h17.htm)<br> [<u>funds, and U.S. Bancorp Fund Services, LLC, dated as of July 1, 2024, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524239407/d726272dex99h17.htm)<br> [<u>Exhibit (h)(17) filed with the Registrant's Post-Effective Amendment No. 94 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524239407/d726272dex99h17.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on October 18, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524239407/d726272dex99h17.htm)<br>|
| (19) | &nbsp;&nbsp; [<u>Transfer Agent Servicing Agreement between the Registrant, on behalf of each of Stone Ridge LifeX</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h15.htm)<br> [<u>Income Funds and the Stone Ridge LifeX Inflation-Protected Income Funds, and U.S. Bancorp Fund</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h15.htm)<br> [<u>Services, LLC, dated as of December 6, 2023, incorporated by reference to Exhibit (h)(15) filed with</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h15.htm)<br> [<u>the Registrant's Post-Effective Amendment No. 88 to its Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h15.htm)<br> [<u>filed with the SEC via EDGAR on December 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h15.htm)<br>|
| (20) | &nbsp;&nbsp; [<u>ETF Transfer Agent Servicing Agreement between the Registrant, on behalf of the LifeX Longevity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h18.htm)<br> [<u>Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bancorp Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h18.htm)<br> [<u>Services, LLC, dated September 6, 2024, incorporated by reference to Exhibit (h)(18) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h18.htm)<br> [<u>Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h18.htm)<br> [<u>with the SEC via EDGAR on September 25, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h18.htm)<br>|
| (21) | &nbsp;&nbsp; [<u>First Amendment to the ETF Transfer Agent Servicing Agreement between U.S. Bancorp Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h20.htm)<br> [<u>Services, LLC, and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h20.htm)<br> [<u>Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h20.htm)<br> [<u>ETFs, dated December 13, 2024, incorporated by reference to Exhibit (h)(20) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h20.htm)<br> [<u>Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h20.htm)<br> [<u>with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h20.htm)<br>|
| (22) | &nbsp;&nbsp; [<u>Second Amendment to the ETF Transfer Agent Servicing Agreement between U.S. Bancorp Fund</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h22.htm)<br> [<u>Services, LLC, and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h22.htm)<br> [<u>Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h22.htm)<br> [<u>ETFs, dated February 14, 2025, incorporated by reference to Exhibit (h)(22) filed with the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h22.htm)<br> [<u>Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h22.htm)<br> [<u>with the SEC via EDGAR on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h22.htm)<br>|
|  | &nbsp;&nbsp; Third Amendment to the ETF Transfer Agent Servicing Agreement between U.S. Bancorp Fund <br> Services, LLC, and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX <br> Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income <br> ETFs, dated [ ], to be filed by amendment.<br>|
| (23) | &nbsp;&nbsp; [<u>Amended and Restated Fund Accounting Servicing Agreement between the Registrant, on behalf of</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h3.htm)<br> [<u>each of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 30, 2017, incorporated</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h3.htm)<br> [<u>by reference to Exhibit (h)(3) filed with the Registrant's Post-Effective Amendment No. 41 to its</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h3.htm)<br> [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 20, 2017.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h3.htm)<br>|
| (24) | &nbsp;&nbsp; [<u>First Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h6.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h6.htm)<br> [<u>January 30, 2019, incorporated by reference to Exhibit (h)(6) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h6.htm)<br> [<u>Amendment No. 49 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h6.htm)<br> [<u>on February 27, 2019.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h6.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (25) | &nbsp;&nbsp; [<u>Second Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h9.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h9.htm)<br> [<u>February 25, 2020, incorporated by reference to Exhibit (h)(9) filed with the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h9.htm)<br> [<u>Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h9.htm)<br> [<u>via EDGAR on June 2, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h9.htm)<br>|
| (26) | &nbsp;&nbsp; [<u>Third Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h14.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h14.htm)<br> [<u>October 5, 2020, incorporated by reference to Exhibit (h)(14) filed with the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h14.htm)<br> [<u>Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h14.htm)<br> [<u>via EDGAR on July 23, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h14.htm)<br>|
| (27) | &nbsp;&nbsp; [<u>Fourth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h15.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of July 19,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h15.htm)<br> [<u>2021, incorporated by reference to Exhibit (h)(15) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h15.htm)<br> [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h15.htm)<br> [<u>on July 23, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h15.htm)<br>|
| (28) | &nbsp;&nbsp; [<u>Fifth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h19.htm)<br> [<u>Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h19.htm)<br> [<u>October 21, 2022, incorporated by reference to Exhibit (h)(19) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h19.htm)<br> [<u>Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h19.htm)<br> [<u>via EDGAR on February 24, 2023.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h19.htm)<br>|
| (29) | &nbsp;&nbsp; [<u>Fund Accounting Servicing Agreement between the Registrant, on behalf of each of its series, and</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h22.htm)<br> [<u>U.S. Bancorp Fund Services, LLC, dated as of December 6, 2023, incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h22.htm)<br> [<u>Exhibit (h)(22) filed with the Registrant's Post-Effective Amendment No. 88 to its Registration</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h22.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on December 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h22.htm)<br>|
| (30) | &nbsp;&nbsp; [<u>ETF Fund Accounting Servicing Agreement between the Registrant, on behalf of the LifeX Longevity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h27.htm)<br> [<u>Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bancorp Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h27.htm)<br> [<u>Services, LLC, dated September 6, 2024, incorporated by reference to Exhibit (h)(27) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h27.htm)<br> [<u>Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h27.htm)<br> [<u>with the SEC via EDGAR on September 25, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h27.htm)<br>|
| (31) | &nbsp;&nbsp; [<u>First Amendment to the ETF Fund Accounting Servicing Agreement between U.S. Bancorp Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm)<br> [<u>Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm)<br> [<u>Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm)<br> [<u>ETFs, dated December 13, 2024, incorporated by reference to Exhibit (h)(29) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm)<br> [<u>Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm)<br> [<u>with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm)<br>|
| (32) | &nbsp;&nbsp; [<u>Second Amendment to the ETF Fund Accounting Servicing Agreement between U.S. Bancorp Fund</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm)<br> [<u>Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm)<br> [<u>Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm)<br> [<u>ETFs, dated February 14, 2025, incorporated by reference to Exhibit (h)(32) filed with the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm)<br> [<u>Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm)<br> [<u>with the SEC via EDGAR on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm)<br>|
|  | &nbsp;&nbsp; Third Amendment to the ETF Fund Accounting Servicing Agreement between U.S. Bancorp Fund <br> Services, LLC and the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX <br> Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and the LifeX Term Income <br> ETFs, dated [ ], to be filed by amendment.<br>|
| (33) | &nbsp;&nbsp; [<u>Expense Limitation Agreement between Stone Ridge and the Registrant on behalf of Stone Ridge</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99h30.htm)<br> [<u>High Yield Reinsurance Risk Premium Fund, dated as of January 19, 2024, incorporated by reference</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99h30.htm)<br> [<u>to Exhibit (h)(30) filed with the Registrant's Post-Effective Amendment No. 99 to its Registration</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99h30.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99h30.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [<u>Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm) [<u>U.S. Hedged Equity Fund (formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm) [<u>Fund (formerly known as Stone Ridge U.S. Variance Risk Premium Fund)), dated as of January 25,</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm) [<u>2023, incorporated by reference to Exhibit (h)(21) filed with the Registrant's Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm) [<u>Amendment No. 85 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm) [<u>on February 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [<u>Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h9.htm) [<u>International Developed Markets Variance Risk Premium Fund, dated as of January 30, 2019,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h9.htm) [<u>incorporated by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h9.htm) [<u>No. 50 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h9.htm) [<u>February 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [<u>Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h10.htm) [<u>Global Equity Variance Risk Premium Master Fund, dated as of January 30, 2019, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h10.htm) [<u>reference to Exhibit (h)(10) filed with the Registrant's Post-Effective Amendment No. 50 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h10.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [<u>Amended and Restated Expense Limitation Agreement between Stone Ridge and the Registrant, on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm) [<u>behalf of each of Elements U.S. Portfolio, Elements U.S. Small Cap Portfolio, Elements International</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm) [<u>Portfolio, Elements International Small Cap Portfolio and Elements Emerging Markets Portfolio,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm) [<u>dated as of July 30, 2020, incorporated by reference to Exhibit (h)(14) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm) [<u>Post-Effective Amendment No. 66 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm) [<u>via EDGAR on September 25, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) [<u>Expense Limitation Agreement between Stone Ridge and the Registrant on behalf of Stone Ridge</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525038134/d924034dex99h35.htm) [<u>Diversified Alternatives Fund, dated as of January 28, 2025, incorporated by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525038134/d924034dex99h35.htm) [<u>(h)(35) filed with the Registrant's Post-Effective Amendment No. 100 to its Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525038134/d924034dex99h35.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on February 27, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525038134/d924034dex99h35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) [<u>Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge All</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h16.htm) [<u>Asset Variance Risk Premium Fund, dated as of December 2, 2020, incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h16.htm) [<u>Exhibit (h)(16) filed with the Registrant's Post-Effective Amendment No. 69 to its Registration</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h16.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on December 2, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) [<u>Expense Limitation Agreement between Stone Ridge and the Registrant on behalf of Stone Ridge</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312522049851/d438449dex99h23.htm) [<u>Bitcoin Strategy Fund, dated as of January 20, 2022, incorporated by reference to Exhibit (h)(23) filed</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312522049851/d438449dex99h23.htm) [<u>with the Registrant's Post-Effective Amendment No. 79 to its Registration Statement on Form N-1A,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312522049851/d438449dex99h23.htm) [<u>as fled with the SEC via EDGAR on February 23, 2022</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312522049851/d438449dex99h23.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [<u>Agreement and Plan of Reorganization between the Registrant on behalf of Stone Ridge All Asset</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h17.htm) [<u>Variance Risk Premium Fund and Stone Ridge Trust III on behalf of its series Stone Ridge All Asset</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h17.htm) [<u>Variance Risk Premium Fund, dated December 2, 2020, incorporated by reference to Exhibit (h)(17)</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h17.htm) [<u>filed with the Registrant's Post-Effective Amendment No. 69 to its Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h17.htm) [<u>N-1A, as filed with the SEC via EDGAR on December 2, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99h17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) [<u>Form of Fund of Funds Investment Agreement, incorporated by reference to Exhibit (h)(32) filed with</u>](http://www.sec.gov/Archives/edgar/data/0001559992/000119312524047578/d725737dex99h32.htm) [<u>the Registrant's Post-Effective Amendment No. 90 to its Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/0001559992/000119312524047578/d725737dex99h32.htm) [<u>filed with the SEC via EDGAR on February 27, 2024.</u>](http://www.sec.gov/Archives/edgar/data/0001559992/000119312524047578/d725737dex99h32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) [<u>Agreement and Plan of Reorganization between the Registrant, on behalf of the Stone Ridge LifeX</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h36.htm) [<u>Income Open-End Funds and Stone Ridge LifeX Inflation-Protected Income Open-End Funds, the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h36.htm) [<u>Registrant, on behalf of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h36.htm) [<u>Income ETFs, and Stone Ridge, dated as of July 17, 2024, incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h36.htm) [<u>(h)(36) filed with the Registrant's Post-Effective Amendment No. 92 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h36.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on August 30, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h36.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) [<u>Agreement and Plan of Reorganization between the Registrant, on behalf of LifeX Longevity Income</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h41.htm) [<u>Fund (formerly, LifeX Income Fund 1963M), the Registrant, on behalf of LifeX Durable Income ETF,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h41.htm) [<u>and Stone Ridge, dated as of December 13, 2024, incorporated by reference to Exhibit (h)(41) filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h41.htm) [<u>with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h41.htm) [<u>as filed with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h41.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) [<u>Form of Authorized Participant Agreement, incorporated by reference to Exhibit (h)(37) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h37.htm) [<u>Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h37.htm) [<u>with the SEC via EDGAR on August 30, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(i) (1) [<u>Opinion and consent of counsel of K&L Gates, LLP for the Stone Ridge U.S. Hedged Equity Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhi.htm) [<u>(formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhi.htm) [<u>Stone Ridge U.S. Variance Risk Premium Fund)) and Stone Ridge U.S. Small Cap Variance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhi.htm) [<u>Premium Fund, dated April 4, 2013, incorporated by reference to Exhibit (i) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhi.htm) [<u>Post-Effective Amendment No. 4 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhi.htm) [<u>via EDGAR on April 4, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Opinion and consent of counsel of K&L Gates, LLP for the Stone Ridge U.S. Variance Risk Premium</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000700/brep.htm) [<u>Master Fund, dated April 23, 2013, incorporated by reference to Exhibit (i) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000700/brep.htm) [<u>Post-Effective Amendment No. 5 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000700/brep.htm) [<u>via EDGAR on April 23, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000700/brep.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Opinion and consent of counsel of K&L Gates, LLP for the Stone Ridge Reinsurance Risk Premium</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/opin-consent.htm) [<u>Fund and the Stone Ridge High Yield Reinsurance Risk Premium Fund, dated January 15, 2013,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/opin-consent.htm) [<u>incorporated by reference to Exhibit (i) filed with the Registrant's Pre-Effective Amendment No. 2 to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/opin-consent.htm) [<u>its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on January 15, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/opin-consent.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Opinion and consent of counsel of K&L Gates, LLP for the Stone Ridge International Developed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914000241/opinion.htm) [<u>Markets Variance Risk Premium Fund, Stone Ridge Emerging Markets Variance Risk Premium Fund</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914000241/opinion.htm) [<u>and Stone Ridge International Variance Risk Premium Master Fund, dated January 21, 2014,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914000241/opinion.htm) [<u>incorporated by reference to Exhibit (i)(4) filed with the Registrant's Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914000241/opinion.htm) [<u>No. 13 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on January 21,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914000241/opinion.htm) [<u>2014.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914000241/opinion.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Opinion and consent of counsel of Ropes & Gray LLP for the Stone Ridge Global Equity Variance</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/lgop.htm) [<u>Risk Premium Master Fund, dated June 23, 2014, incorporated by reference to Exhibit (i)(5) filed with</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/lgop.htm) [<u>the Registrant's Post-Effective Amendment No. 21 to its Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/lgop.htm) [<u>filed with the SEC via EDGAR on June 23, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/lgop.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for Class M shares for</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99i6.htm) [<u>Elements U.S. Portfolio, Elements U.S. Small Cap Portfolio, Elements International Portfolio,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99i6.htm) [<u>Elements International Small Cap Portfolio and Elements Emerging Markets Portfolio, dated</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99i6.htm) [<u>February 28, 2017, incorporated by reference to Exhibit (i)(6) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99i6.htm) [<u>Post-Effective Amendment No. 33 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99i6.htm) [<u>via EDGAR on February 28, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312517062193/d311119dex99i6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for Class Y shares for Elements</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99i7.htm) [<u>U.S. Portfolio, Elements U.S. Small Cap Portfolio, Elements International Portfolio, Elements</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99i7.htm) [<u>International Small Cap Portfolio and Elements Emerging Markets Portfolio, dated March 28, 2019,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99i7.htm) [<u>incorporated by reference to Exhibit (i)(7) filed with the Registrant's Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99i7.htm) [<u>No. 53 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on March 28,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99i7.htm) [<u>2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99i7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for the Stone Ridge Diversified</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99i8.htm) [<u>Alternatives Fund, dated June 2, 2020, incorporated by reference to Exhibit (i)(8) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99i8.htm) [<u>Registrant's Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99i8.htm) [<u>with the SEC via EDGAR on June 2, 2020</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99i8.htm) .

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for the Stone Ridge All Asset</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99i9.htm) [<u>Variance Risk Premium Fund, dated December 2, 2020, incorporated by reference to Exhibit (i)(9)</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99i9.htm) [<u>filed with the Registrant's Post-Effective Amendment No. 69 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99i9.htm) [<u>Form N-1A, as filed with the SEC via EDGAR on December 2, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520308145/d74483dex99i9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for the Stone Ridge Bitcoin</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99i10.htm) [<u>Strategy Fund, incorporated by reference to Exhibit (i)(10) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99i10.htm) [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99i10.htm) [<u>on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99i10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for the Stone Ridge LifeX</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i11.htm) [<u>Income Open-End Funds, incorporated by reference to Exhibit (i)(11) filed with the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i11.htm) [<u>Post-Effective Amendment No. 87 to its Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i11.htm) [<u>via EDGAR on October 23, 2023</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i11.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Opinion and consent of counsel of Smith, Katzenstein & Jenkins, LLP for the Stone Ridge LifeX</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i12.htm) [<u>Inflation-Protected Income Open-End Funds, incorporated by reference to Exhibit (i)(12) filed with</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i12.htm) [<u>the Registrant's Post-Effective Amendment No. 87 to its Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i12.htm) [<u>filed with the SEC via EDGAR on October 23, 2023</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312523260747/d523206dex99i12.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Opinion and consent of counsel of Berger McDermott LLP for the LifeX Longevity Income ETFs and</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99i13.htm) [<u>LifeX Inflation-Protected Longevity Income ETFs, incorporated by reference to Exhibit (i)(13) filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99i13.htm) [<u>with the Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99i13.htm) [<u>as filed with the SEC via EDGAR on August 30, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99i13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Opinion and consent of counsel of Berger McDermott LLP for LifeX Durable Income ETF,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99i14.htm) [<u>incorporated by reference to Exhibit (i)(14) filed with the Registrant's Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99i14.htm) [<u>96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99i14.htm) [<u>2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99i14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Opinion and consent of counsel of Berger McDermott LLP for the 2064 and 2065 LifeX Longevity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99i15.htm) [<u>Income ETFs and the 2064 and 2065 LifeX Inflation-Protected Longevity Income ETFs, incorporated</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99i15.htm) [<u>by reference to Exhibit (i)(15) filed with the Registrant's Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99i15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Opinion and consent of counsel of Berger McDermott LLP for the LifeX Term Income ETFs,</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286825/d903106dex99i16.htm) [<u>incorporated by reference to Exhibit (i)(16) filed with the Registrant's Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286825/d903106dex99i16.htm) [<u>No.98 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286825/d903106dex99i16.htm) [<u>December 30, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312524286825/d903106dex99i16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Opinion and consent of counsel of [ ] for 2028 LifeX Term Income ETF and 2030 LifeX Term Income ETF, to be filed by amendment..

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(l) [<u>Subscription Agreement for Seed Capital between the Registrant, on behalf of its series, and Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/subscription.htm) [<u>Ridge, incorporated by reference to Exhibit (l) filed with Registrant's Pre-Effective Amendment No. 2</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/subscription.htm) [<u>to the Registrant's Registration Statement on Form N-1A, as filed with the SEC via EDGAR on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/subscription.htm) [<u>January 16, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000058/subscription.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) [<u>First Amended and Restated Class I Rule 12b-1 Plan of each of Stone Ridge Reinsurance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm1.htm) [<u>Premium Fund and Stone Ridge High Yield Reinsurance Risk Premium Fund, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm1.htm) [<u>reference to Exhibit (m)(1) filed with the Registrant's Post-Effective Amendment No. 4 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm1.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm1.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Class I Rule 12b-1 Plan of each of Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm) [<u>Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm) [<u>Risk Premium Fund)), Stone Ridge U.S. Small Cap Variance Risk Premium Fund and Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm) [<u>U.S. Variance Risk Premium Master Fund, dated as of April 4, 2013, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm) [<u>Exhibit (m)(2) filed with the Registrant's Post-Effective Amendment No. 4 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Second Amended and Restated Class M Rule 12b-1 Plan of each of Stone Ridge Reinsurance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm3.htm) [<u>Premium Fund and Stone Ridge High Yield Reinsurance Risk Premium Fund, dated as of April 4,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm3.htm) [<u>2013, incorporated by reference to Exhibit (m)(3) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm3.htm) [<u>Amendment No. 4 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm3.htm) [<u>April 5, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Class M Rule 12b-1 Plan of each of Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm4.htm) [<u>Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm4.htm) [<u>Risk Premium Fund)), Stone Ridge U.S. Small Cap Variance Risk Premium Fund and Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm4.htm) [<u>U.S. Variance Risk Premium Master Fund, dated as of April 4, 2013, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm4.htm) [<u>Exhibit (m)(4) filed with the Registrant's Post-Effective Amendment No. 4 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm4.htm) [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Class I Rule 12b-1 Plan of each of Stone Ridge International Developed Markets Variance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-i_rule.htm) [<u>Premium Fund, Stone Ridge Emerging Markets Variance Risk Premium Fund and Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-i_rule.htm) [<u>International Variance Risk Premium Master Fund, dated as of September 19, 2013, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-i_rule.htm) [<u>reference to Exhibit (m)(5) filed with the Registrant's Post-Effective Amendment No. 29 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-i_rule.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-i_rule.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Class M Rule 12b-1 Plan of each of Stone Ridge International Developed Markets Variance Risk</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-m_rule.htm) [<u>Premium Fund, Stone Ridge Emerging Markets Variance Risk Premium Fund and Stone Ridge</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-m_rule.htm) [<u>International Variance Risk Premium Master Fund, dated as of September 19, 2013, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-m_rule.htm) [<u>reference to Exhibit (m)(6) filed with the Registrant's Post-Effective Amendment No. 29 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-m_rule.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007940/class-m_rule.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Class I Rule 12b-1 Plan of Stone Ridge Global Equity Variance Risk Premium Master Fund, dated as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b-1.htm) [<u>of June 17, 2014, incorporated by reference to Exhibit (m)(7) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b-1.htm) [<u>Post-Effective Amendment No. 21 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b-1.htm) [<u>via EDGAR on June 23, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Class M Rule 12b-1 Plan of Stone Ridge Global Equity Variance Risk Premium Master Fund, dated as</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b1.htm) [<u>of June 17, 2014, incorporated by reference to Exhibit (m)(8) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b1.htm) [<u>Post-Effective Amendment No. 21 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b1.htm) [<u>via EDGAR on June 23, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000089418914002886/rule12b1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>First Amended and Restated Class M Rule 12b-1 Plan of Elements U.S. Portfolio, Elements</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519256122/d808905dex99m9.htm) [<u>U.S. Small Cap Portfolio, Elements International Portfolio, Elements International Small Cap</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519256122/d808905dex99m9.htm) [<u>Portfolio and Elements Emerging Markets Portfolio, dated as of April 1, 2019, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519256122/d808905dex99m9.htm) [<u>reference to Exhibit (m)(9) filed with the Registrant's Post-Effective Amendment No. 55 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519256122/d808905dex99m9.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 26, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519256122/d808905dex99m9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Class M Rule 12b-1 Plan of Stone Ridge Diversified Alternatives Fund, dated January 29, 2020,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99m10.htm) [<u>incorporated by reference to Exhibit (m)(10) filed with the Registrant's Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99m10.htm) [<u>No. 63 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on June 2,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99m10.htm) [<u>2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99m10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Class M Rule 12b-1 Plan of Stone Ridge Bitcoin Strategy Fund, dated July 19, 2021, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99m11.htm) [<u>reference to Exhibit (m)(11) filed with the Registrant's Post-Effective Amendment No. 77 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99m11.htm) [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99m11.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | (12) | &nbsp;&nbsp; [<u>Rule 12b-1 Plan of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99m12.htm)<br> [<u>Income ETFs, dated as of July 17, 2024, incorporated by reference to Exhibit (m)(12) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99m12.htm)<br> [<u>Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99m12.htm)<br> [<u>with the SEC via EDGAR on August 30, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99m12.htm)<br>|
|  | (13) | &nbsp;&nbsp; [<u>Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99m13.htm)<br> [<u>LifeX Inflation-Protected Longevity Income ETFs and LifeX Durable Income ETF, dated</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99m13.htm)<br> [<u>December 13, 2024, incorporated by reference to Exhibit (m)(13) filed with the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99m13.htm)<br> [<u>Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99m13.htm)<br> [<u>via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99m13.htm)<br>|
|  | (14) | &nbsp;&nbsp; [<u>Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99m14.htm)<br> [<u>LifeX Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF and LifeX Term</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99m14.htm)<br> [<u>Income ETFs, dated January 1, 2025, incorporated by reference to Exhibit (m)(14) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99m14.htm)<br> [<u>Registrant's Post-Effective Amendment No. 97 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99m14.htm)<br> [<u>with the SEC via EDGAR on December 30, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99m14.htm)<br>|
|  | (15) | &nbsp;&nbsp; [<u>Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99m15.htm)<br> [<u>LifeX Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF and LifeX Term</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99m15.htm)<br> [<u>Income ETFs, dated February 3, 2025, incorporated by reference to Exhibit (m)(15) filed with the</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99m15.htm)<br> [<u>Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99m15.htm)<br> [<u>with the SEC via EDGAR on April 29, 2025.</u>](https://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99m15.htm)<br>|
|  |  | &nbsp;&nbsp; Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the <br> LifeX Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF and LifeX Term <br> Income ETFs, dated [ ], to be filed by amendment.<br>|
| (n) | (1) | &nbsp;&nbsp; [<u>Third Amended and Restated Multi-Class Plan Pursuant to Rule 18f-3 of Stone Ridge High Yield</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056072/d877915dex99n1.htm)<br> [<u>Reinsurance Risk Premium Fund, dated as of January 29, 2020, incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056072/d877915dex99n1.htm)<br> [<u>(n)(1) filed with the Registrant's Post-Effective Amendment No. 58 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056072/d877915dex99n1.htm)<br> [<u>Form N-1A, as filed with the SEC via EDGAR on February 28, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056072/d877915dex99n1.htm)<br>|
|  | (2) | &nbsp;&nbsp; [<u>Third Amended and Restated Multi-Class Plan Pursuant to Rule 18f-3 of Stone Ridge U.S. Hedged</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056105/d852069dex99n2.htm)<br> [<u>Equity Fund (formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium Fund (formerly</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056105/d852069dex99n2.htm)<br> [<u>known as Stone Ridge U.S. Variance Risk Premium Fund)), dated as of January 29, 2020,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056105/d852069dex99n2.htm)<br> [<u>incorporated by reference to Exhibit (n)(2) filed with the Registrant's Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056105/d852069dex99n2.htm)<br> [<u>No. 59 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056105/d852069dex99n2.htm)<br> [<u>February 28, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520056105/d852069dex99n2.htm)<br>|
|  | (3) | &nbsp;&nbsp; [<u>First Amended and Restated Multi-Class Plan Pursuant to Rule 18f-3 of Stone Ridge International</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n3.htm)<br> [<u>Developed Markets Variance Risk Premium Fund, dated as of January 30, 2019, incorporated by</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n3.htm)<br> [<u>reference to Exhibit (n)(3) filed with the Registrant's Post-Effective Amendment No. 50 to its</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n3.htm)<br> [<u>Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n3.htm)<br>|
|  | (4) | &nbsp;&nbsp; [<u>First Amended and Restated Multi-Class Plan Pursuant to Rule 18f-3 of Stone Ridge Global Equity</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n4.htm)<br> [<u>Variance Risk Premium Master Fund, dated as of January 30, 2019, incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n4.htm)<br> [<u>Exhibit (n)(4) filed with the Registrant's Post-Effective Amendment No. 50 to its Registration</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n4.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99n4.htm)<br>|
|  | (5) | &nbsp;&nbsp; [<u>Multi-Class Plan Pursuant to Rule 18f-3 of each of Elements U.S. Portfolio, Elements U.S. Small Cap</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99n5.htm)<br> [<u>Portfolio, Elements International Portfolio, Elements International Small Cap Portfolio and Elements</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99n5.htm)<br> [<u>Emerging Markets Portfolio, dated as of April 1, 2019, incorporated by reference to Exhibit (n)(5)</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99n5.htm)<br> [<u>filed with the Registrant's Post-Effective Amendment No. 53 to its Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99n5.htm)<br> [<u>Form N-1A, as filed with the SEC via EDGAR on March 28, 2019</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312519090645/d665312dex99n5.htm).<br>|
|  | (6) | &nbsp;&nbsp; [<u>First Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 of Stone Ridge Diversified</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99n6.htm)<br> [<u>Alternatives Fund, dated October 27, 2020, incorporated by reference to Exhibit (n)(6) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99n6.htm)<br> [<u>Registrant's Post-Effective Amendment No. 68 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99n6.htm)<br> [<u>with the SEC via EDGAR on November 23, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99n6.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Multi-Class Plan Pursuant to Rule 18f-3 of Stone Ridge Bitcoin Strategy Fund, dated as of July 19,</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99n7.htm) [<u>2021, incorporated by reference to Exhibit (n)(7) filed with the Registrant's Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99n7.htm) [<u>Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99n7.htm) [<u>on July 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99n7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;(p) [<u>Code of Ethics of Stone Ridge and the Registrant, incorporated by reference to Exhibit (p) filed with</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99p.htm) [<u>the Registrant's Post-Effective Amendment No. 99 to its Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99p.htm) [<u>filed with the SEC via EDGAR on February 26, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(q) (1) [<u>Power of Attorney of Stone Ridge Trust, incorporated by reference to Exhibit (q) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99q.htm) [<u>Registrant's Post-Effective Amendment No. 46 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99q.htm) [<u>with the SEC via EDGAR on September 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Power of Attorney of Stone Ridge Trust, incorporated by reference to Exhibit (q)(2) filed with the</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99q2.htm) [<u>Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99q2.htm) [<u>with the SEC via EDGAR on December 9, 2024.</u>](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99q2.htm)

<u>Item 29.</u>

<u>Persons Controlled by or under Common Control with Registrant</u>

None.

<u>Item 30.</u>

<u>Indemnification</u>

The Registrant's Fifth Amended and Restated Agreement and Declaration of Trust, incorporated herein by reference, contains provisions limiting the liability, and providing for indemnification, of the Trustees, officers, employees and other "Covered Persons" (including their respective heirs, assigns, successors or other legal representatives) to the fullest extent permitted by law, including advancement of payments of all expenses incurred in connection with the preparation and presentation of any defense (subject to repayment obligations in certain circumstances).

The Registrant's Distribution Agreement, incorporated herein by reference, contains provisions limiting the liability, and providing for indemnification, of the Trustees and officers under certain circumstances.

Further, the Stone Ridge Reinsurance Risk Premium Fund's and Stone Ridge High Yield Reinsurance Risk Premium Fund's First Amended and Restated Investment Management Agreement, the Stone Ridge U.S. Hedged Equity Fund's (formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance Risk Premium Fund)) and Stone Ridge U.S. Small Cap Variance Risk Premium Fund's Investment Management Agreement, the Stone Ridge U.S. Variance Risk Premium Master Fund's Investment Management Agreement, the Stone Ridge International Developed Markets Variance Risk Premium Fund's and Stone Ridge Emerging Markets Variance Risk Premium Fund's Investment Management Agreement, the Stone Ridge International Variance Risk Premium Master Fund's Investment Management Agreement, the Stone Ridge Global Equity Variance Risk Premium Master Fund's Investment Management Agreement, the Elements U.S. Portfolio's, Elements U.S. Small Cap Portfolio's, Elements International Portfolio's, Elements International Small Cap Portfolio's and Elements Emerging Markets Portfolio's Investment Management Agreement, the Stone Ridge Diversified Alternatives Fund's Investment Management Agreement, the Stone Ridge Diversified Alternatives Sub Fund Ltd's Investment Management Agreement, the Stone Ridge All Asset Variance Risk Premium Fund's Investment Management Agreement, the Stone Ridge All Asset Variance Risk Premium Sub Fund Ltd's Investment Management Agreement, the Stone Ridge Bitcoin Strategy Fund's Investment Management Agreement, the Stone Ridge Bitcoin Strategy Sub Fund Ltd's Investment Management Agreement, the Stone Ridge LifeX Income Open-End Funds Investment Management Agreement, the Stone Ridge LifeX Inflation-Protected Income Open-End Funds Investment Management Agreement, the LifeX Longevity Income ETFs', the LifeX Inflation-Protected Longevity Income ETFs' and LifeX Durable Income ETF's Amended and Restated Investment Management Agreement, each incorporated herein by reference, contain provisions limiting the liability, and providing for indemnification, of Stone Ridge and its personnel under certain circumstances.

------

The Registrant's Trustees and officers are insured under a standard investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed in their official capacities as such.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in this Item 30, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

<u>Item 31.</u>

<u>Business and Other Connections of Investment Adviser</u>

Stone Ridge is a Delaware limited liability company that offers investment management services and is a registered investment adviser. Stone Ridge's offices are located at One Vanderbilt Avenue, 65th Floor, New York, NY 10017. Information as to the officers and directors of Stone Ridge is included in its current Form ADV (File No. 801-77228) filed with the SEC, and the text of Schedule A of Stone Ridge's current Form ADV is incorporated herein by reference.

<u>Item 32.</u>

<u>Principal Underwriter</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside Global Services, LLC acts as the distributor for the Stone Ridge Diversified Alternatives Fund and the Stone Ridge High Yield Reinsurance Risk Premium Fund.Foreside Financial Services, LLC
acts as the distributor for the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, the
LifeX Term Income ETFs, and the following investment companies:13D Activist Fund, Series of Northern Lights Fund Trust; 2nd Vote Funds; AAMA Equity Fund, Series of Asset Management Fund; AAMA Income Fund, Series of Asset Management Fund; Advisers Investment Trust; AG Twin Brook
Capital Income Fund; AltShares Trust; American Beacon AHL Trend ETF,
Series of American Beacon Select Funds; American Beacon GLG Natural
Resources ETF, American Beacon Select Funds; Aristotle Funds Series Trust; Boston Trust Walden Funds (f/k/a The Boston Trust & Walden Funds); Bow River Capital Evergreen Fund; Connetic Venture Capital Access Fund; Constitution Capital Access Fund, LLC; Datum One Series Trust;
Diamond Hill Funds; Diamond Hill Securitized Credit Fund; Driehaus
Mutual Funds; FMI Funds, Inc.; Impax Funds Series Trust I (f/k/a Pax
World Funds Series Trust I); Impax Funds Series Trust III (f/k/a Pax World Funds Series Trust III); Inspire 100 ETF, Series of Northern Lights Fund Trust IV; Inspire 500 ETF, Series of Northern Lights Fund Trust IV; Inspire Corporate Bond ETF, Series of Northern Lights Fund Trust IV; Inspire Fidelis Multi
Factor ETF, Series of Northern Lights Fund Trust IV; Inspire Global Hope
ETF, Series of Northern Lights Fund Trust IV; Inspire International ETF,
Series of Northern Lights Fund Trust IV; Inspire Momentum ETF, Series of Northern Lights Fund Trust IV; Inspire Small/Mid Cap ETF, Series of Northern Lights Fund Trust IV; Inspire Tactical Balanced ETF, Series of the Northern Lights Fund Trust IV; Macquarie Energy Transition ETF,
Series of Macquarie ETF Trust; Macquarie Focused Emerging Markets Equity
ETF, Series of Macquarie ETF Trust; Macquarie Focused Large Growth ETF,
Series of Macquarie ETF Trust; Macquarie Global Listed Infrastructure ETF, Series of Macquarie ETF Trust; Macquarie Tax-Free USA Short Term ETF, Series of Macquarie ETF Trust; Meketa Infrastructure Fund; Nomura Alternative Income Fund; PPM Funds; Praxis Mutual Funds;
Primark Meketa Private Equity Investments Fund; SA Funds –
Investment Trust; Sequoia Fund, Inc.; Simplify Exchange Traded Funds; Siren ETF Trust; Stone Ridge Alternative Lending Risk Premium Fund, Series of Stone
Ridge Trust V; Stone Ridge Art Risk Premium Fund, Series of Stone Ridge
Trust VIII; Stone Ridge Post-Event Reinsurance Fund, Series of Stone
Ridge Trust IV; Stone Ridge Reinsurance Risk Premium Interval Fund, Series of Stone Ridge Trust II; Tactical Dividend and Momentum Fund, Series of Two Roads Shared Trust; TCW ETF Trust; Zacks Trust.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The main business address of both Foreside Global Services, LLC and Foreside Financial Services, LLC is Three Canal Plaza, Suite 100, Portland, Maine 04101. To the best of the Registrant's
knowledge, the directors and executive officers of each of Foreside Global
Services, LLC and Foreside Financial Services, LLC are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name and Principal**<br> **Business Address\*** <br>| **Position and Offices with Foreside Global** <br> **Services, LLC and Foreside Financial** <br> **Services, LLC** <br>| **Positions and Offices**<br> **with Registrant**<br>|
| Teresa Cowan | President/Manager  | None |
| Chris Lanza | Vice President | None |
| Kate Macchia | Vice President | None  |
| Jennifer A. Brunner | Vice President and Chief Compliance Officer | None |
| Kelly B. Whetstone | Secretary | None |
| Susan L. LaFond | Treasurer | None |
| Weston Sommers | &nbsp;&nbsp; Financial and Operations Principal and Chief <br> Financial Officer<br>| None |

---

------

\*

The principal business address for each of the above directors and executive officers is Three Canal Plaza, Suite 100, Portland, Maine 04101.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The following table sets forth the commissions and other compensation received, directly or indirectly, from the LifeX Durable Income ETF during the last fiscal year by the principal underwriter who
is not an affiliated person of the LifeX Durable Income ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(1)**<br> **Name of Principal**<br> **Underwriter**<br>| **(2)**<br> **Net Underwriting**<br> **Discounts and**<br> **Commission**<br>| **(3)**<br> **Compensation on**<br> **Redemption and**<br> **Repurchases**<br>| **(4)**<br> **Brokerage**<br> **Commissions**<br>| **(5)**<br> **Other**<br> **Compensation**<br>|
| Foreside Global <br> Services, LLC<br>|  |  |  |  |
| Foreside Financial <br> Services, LLC<br>|  |  |  |  |

---

<u>Item 33.</u>

<u>Location of Accounts and Records</u>

All accounts, books and other documents required by Rule 31(a) under the Investment Company Act of 1940, as amended, are maintained at the offices, as applicable, of:

1. Stone Ridge Trust <br>One Vanderbilt Avenue, 65th Floor <br>New York, NY 10017

2. Stone Ridge Asset Management LLC <br>One Vanderbilt Avenue, 65th Floor <br>New York, NY 10017

3. U.S. Bank N.A. <br>1555 N. Rivercenter Drive, Suite 302 <br>Milwaukee, Wisconsin 53212

4. U.S. Bancorp Fund Services, LLC <br>615 East Michigan Street <br>Milwaukee, Wisconsin 53202

5. Simpson Thacher & Bartlett LLP <br>

------

900 G Street, NW <br>Washington, DC 20001

6. Foreside Financial Services, LLC <br>Three Canal Plaza <br>Suite 100 <br>Portland, Maine 04101

<u>Item 34.</u>

<u>Management Services</u>

Not applicable.

<u>Item 35.</u>

<u>Undertakings</u>

Not applicable.

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 106 to the Registration Statement of Stone Ridge Trust (related to LifeX Durable Income ETF) to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York, on the 16<sup>th</sup> day of July, 2025.

---

| | |
|:---|:---|
| **STONE RIDGE TRUST** | **STONE RIDGE TRUST** |
| By: | /s/ Maura Keselowsky |
|  | Maura Keselowsky, Treasurer and Principal Financial <br> Officer<br>|

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| \* | Trustee, President (Principal Executive Officer) | July 16, 2025 |
| Ross Stevens |  |  |
| /s/ Maura Keselowsky | Treasurer (Principal Financial Officer) | July 16, 2025 |
| Maura Keselowsky |  |  |
| \* | Trustee | July 16, 2025 |
| Daniel Charney |  |  |
| \* | Trustee | July 16, 2025 |
| Jeffery Ekberg |  |  |
| \* Power of Attorney |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \*By: | /s/ Maura Keselowsky |
|  | Maura Keselowsky |
|  | Attorney in Fact |

---

------