# EDGAR Filing Document

**Accession Number:** 0001559992
**File Stem:** 0001193125-25-232066
**Filing Date:** 2025-10
**Character Count:** 104797
**Document Hash:** 5b8956f84912af1d41678671d58fc05a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-232066.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001193125-25-232066

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**EFFECTIVENESS DATE**: 20251006

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289155
- **FILM NUMBER:** 251377620

**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

As filed with the Securities and Exchange Commission on October 6, 2025

1933 Act File No. 333-289155

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

Washington, D.C. 20549

**FORM N-14** 

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| | | |
|:---|:---|:---|
|  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
|  Pre-Effective Amendment No. |  | ☐ |
|  Post-Effective Amendment No. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | ☒ |

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**STONE RIDGE TRUST** 

(Exact Name of Registrant as Specified in Charter)

One Vanderbilt Avenue, 65th Floor

New York, New York 10017

(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code:

855-609-3680

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017

(Name and Address of Agent for Service)

Copies of Communication To:

Elizabeth J. Reza Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02199 Chelsea M. Childs Ropes & Gray LLP Three Embargo Center San Francisco, CA 94111

No filing fee is due because an indefinite number of shares has previously been registered in reliance on Section 24(f) of the Investment Company Act of 1940, as amended.

This Post-Effective Amendment No. 1 will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

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**STONE RIDGE TRUST** 

**CONTENTS OF REGISTRATION STATEMENT** 

This Registration Statement consists of the following:

Cover Sheet

Contents of Registration Statement

Part A - Combined Information Statement and Prospectus\*

Part B - Statement of Additional Information\*

Part C - Other Information

Signature Page

Exhibits

 \* Incorporated by reference to Registrant's Registration Statement on Form N-14 as filed with the Securities and Exchange Commission on July 31, 2025 and as revised and subsequently filed in definitive form pursuant to Rule 497 on September 2, 2025 (File No. 333-289155) (the "Registration Statement").

**Explanatory Note** 

This Post-Effective Amendment No. 1 to the Registration Statement is being filed solely in order to add the following exhibits to the Registration Statement:

Exhibit 12(a): Opinion of Counsel regarding certain tax matters, dated September 15, 2025;

Exhibit 12(b): Opinion of Counsel regarding certain tax matters, dated September 16, 2025;

Exhibit 12(c): Opinion of Counsel regarding certain tax matters, dated September 17, 2025; and

Exhibit 12(d): Opinion of Counsel regarding certain tax matters, dated September 18, 2025.

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**<u>PART C. OTHER INFORMATION</u>** 

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|:---|:---|
| **<u>Item</u><u> </u><u>15</u>.** | **<u>Indemnification</u>**  |

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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 First Amended and Restated 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, and the Stone Ridge LifeX Inflation-Protected Income Open-End Funds Investment Management Agreement, each incorporated herein by reference, and the LifeX Longevity Income ETFs', the LifeX Inflation-Protected Longevity Income ETFs', the LifeX Durable Income ETF's, and the LifeX Term Income ETFs' Second Amended and Restated Investment Management Agreement, 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.

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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.

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|:---|:---|
| **<u>Item 16</u>.** | **<u>Exhibits</u>**  |

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|:---|:---|
| (1)<br>(a) | [Amended and Restated Certificate of Trust of Stone Ridge Trust (the "Registrant"), dated as of October 23, 2015, incorporated by reference to Exhibit (1)(d) filed with the Registrant's Registration Statement on Form N-14, as filed with the Securities and Exchange Commission ("SEC") via EDGAR on September 27, 2016.](http://www.sec.gov/Archives/edgar/data/1559992/000119312516720315/d265751dex991d.htm) |
| (b) | [Fifth Amended and Restated Agreement and Declaration of Trust of the Registrant, dated as of July 17, 2024, incorporated by reference to Exhibit (a)(3) filed with the Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on August 30, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99a3.htm) |
| (2)<br> (a) | [Second Amended and Restated Bylaws of the Registrant, incorporated by reference to Exhibit (b)(1) filed with Post-Effective Amendment No. 96 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99b1.htm) |
| (3) | Not applicable. |
| (4) | [Form of Agreement and Plan, incorporated by reference to Exhibit 4 filed with the Registrant's Registration Statement on Form N-14, as filed with the SEC via EDGAR on July 31, 2025.](http://www.sec.gov/Archives/edgar/data/1559992/000119312525170636/d35446dex994.htm) |
| (5) | Not applicable. |
| (6)<br> (a) | [Investment Management Agreement between Stone Ridge Asset Management LLC ("Stone Ridge") and the Registrant on behalf of each of Stone Ridge Reinsurance Risk Premium Fund and Stone Ridge High Yield Reinsurance Risk Premium Fund, dated as of January 11, 2013, incorporated by reference to Exhibit (d)(1) filed with the Registrant's Post-Effective Amendment No. 28 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2016.](http://www.sec.gov/Archives/edgar/data/1559992/000089418916007939/invest-mgmt_agmnt.htm) |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(s) [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 and the LifeX Durable Income ETF, dated December 13, 2024, incorporated by reference to Exhibit (d)(19) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99d19.htm)

(t) [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 as of January 1, 2025, incorporated by reference to Exhibit (d)(20) filed with the Registrant's Post-Effective Amendment No. 97 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99d20.htm)

(u) [Second 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 as of February 19, 2025, incorporated by reference to Exhibit (d)(21) filed with the Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99d21.htm)

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|:---|:---|
| (7)<br>(a) | [Distribution Agreement between the Registrant, on behalf of the Stone Ridge LifeX Income Funds and the Stone Ridge LifeX Inflation-Protected Income Funds, and Foreside Global Services, LLC, dated as of December 2, 2023, incorporated by reference to Exhibit (e)(10) filed with the Registrant's Post-Effective Amendment No. 91 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on June 20, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524164330/d822834dex99e10.htm) |
| (b) | [Amendment No. 1 to the Distribution Agreement between the Registrant and Foreside Global Services, LLC, dated as of September 5, 2024, incorporated by reference to Exhibit (e)(11) filed with the Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 25, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99e11.htm) |
| (c) | [ETF Distribution Agreement between the Registrant, on behalf of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and Foreside Financial Services, LLC, dated as of July 17, 2024, incorporated by reference to Exhibit (e)(11) filed with the Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on August 30, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99e11.htm) |
| (d) | [Second Amendment to Distribution Agreement between the Registrant, on behalf of Stone Ridge High Yield Reinsurance Risk Premium Fund and Stone Ridge Diversified Alternatives Fund, and Foreside Global Services, LLC, dated as of October 30, 2024, incorporated by reference to Exhibit (e)(13) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e13.htm) |
| (e) | [First 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 and the LifeX Durable Income ETF, dated December 13, 2024, incorporated by reference to Exhibit (e)(14) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99e14.htm) |
| (f) | [Second 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 January 1, 2025, incorporated by reference to Exhibit (e)(15) filed with the Registrant's Post-Effective Amendment No. 97 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 30, 2024](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99e15.htm) |
| (g) | [Third 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 February 3, 2025, incorporated by reference to Exhibit (e)(7) filed with the Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99e7.htm) |

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|:---|:---|
| (8) | Not applicable. |
| (9)<br> (a) | [Second Amended and Restated Custody Agreement between the Registrant and U.S. Bank National Association, dated as of September 24, 2020, incorporated by reference to Exhibit (g)(1) filed with the Registrant's Post-Effective Amendment No. 68 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/1559992/000119312520301441/d10612dex99g1.htm) |
| (b) | [First Amendment to the Second Amended and Restated Custody Agreement between the Registrant and U.S. Bank National Association, dated as of October 5, 2020, incorporated by reference to Exhibit (g)(2) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g2.htm) |
| (c) | [Second Amendment to the Second Amended and Restated Custody Agreement between the Registrant and U.S. Bank National Association, dated as of July 19, 2021, incorporated by reference to Exhibit (g)(3) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99g3.htm) |
| (d) | [Third Amendment to the Second Amended and Restated Custody Agreement between the Registrant and U.S. Bank National Association, dated as of February 4, 2022, incorporated by reference to Exhibit (g)(4) filed with the Registrant's Post-Effective Amendment No. 82 to its Registration Statement on Form N-1A, as fled with the SEC via EDGAR on February 28, 2022.](http://www.sec.gov/Archives/edgar/data/1559992/000119312522057011/d244757dex99g4.htm) |
| (e) | [Fourth Amendment to the Second Amended and Restated Custody Agreement between the Registrant and U.S. Bank National Association, dated as of October 21, 2022, incorporated by reference to Exhibit (g)(5) filed with the Registrant's Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 24, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99g5.htm) |
| (f) | [Custody Agreement between the Registrant, on behalf of the series listed on Exhibit A thereto, and U.S. Bancorp Fund Services, LLC, dated as of December 6, 2023, incorporated by reference to Exhibit (g)(6) filed with the Registrant's Post-Effective Amendment No. 88 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 28, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99g6.htm) |
| (g) | [ETF Custody Agreement between the Registrant, on behalf of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bank National Association, dated September 6, 2024, incorporated by reference to Exhibit (g)(7) filed with the Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 25, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99g7.htm) |

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|:---|:---|
| (h) | [First 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 December 13, 2024, incorporated by reference to Exhibit (g)(8) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99g8.htm) |
| (i) | [Second 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 February 14, 2025, incorporated by reference to Exhibit (g)(9) filed with the Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99g9.htm) |
| (j) | [Custodian Agreement between the Registrant and Brown Brothers Harriman & Co., dated as of April 10, 2018, incorporated by reference to Exhibit (g)(2) filed with the Registrant's Post-Effective Amendment No. 46 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 28, 2018.](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99g2.htm) |
| (10)<br> (a) | [First Amended and Restated Class I Rule 12b-1 Plan of each of Stone Ridge Reinsurance Risk Premium Fund and Stone Ridge High Yield Reinsurance Risk Premium Fund, incorporated by reference to Exhibit (m)(1) filed with the Registrant's Post-Effective Amendment No. 4 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm1.htm) |
| (b) | [Class I Rule 12b-1 Plan of each of Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance Risk Premium Fund)), Stone Ridge U.S. Small Cap Variance Risk Premium Fund and Stone Ridge U.S. Variance Risk Premium Master Fund, incorporated by reference to Exhibit (m)(2) filed with the Registrant's Post-Effective Amendment No. 4 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm2.htm) |
| (c) | [Second Amended and Restated Class M Rule 12b-1 Plan of each of Stone Ridge Reinsurance Risk Premium Fund and Stone Ridge High Yield Reinsurance Risk Premium Fund, incorporated by reference to Exhibit (m)(3) filed with the Registrant's Post-Effective Amendment No. 4 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.](http://www.sec.gov/Archives/edgar/data/1559992/000089843213000647/exhm3.htm) |
| (d) | [Class M Rule 12b-1 Plan of each of Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance Risk Premium Fund)), Stone Ridge U.S. Small Cap Variance Risk Premium Fund and Stone Ridge U.S. Variance Risk Premium Master Fund, incorporated by reference to Exhibit (m)(4) filed with the Registrant's Post-Effective Amendment No. 4 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 5, 2013.](http://www.sec.gov/Archives/edgar/data/1559992/000119312522057011/d244757dex99g4.htm) |

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

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

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

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

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

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

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

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| | |
|:---|:---|
| (l) | [Rule 12b-1 Plan of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, dated as of July 17, 2024, incorporated by reference to Exhibit (m)(12) filed with the Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on August 30, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99m12.htm) |
| (m) | [Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity Income ETFs and LifeX Durable Income ETF, dated December 13, 2024, incorporated by reference to Exhibit (m)(13) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99m13.htm) |
| (n) | [Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF and LifeX Term Income ETFs, dated January 1, 2025, incorporated by reference to Exhibit (m)(14) filed with the Registrant's Post-Effective Amendment No. 97 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524286761/d726272dex99m14.htm) |
| (o) | [Amended & Restated Schedule A to the Rule 12b-1 Plan of the LifeX Longevity Income ETFs, the LifeX Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF and LifeX Term Income ETFs, dated February 3, 2025, incorporated by reference to Exhibit (m)(15) filed with the Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99m15.htm) |
| (11) | [Opinion and consent of Berger McDermott LLP as to the legality of issuance of shares, incorporated by reference to Exhibit 11 filed with the Registrant's Registration Statement on Form N-14, as filed with the SEC via EDGAR on July 31, 2025.](http://www.sec.gov/Archives/edgar/data/1559992/000119312525170636/d35446dex9911.htm) |
| (12)<br> (a) | [Opinion of Counsel regarding certain tax matters, dated September 15, 2025, filed herewith.](d90387dex9912a.htm) |
| (b) | [Opinion of Counsel regarding certain tax matters, dated September 16, 2025, filed herewith.](d90387dex9912b.htm) |
| (c) | [Opinion of Counsel regarding certain tax matters, dated September 17, 2025, filed herewith.](d90387dex9912c.htm) |
| (d) | [Opinion of Counsel regarding certain tax matters, dated September 18, 2025, filed herewith.](d90387dex9912d.htm) |

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| | | |
|:---|:---|:---|
| (13) | (a)<br>(i) | [Amended and Restated Fund Administration Servicing Agreement between the Registrant, on behalf of its series, and U.S. Bancorp Fund Services, LLC (the "Administrator"), dated as of October 30, 2017, incorporated by reference to Exhibit (h)(1) filed with the Registrant's Post-Effective Amendment No. 41 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 20, 2017.](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h1.htm) |
|  | (ii) | [Addendum to the Amended and Restated Fund Administration Servicing Agreement between the Registrant, on behalf of its series, and the Administrator, dated as of September 21, 2018, incorporated by reference to Exhibit (h)(2) filed with the Registrant's Post-Effective Amendment No. 46 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 28, 2018.](http://www.sec.gov/Archives/edgar/data/1559992/000119312518286988/d412020dex99h2.htm) |
|  | (iii) | [First Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Registrant, on behalf of its series, and the Administrator, dated as of January 30, 2019, incorporated by reference to Exhibit (h)(3) filed with the Registrant's Post-Effective Amendment No. 49 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h3.htm) |

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

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

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

(vii) [Fifth Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 21, 2022, incorporated by reference to Exhibit (h)(7) filed with the Registrant's Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 24, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h7.htm)

(viii) [Addendum to the Amended and Restated Fund Administration Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of February 7, 2023, incorporated by reference to Exhibit (h)(8) filed with the Registrant's Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 24, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h8.htm)

(ix) [Fund Administration Servicing Agreement between the Registrant, on behalf of the series listed on Exhibit A thereto, and U.S. Bancorp Fund Services, LLC, dated as of December 6, 2023, incorporated by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective Amendment No. 88 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 28, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h9.htm)

(x) [ETF Fund Administration Servicing Agreement between the Registrant, on behalf of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bancorp Fund Services, LLC, dated September 6, 2024, incorporated by reference to Exhibit (h)(10) filed with the Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 25, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h10.htm)

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| | |
|:---|:---|
| (xi) | [First Amendment to the ETF Fund Administration Servicing Agreement between U.S. Bancorp Fund 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 December 13, 2024, incorporated by reference to Exhibit (h)(11) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h11.htm) |
| (xii) | [Second Amendment to the ETF Fund Administration Servicing Agreement between U.S. Bancorp Fund 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 February 14, 2025, incorporated by reference to Exhibit (h)(12) filed with the Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h12.htm) |
| (b)<br> (i) | [Amended and Restated Transfer Agent Servicing Agreement between the Registrant, on behalf of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 30, 2017, incorporated by reference to Exhibit (h)(2) filed with the Registrant's Post-Effective Amendment No. 41 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 20, 2017.](http://www.sec.gov/Archives/edgar/data/1559992/000119312517373892/d421885dex99h2.htm) |
| (ii) | [First Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Registrant, on behalf of its series, and U.S. Bancorp Fund Services, LLC, dated as of February 25, 2020, incorporated by reference to Exhibit (h)(6) filed with the Registrant's Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on June 2, 2020](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h6.htm). |
| (iii) | [Second Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 5, 2020, incorporated by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h9.htm) |
| (iv) | [Third Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of July 19, 2021, incorporated by reference to Exhibit (h)(10) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h10.htm) |

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

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(ii) [First Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Registrant, on behalf of its series, and U.S. Bancorp Fund Services, LLC, dated as of January 30, 2019, incorporated by reference to Exhibit (h)(6) filed with the Registrant's Post-Effective Amendment No. 49 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054080/d691708dex99h6.htm)

(iii) [Second Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Registrant, on behalf of its series, and U.S. Bancorp Fund Services, LLC, dated as of February 25, 2020, incorporated by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective Amendment No. 63 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on June 2, 2020.](http://www.sec.gov/Archives/edgar/data/1559992/000119312520158257/d878513dex99h9.htm)

(iv) [Third Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 5, 2020, incorporated by reference to Exhibit (h)(14) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h14.htm)

(v) [Fourth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of July 19, 2021, incorporated by reference to Exhibit (h)(15) filed with the Registrant's Post-Effective Amendment No. 77 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on July 23, 2021.](http://www.sec.gov/Archives/edgar/data/1559992/000119312521222638/d735267dex99h15.htm)

(vi) [Fifth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of October 21, 2022, incorporated by reference to Exhibit (h)(19) filed with the Registrant's Post-Effective Amendment No. 83 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 24, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523048941/d439576dex99h19.htm)

(vii) [Fund Accounting Servicing Agreement between the Registrant, on behalf of each of its series, and U.S. Bancorp Fund Services, LLC, dated as of December 6, 2023, incorporated by reference to Exhibit (h)(22) filed with the Registrant's Post-Effective Amendment No. 88 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 28, 2023.](http://www.sec.gov/Archives/edgar/data/1559992/000119312523304845/d587494dex99h22.htm)

(viii) [ETF Fund Accounting Servicing Agreement between the Registrant, on behalf of the LifeX Longevity Income ETFs and LifeX Inflation-Protected Longevity Income ETFs, and U.S. Bancorp Fund Services, LLC, dated September 6, 2024, incorporated by reference to Exhibit (h)(27) filed with the Registrant's Post-Effective Amendment No. 93 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 25, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524225954/d890828dex99h27.htm)

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|:---|:---|:---|
|  | (ix) | [First Amendment to the ETF Fund Accounting Servicing Agreement between U.S. Bancorp Fund 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 December 13, 2024, incorporated by reference to Exhibit (h)(29) filed with the Registrant's Post-Effective Amendment No. 96 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on December 9, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524273283/d890828dex99h29.htm) |
|  | (x) | [Second Amendment to the ETF Fund Accounting Servicing Agreement between U.S. Bancorp Fund 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 February 14, 2025, incorporated by reference to Exhibit (h)(32) filed with the Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on April 29, 2025.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312525105091/d934681dex99h32.htm) |
| (d) |  | [Expense Limitation Agreement between Stone Ridge and the Registrant on behalf of Stone Ridge High Yield Reinsurance Risk Premium Fund, dated as of January 19, 2024, incorporated by reference to Exhibit (h)(30) filed with the Registrant's Post-Effective Amendment No. 99 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 26, 2025.](http://www.sec.gov/Archives/edgar/data/1559992/000119312525036640/d898955dex99h30.htm) |
| (e) |  | [Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge U.S. Hedged Equity Fund (formerly known as Stone Ridge U.S. Large Cap Variance Risk Premium Fund (formerly known as Stone Ridge U.S. Variance Risk Premium Fund)), dated as of January 25, 2023, incorporated by reference to Exhibit (h)(21) filed with the Registrant's Post-Effective Amendment No. 85 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 28, 2023.](http://www.sec.gov/Archives/edgar/data/0001559992/000119312523054019/d441155dex99h21.htm) |
| (f) |  | [Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge International Developed Markets Variance Risk Premium Fund, dated as of January 30, 2019, incorporated by reference to Exhibit (h)(9) filed with the Registrant's Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h9.htm) |
| (g) |  | [Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of Stone Ridge Global Equity Variance Risk Premium Master Fund, dated as of January 30, 2019, incorporated by reference to Exhibit (h)(10) filed with the Registrant's Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on February 27, 2019.](http://www.sec.gov/Archives/edgar/data/1559992/000119312519054115/d688209dex99h10.htm) |
| (h) |  | [Amended and Restated Expense Limitation Agreement between Stone Ridge and the Registrant, on behalf of each of Elements U.S. Portfolio, Elements U.S. Small Cap Portfolio, Elements International Portfolio, Elements International Small Cap Portfolio and Elements Emerging Markets Portfolio, dated as of July 30, 2020, incorporated by reference to Exhibit (h)(14) filed with the Registrant's Post-Effective Amendment No. 66 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on September 25, 2020.](http://www.sec.gov/Archives/edgar/data/1559992/000119312520254468/d69692dex99h14.htm) |

---

------

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

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

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

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

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

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

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

------

---

| | | |
|:---|:---|:---|
|  | (p) | [Form of Authorized Participant Agreement, incorporated by reference to Exhibit (h)(37) filed with the Registrant's Post-Effective Amendment No. 92 to its Registration Statement on Form N-1A, as filed with the SEC via EDGAR on August 30, 2024.](http://www.sec.gov/Archives/edgar/data/1559992/000119312524210778/d822834dex99h37.htm) |
| (14) |  | [Consent of Independent Registered Public Accounting Firm, incorporated by reference to Exhibit 14 filed with the Registrant's Registration Statement on Form N-14, as filed with the SEC via EDGAR on July 31, 2025.](http://www.sec.gov/Archives/edgar/data/1559992/000119312525170636/d35446dex9914.htm) |
| (15) |  | Not applicable. |
| (16) |  | [Power of Attorney, incorporated by reference to Exhibit 16 filed with the Registrant's Registration Statement on Form N-14, as filed with the SEC via EDGAR on July 31, 2025.](http://www.sec.gov/Archives/edgar/data/1559992/000119312525170636/d35446dex9916.htm) |
| (17) |  | None. |

---

---

| | |
|:---|:---|
| **<u>Item 17</u>.** | **<u>Undertakings</u>** |

---

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant agrees that a final form of the Opinion of Counsel of Ropes & Gray LLP regarding certain tax matters and consequences of the proposed reorganizations to shareholders discussed in the Prospectus/Information Statement will be filed in a post-effective amendment to this Registration Statement.

------

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

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Post-Effective Amendment No. 1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, on the 6<sup>th</sup> day of October, 2025.

---

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

---

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.

---

| | | |
|:---|:---|:---|
|  <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| \* |  |  |
| Ross Stevens | Trustee, President (Principal Executive Officer) | October 6, 2025 |
| /s/ *Maura Keselowsky* |  |  |
| Maura Keselowsky | Treasurer (Principal Financial Officer) | October 6, 2025 |
| \* |  |  |
| Daniel Charney | Trustee | October 6, 2025 |
| \* |  |  |
| Jeffery Ekberg | Trustee | October 6, 2025 |
| \* Power of Attorney |  |  |

---

---

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

---

------

**INDEX TO EXHIBITS** 

---

| | |
|:---|:---|
|  Exhibit<br> Number  | Description |
|  12(a) | [Opinion of Counsel regarding certain tax matters, dated September 15, 2025](d90387dex9912a.htm) |
|  12(b) | [Opinion of Counsel regarding certain tax matters, dated September 16, 2025](d90387dex9912b.htm) |
|  12(c) | [Opinion of Counsel regarding certain tax matters, dated September 17, 2025](d90387dex9912c.htm) |
|  12(d) | [Opinion of Counsel regarding certain tax matters, dated September 18, 2025](d90387dex9912d.htm) |

---

## Ex-99.(12)(A)

**Exhibit 12(a)** 

---

| | |
|:---|:---|
| ![LOGO](g90387g1004163615832.jpg)  | <br> ROPES & GRAY LLP<br>1211 AVENUE OF THE AMERICAS<br>NEW YORK, NY 10036-8704<br>WWW.ROPESGRAY.COM |

---

September 15, 2025

Each Target Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Each Acquiring Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "<u>Agreement</u>"), dated August 26, 2025, between Stone Ridge Trust, a Delaware statutory trust ("<u>SRT</u>"), on behalf of each of its series listed under the heading "Target Funds" on Schedule A attached hereto (each a "<u>Target Fund,</u>" and together, the "<u>Target Funds</u>"), SRT, on behalf of each of its series listed under the heading "Acquiring Funds" on Schedule A (each an "<u>Acquiring Fund,</u>" and together, the "<u>Acquiring Funds,</u>" and together with the Target Funds, the "<u>Funds,</u>" and each, a "<u>Fund</u>"), and solely with respect to Section 6 thereto, Stone Ridge Asset Management LLC (the "<u>Adviser</u>"). The Agreement describes proposed transactions to occur on the date of this letter, pursuant to which each Acquiring Fund will acquire all of the assets of the corresponding Target Fund, as shown on Schedule A, in exchange for shares of beneficial interest in such Acquiring Fund ("<u>Merger Shares</u>") and the assumption by such Acquiring Fund of all of the liabilities of such Target Fund, following which such Merger Shares received by such Target Fund will be distributed by such Target Fund to its shareholders in liquidation and termination of such Target Fund (each, a "<u>Reorganization</u>"). This opinion as to certain U.S. federal income tax consequences of each Reorganization is furnished to you pursuant to Sections 8(f) and 9(f) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Each Fund is a series of SRT, which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company, and has elected to be a regulated investment company for U.S. federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Furthermore, each Fund operates as an exchange-traded fund, so its shares are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

September 15, 2025

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated September 2, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each Fund has provided us with a letter dated as of the date hereof (collectively, the "<u>Representation Letters</u>"), representing as to certain facts, occurrences and information upon which such Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that each Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete; and (iii) any representation made in any of the documents referred to herein "to the best of the knowledge" of any person or party is true without regard to such qualification.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes, with respect to each Reorganization between a Target Fund and its corresponding Acquiring Fund as shown on Schedule A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund will each be "a party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Section 1032 of the Code, the Acquiring Fund will not recognize gain or loss upon the receipt of assets of the Target Fund, in exchange for Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 362(b) of the Code, the Acquiring Fund's tax basis in the assets of the Target Fund transferred to the Acquiring Fund in the Reorganization will be the same as the Target Fund's tax basis in such assets immediately prior to the Reorganization, adjusted for any gain or loss required to be recognized as described in (v) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 1223(2) of the Code, the Acquiring Fund's holding periods in the assets received from the Target Fund in the Reorganization, other than any asset with respect to which gain or loss is required to be recognized as described in (v) below, will include the periods during which such assets were held or treated for U.S. federal income tax purposes as being held by the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Sections 361 and 357 of the Code, the Target Fund will not recognize gain or loss upon the transfer of all of its assets to the Acquiring Fund in exchange for the Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, or upon the distribution of the Merger Shares by the Target Fund to its shareholders in liquidation thereof, except for (A) any gain or loss recognized on (1) "Section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in

------

September 15, 2025

Section 1297(a) of the Code, and (B) any other gain or loss required to be recognized by reason of the Reorganization (1) as a result of the closing of the tax year of the Target Fund, (2) upon the termination of a position, or (3) upon the transfer of such asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 354 of the Code, the shareholders of the Target Fund will not recognize gain or loss upon the exchange of their Target Fund shares for the Merger Shares in the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 358 of the Code, the aggregate tax basis of the Merger Shares that a Target Fund shareholder receives in the Reorganization will be the same as the aggregate tax basis of Target Fund shares exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(1) of the Code, a Target Fund shareholder's holding period for the Merger Shares received in the Reorganization will include the shareholder's holding period for Target Fund shares exchanged therefor, provided the shareholder held such Target Fund shares as capital assets on the date of the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the U.S. Treasury Regulations thereunder.

*[Remainder of page intentionally left blank.]* 

------

September 15, 2025

No ruling has been or will be obtained from the U.S. Internal Revenue Service (the "<u>IRS</u>") as to the subject matter of this opinion and there can be no assurance the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, U.S. Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above. We undertake no obligation to update or supplement this opinion to reflect any such changes that may occur.

---

| |
|:---|
|  Very truly yours, |
|  <u>/s/ Ropes & Gray LLP</u> |
|  Ropes & Gray LLP |

---

------

September 15, 2025

**<u>Schedule A</u>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Target Fund</u>** | **<u>Acquiring Fund</u>** |
| &nbsp;&nbsp; LifeX 2049 Inflation-Protected Longevity Income ETF | LifeX 2050 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2048 Inflation-Protected Longevity Income ETF | LifeX 2050 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2049 Longevity Income ETF | LifeX 2050 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2048 Longevity Income ETF | LifeX 2050 Longevity Income ETF |

---

## Ex-99.(12)(B)

**Exhibit 12(b)** 

---

| | |
|:---|:---|
| ![LOGO](g90387g1004163615832.jpg)  | <br> ROPES & GRAY LLP<br>1211 AVENUE OF THE AMERICAS<br>NEW YORK, NY 10036-8704<br>WWW.ROPESGRAY.COM |

---

September 16, 2025

Each Target Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Each Acquiring Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "<u>Agreement</u>"), dated August 26, 2025, between Stone Ridge Trust, a Delaware statutory trust ("<u>SRT</u>"), on behalf of each of its series listed under the heading "Target Funds" on Schedule A attached hereto (each a "<u>Target Fund,</u>" and together, the "<u>Target Funds</u>"), SRT, on behalf of each of its series listed under the heading "Acquiring Funds" on Schedule A (each an "<u>Acquiring Fund,</u>" and together, the "<u>Acquiring Funds,</u>" and together with the Target Funds, the "<u>Funds,</u>" and each, a "<u>Fund</u>"), and solely with respect to Section 6 thereto, Stone Ridge Asset Management LLC (the "<u>Adviser</u>"). The Agreement describes proposed transactions to occur on the date of this letter, pursuant to which each Acquiring Fund will acquire all of the assets of the corresponding Target Fund, as shown on Schedule A, in exchange for shares of beneficial interest in such Acquiring Fund ("<u>Merger Shares</u>") and the assumption by such Acquiring Fund of all of the liabilities of such Target Fund, following which such Merger Shares received by such Target Fund will be distributed by such Target Fund to its shareholders in liquidation and termination of such Target Fund (each, a "<u>Reorganization</u>"). This opinion as to certain U.S. federal income tax consequences of each Reorganization is furnished to you pursuant to Sections 8(f) and 9(f) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Each Fund is a series of SRT, which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company, and has elected to be a regulated investment company for U.S. federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Furthermore, each Fund operates as an exchange-traded fund, so its shares are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

September 16, 2025

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated September 2, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each Fund has provided us with a letter dated as of the date hereof (collectively, the "<u>Representation Letters</u>"), representing as to certain facts, occurrences and information upon which such Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that each Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete; and (iii) any representation made in any of the documents referred to herein "to the best of the knowledge" of any person or party is true without regard to such qualification.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes, with respect to each Reorganization between a Target Fund and its corresponding Acquiring Fund as shown on Schedule A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund will each be "a party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Section 1032 of the Code, the Acquiring Fund will not recognize gain or loss upon the receipt of assets of the Target Fund, in exchange for Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 362(b) of the Code, the Acquiring Fund's tax basis in the assets of the Target Fund transferred to the Acquiring Fund in the Reorganization will be the same as the Target Fund's tax basis in such assets immediately prior to the Reorganization, adjusted for any gain or loss required to be recognized as described in (v) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 1223(2) of the Code, the Acquiring Fund's holding periods in the assets received from the Target Fund in the Reorganization, other than any asset with respect to which gain or loss is required to be recognized as described in (v) below, will include the periods during which such assets were held or treated for U.S. federal income tax purposes as being held by the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Sections 361 and 357 of the Code, the Target Fund will not recognize gain or loss upon the transfer of all of its assets to the Acquiring Fund in exchange for the Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, or upon the distribution of the Merger Shares by the Target Fund to its shareholders in liquidation thereof, except for (A) any gain or loss recognized on (1) "Section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in

------

September 16, 2025

Section 1297(a) of the Code, and (B) any other gain or loss required to be recognized by reason of the Reorganization (1) as a result of the closing of the tax year of the Target Fund, (2) upon the termination of a position, or (3) upon the transfer of such asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 354 of the Code, the shareholders of the Target Fund will not recognize gain or loss upon the exchange of their Target Fund shares for the Merger Shares in the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 358 of the Code, the aggregate tax basis of the Merger Shares that a Target Fund shareholder receives in the Reorganization will be the same as the aggregate tax basis of Target Fund shares exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(1) of the Code, a Target Fund shareholder's holding period for the Merger Shares received in the Reorganization will include the shareholder's holding period for Target Fund shares exchanged therefor, provided the shareholder held such Target Fund shares as capital assets on the date of the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the U.S. Treasury Regulations thereunder.

*[Remainder of page intentionally left blank.]* 

------

September 16, 2025

No ruling has been or will be obtained from the U.S. Internal Revenue Service (the "<u>IRS</u>") as to the subject matter of this opinion and there can be no assurance the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, U.S. Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above. We undertake no obligation to update or supplement this opinion to reflect any such changes that may occur.

---

| |
|:---|
|  Very truly yours, |
|  <u>/s/ Ropes & Gray LLP</u> |
|  Ropes & Gray LLP |

---

------

September 16, 2025

**<u>Schedule A</u>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Target Fund**<br>| **Acquiring Fund** |
| &nbsp;&nbsp; LifeX 2054 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2053 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2052 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2051 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2054 Longevity Income ETF | LifeX 2055 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2053 Longevity Income ETF | LifeX 2055 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2052 Longevity Income ETF | LifeX 2055 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2051 Longevity Income ETF | LifeX 2055 Longevity Income ETF |

---

## Ex-99.(12)(C)

**Exhibit 12(c)** 

---

| | |
|:---|:---|
| ![LOGO](g90387g1004163615832.jpg)  | <br> ROPES & GRAY LLP<br>1211 AVENUE OF THE AMERICAS<br>NEW YORK, NY 10036-8704<br>WWW.ROPESGRAY.COM |

---

September 17, 2025

Each Target Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Each Acquiring Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "<u>Agreement</u>"), dated August 26, 2025, between Stone Ridge Trust, a Delaware statutory trust ("<u>SRT</u>"), on behalf of each of its series listed under the heading "Target Funds" on Schedule A attached hereto (each a "<u>Target Fund,</u>" and together, the "<u>Target Funds</u>"), SRT, on behalf of each of its series listed under the heading "Acquiring Funds" on Schedule A (each an "<u>Acquiring Fund,</u>" and together, the "<u>Acquiring Funds,</u>" and together with the Target Funds, the "<u>Funds,</u>" and each, a "<u>Fund</u>"), and solely with respect to Section 6 thereto, Stone Ridge Asset Management LLC (the "<u>Adviser</u>"). The Agreement describes proposed transactions to occur on the date of this letter, pursuant to which each Acquiring Fund will acquire all of the assets of the corresponding Target Fund, as shown on Schedule A, in exchange for shares of beneficial interest in such Acquiring Fund ("<u>Merger Shares</u>") and the assumption by such Acquiring Fund of all of the liabilities of such Target Fund, following which such Merger Shares received by such Target Fund will be distributed by such Target Fund to its shareholders in liquidation and termination of such Target Fund (each, a "<u>Reorganization</u>"). This opinion as to certain U.S. federal income tax consequences of each Reorganization is furnished to you pursuant to Sections 8(f) and 9(f) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Each Fund is a series of SRT, which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company, and has elected to be a regulated investment company for U.S. federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Furthermore, each Fund operates as an exchange-traded fund, so its shares are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

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September 17, 2025

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated September 2, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each Fund has provided us with a letter dated as of the date hereof (collectively, the "<u>Representation Letters</u>"), representing as to certain facts, occurrences and information upon which such Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that each Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete; and (iii) any representation made in any of the documents referred to herein "to the best of the knowledge" of any person or party is true without regard to such qualification.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes, with respect to each Reorganization between a Target Fund and its corresponding Acquiring Fund as shown on Schedule A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund will each be "a party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Section 1032 of the Code, the Acquiring Fund will not recognize gain or loss upon the receipt of assets of the Target Fund, in exchange for Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 362(b) of the Code, the Acquiring Fund's tax basis in the assets of the Target Fund transferred to the Acquiring Fund in the Reorganization will be the same as the Target Fund's tax basis in such assets immediately prior to the Reorganization, adjusted for any gain or loss required to be recognized as described in (v) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 1223(2) of the Code, the Acquiring Fund's holding periods in the assets received from the Target Fund in the Reorganization, other than any asset with respect to which gain or loss is required to be recognized as described in (v) below, will include the periods during which such assets were held or treated for U.S. federal income tax purposes as being held by the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Sections 361 and 357 of the Code, the Target Fund will not recognize gain or loss upon the transfer of all of its assets to the Acquiring Fund in exchange for the Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, or upon the distribution of the Merger Shares by the Target Fund to its shareholders in liquidation thereof, except for (A) any gain or loss recognized on (1) "Section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in

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September 17, 2025

Section 1297(a) of the Code, and (B) any other gain or loss required to be recognized by reason of the Reorganization (1) as a result of the closing of the tax year of the Target Fund, (2) upon the termination of a position, or (3) upon the transfer of such asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 354 of the Code, the shareholders of the Target Fund will not recognize gain or loss upon the exchange of their Target Fund shares for the Merger Shares in the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 358 of the Code, the aggregate tax basis of the Merger Shares that a Target Fund shareholder receives in the Reorganization will be the same as the aggregate tax basis of Target Fund shares exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(1) of the Code, a Target Fund shareholder's holding period for the Merger Shares received in the Reorganization will include the shareholder's holding period for Target Fund shares exchanged therefor, provided the shareholder held such Target Fund shares as capital assets on the date of the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the U.S. Treasury Regulations thereunder.

*[Remainder of page intentionally left blank.]* 

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September 17, 2025

No ruling has been or will be obtained from the U.S. Internal Revenue Service (the "<u>IRS</u>") as to the subject matter of this opinion and there can be no assurance the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, U.S. Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above. We undertake no obligation to update or supplement this opinion to reflect any such changes that may occur.

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| |
|:---|
|  Very truly yours, |
|  <u>/s/ Ropes & Gray LLP</u> |
|  Ropes & Gray LLP |

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September 17, 2025

**<u>Schedule A</u>** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Target Fund**<br>| **Acquiring Fund** |
| &nbsp;&nbsp; LifeX 2059 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2058 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2057 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2056 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2059 Longevity Income ETF | LifeX 2060 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2058 Longevity Income ETF | LifeX 2060 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2057 Longevity Income ETF | LifeX 2060 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2056 Longevity Income ETF | LifeX 2060 Longevity Income ETF |

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## Ex-99.(12)(D)

**Exhibit 12(d)** 

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| | |
|:---|:---|
| ![LOGO](g90387g1004163615832.jpg)  | <br> ROPES & GRAY LLP<br>1211 AVENUE OF THE AMERICAS<br>NEW YORK, NY 10036-8704<br>WWW.ROPESGRAY.COM |

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September 18, 2025

Each Target Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Each Acquiring Fund Listed on Schedule A

Stone Ridge Trust

One Vanderbilt Avenue, 65th Floor

New York, New York 10017-3978

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "<u>Agreement</u>"), dated August 26, 2025, between Stone Ridge Trust, a Delaware statutory trust ("<u>SRT</u>"), on behalf of each of its series listed under the heading "Target Funds" on Schedule A attached hereto (each a "<u>Target Fund,</u>" and together, the "<u>Target Funds</u>"), SRT, on behalf of each of its series listed under the heading "Acquiring Funds" on Schedule A (each an "<u>Acquiring Fund,</u>" and together, the "<u>Acquiring Funds,</u>" and together with the Target Funds, the "<u>Funds,</u>" and each, a "<u>Fund</u>"), and solely with respect to Section 6 thereto, Stone Ridge Asset Management LLC (the "<u>Adviser</u>"). The Agreement describes proposed transactions to occur on the date of this letter, pursuant to which each Acquiring Fund will acquire all of the assets of the corresponding Target Fund, as shown on Schedule A, in exchange for shares of beneficial interest in such Acquiring Fund ("<u>Merger Shares</u>") and the assumption by such Acquiring Fund of all of the liabilities of such Target Fund, following which such Merger Shares received by such Target Fund will be distributed by such Target Fund to its shareholders in liquidation and termination of such Target Fund (each, a "<u>Reorganization</u>"). This opinion as to certain U.S. federal income tax consequences of each Reorganization is furnished to you pursuant to Sections 8(f) and 9(f) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Each Fund is a series of SRT, which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company, and has elected to be a regulated investment company for U.S. federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Furthermore, each Fund operates as an exchange-traded fund, so its shares are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

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September 18, 2025

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated September 2, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each Fund has provided us with a letter dated as of the date hereof (collectively, the "<u>Representation Letters</u>"), representing as to certain facts, occurrences and information upon which such Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that each Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete; and (iii) any representation made in any of the documents referred to herein "to the best of the knowledge" of any person or party is true without regard to such qualification.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes, with respect to each Reorganization between a Target Fund and its corresponding Acquiring Fund as shown on Schedule A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund will each be "a party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Section 1032 of the Code, the Acquiring Fund will not recognize gain or loss upon the receipt of assets of the Target Fund, in exchange for Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 362(b) of the Code, the Acquiring Fund's tax basis in the assets of the Target Fund transferred to the Acquiring Fund in the Reorganization will be the same as the Target Fund's tax basis in such assets immediately prior to the Reorganization, adjusted for any gain or loss required to be recognized as described in (v) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 1223(2) of the Code, the Acquiring Fund's holding periods in the assets received from the Target Fund in the Reorganization, other than any asset with respect to which gain or loss is required to be recognized as described in (v) below, will include the periods during which such assets were held or treated for U.S. federal income tax purposes as being held by the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Sections 361 and 357 of the Code, the Target Fund will not recognize gain or loss upon the transfer of all of its assets to the Acquiring Fund in exchange for the Merger Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, or upon the distribution of the Merger Shares by the Target Fund to its shareholders in liquidation thereof, except for (A) any gain or loss recognized on (1) "Section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in

------

September 18, 2025

Section 1297(a) of the Code, and (B) any other gain or loss required to be recognized by reason of the Reorganization (1) as a result of the closing of the tax year of the Target Fund, (2) upon the termination of a position, or (3) upon the transfer of such asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 354 of the Code, the shareholders of the Target Fund will not recognize gain or loss upon the exchange of their Target Fund shares for the Merger Shares in the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 358 of the Code, the aggregate tax basis of the Merger Shares that a Target Fund shareholder receives in the Reorganization will be the same as the aggregate tax basis of Target Fund shares exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(1) of the Code, a Target Fund shareholder's holding period for the Merger Shares received in the Reorganization will include the shareholder's holding period for Target Fund shares exchanged therefor, provided the shareholder held such Target Fund shares as capital assets on the date of the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the U.S. Treasury Regulations thereunder.

*[Remainder of page intentionally left blank.]* 

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September 18, 2025

No ruling has been or will be obtained from the U.S. Internal Revenue Service (the "<u>IRS</u>") as to the subject matter of this opinion and there can be no assurance the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, U.S. Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above. We undertake no obligation to update or supplement this opinion to reflect any such changes that may occur.

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| |
|:---|
|  Very truly yours, |
|  <u>/s/Ropes & Gray LLP</u> |
|  Ropes & Gray LLP |

---

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September 18, 2025

**<u>Schedule A</u>** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Target Fund**<br>| **Acquiring Fund** |
| &nbsp;&nbsp; LifeX 2064 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2063 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2062 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2061 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2064 Longevity Income ETF | LifeX 2065 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2063 Longevity Income ETF | LifeX 2065 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2062 Longevity Income ETF | LifeX 2065 Longevity Income ETF |
| &nbsp;&nbsp; LifeX 2061 Longevity Income ETF | LifeX 2065 Longevity Income ETF |

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