REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
☒ | |||
|
Pre-Effective Amendment No. |
|
|
☐ |
|
Post-Effective Amendment No. |
106 |
|
☒ |
|
|
and/or |
|
|
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
☒ | |||
|
Amendment No. |
108 |
|
☒ |
Elizabeth J. Reza Ropes &
Gray LLP 800 Boylston Street
Boston, Massachusetts 02199 |
Gregory C. Davis Ropes &
Gray LLP Three Embarcadero Center
San Francisco, CA 94111 |
It is proposed that this filing will become effective (check appropriate box): | ||
|
☐ |
immediately upon filing pursuant to paragraph (b) |
|
☐ |
on May 1, 2025 pursuant to paragraph (b) |
|
☒ |
60 days after filing pursuant to paragraph (a)(1) |
|
☐ |
on (date) pursuant to paragraph (a)(1) |
|
☐ |
75 days after filing pursuant to paragraph (a)(2) |
|
☐ |
on (date) pursuant to paragraph (a)(2) of Rule 485 |
If appropriate, check the following box: | ||
|
☐ |
this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) |
|
Management Fees(1) |
0.25% |
Distribution and/or Service (12b-1) Fees |
0.00% |
Other Expenses(2) |
0.00% |
Total Annual Fund Operating Expenses |
0.25% |
1 Year |
3 Years |
$26
|
$80
|
Year |
Total Distributed Per Year† |
Total Distributed Per Month |
2026 |
$100,000 |
$8,333 |
2027 |
$100,000 |
$8,333 |
2028 |
$100,000 |
$8,333 |
2029 |
$100,000 |
$8,333 |
2030 |
$[ ] |
$[
] |
Average Total Returns
for the periods ended December 31, 2025 |
One Year |
Since Inception on |
January 8, 2024 | ||
Return Before Taxes |
-1.47 |
-2.33 |
Return After Taxes on Distributions |
-1.65 |
-2.48 |
Return After Taxes on Distributions and Sale of Fund Shares |
-1.78 |
-2.65 |
Bloomberg U.S. Treasury Index |
0.94 |
1.29 |
Year |
Total Distributed Per Year† |
Total Distributed Per Month |
2026 |
$100,000 |
$8,333 |
2027 |
$100,000 |
$8,333 |
2028 |
$100,000 |
$8,333 |
2029 |
$100,000 |
$8,333 |
2030 |
$[ ] |
$[
] |
|
LifeX Durable Income ETF | |
Year |
Income |
Principal |
2025 |
63 % |
37 % |
2026 |
63 % |
37 % |
2027 |
62 % |
38 % |
2028 |
64 % |
36 % |
2029 |
63 % |
37 % |
|
Period Ended December 31, 2024 (a)(h) |
| |
PER SHARE DATA: |
|
Net Asset Value, Beginning of Period |
$201.20
|
INVESTMENT OPERATIONS: |
|
Net Investment Income(b)
|
6.62 |
Net Realized and Unrealized Loss on Investments(c) |
(11.09 ) |
Total from Investment Operations |
(4.47 ) |
LESS DISTRIBUTIONS FROM: |
|
Net Investment Income |
(7.50 ) |
Return of Capital Distributions |
(2.87 ) |
Total Distributions |
(10.37 ) |
ETF Transaction Fees per Share |
$-
(d) |
Net Asset Value, End of Period |
$186.36 |
TOTAL RETURN(e)
|
-2.33 % |
SUPPLEMENTAL DATA AND RATIOS: |
|
Net Assets, End of Period (000’s) |
$745
|
Ratio of expenses to Average Net
Assets(f) |
0.95 % |
Ratio of Net Investment Income to Average Net Assets(f) |
3.47 % |
Portfolio Turnover Rate(e)(g)
|
780 % |
Name (Year of Birth) |
Position(s) Held with the Trust |
Term of Office and Length of
Time Served(2) |
Principal Occupation(s)
During the Past 5 Years |
Number of Portfolios in the Fund Complex Overseen by Trustee(3)
|
Other Directorships/ Trusteeships Held by Trustee During the Past 5 Years |
Jeffery Ekberg (1965) |
Trustee |
since 2012 |
Self-employed (personal investing), since 2011; Principal, TPG Capital, L.P. (private equity firm) until 2011; Chief Financial Officer, Newbridge Capital, LLC (subsidiary of TPG Capital, L.P.) until 2011 |
45 |
None. |
Daniel Charney (1970) |
Trustee |
since 2012 |
Co-Head of Global Markets, TD Securities (investment bank) and Vice Chair of TD Cowen, a division of TD Securities (financial services firm) since 2023; Co-President, Cowen and Company, Cowen Inc. (financial services firm), 2012-2023 |
45 |
None. |
Name (Year of Birth) |
Position(s) Held with the Trust |
Term of Office and Length of
Time Served(1) |
Principal Occupation(s)
During the Past 5 Years |
Number of Portfolios in the Fund Complex Overseen by Trustee(2)
|
Other Directorships/ Trusteeships Held by Trustee During the Past 5 Years |
Ross Stevens(4)
(1969) |
Trustee, Chairman |
since 2012 |
Founder and Chief Executive Officer of Stone Ridge since 2012 |
45 |
None. |
|
Dollar Range of Equity Securities in the Fund |
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment
Companies(1) |
Independent Trustees |
|
|
Jeffery Ekberg |
None |
Over $100,000 |
Daniel Charney |
None |
Over $100,000 |
Interested Trustee |
|
|
Ross Stevens(2)
|
None |
Over $100,000 |
Name of Director |
Name of Owners and Relationships to Director |
Company |
Title of Class |
Value of Securities |
Percent of Class |
Daniel Charney |
Self |
New York
Digital
Investment
Group LLC(1) |
Class B2 |
$1,142,592 |
0.13% |
Daniel Charney |
Self |
Stone Ridge
Archimedes
Fund LP(2) |
Limited Partnership Interest |
$5,169,835 |
0.72% |
Jeffery Ekberg |
Self |
New York
Digital
Investment
Group LLC(1) |
Class B2 |
$571,296 |
0.06% |
Jeffery Ekberg |
Self |
Stone Ridge
Archimedes
Fund LP(2) |
Limited Partnership Interest |
$3,409,352 |
0.47% |
Independent Trustees |
Aggregate Compensation From the Fund(1)
|
Total Compensation From the Fund Complex(2) Paid to Trustee |
Jeffery Ekberg |
$0 |
$426,217 |
Independent Trustees |
Aggregate Compensation From the Fund(1) |
Total Compensation From the Fund Complex(2) Paid to Trustee |
Daniel Charney |
$0 |
$426,217 |
Name (Year of Birth)
and Address(1)(2) |
Position(s) Held with the Trust |
Term of Office and Length of
Time Served(3) |
Principal Occupation(s) During Past 5 Years |
Ross Stevens (1969) |
President, Chief Executive Officer and Principal Executive Officer |
since 2012 |
Founder and Chief Executive Officer of the Adviser, since 2012. |
Lauren D. Macioce (1978) |
Chief Compliance Officer, Secretary, Chief Legal Officer and Anti-Money Laundering Compliance Officer |
since 2016 |
General Counsel and Chief Compliance Officer of the Adviser, since 2016. |
Maura Keselowsky (1983) |
Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer |
since July 2024 |
Supervising Fund Controller at the Adviser, since 2022; member of Finance at the Adviser, since 2018. |
Anthony Zuco (1975) |
Assistant Treasurer |
since July 2024 |
Member of Finance at the Adviser, since 2015; Supervising Fund Controller at the Adviser (2015-2022). |
Alexander Nyren (1980) |
Assistant Secretary |
since 2018 |
Head of Reinsurance of the Adviser, since 2018; member of Reinsurance portfolio management team at the Adviser, since 2013. |
Leson Lee (1975) |
Assistant Treasurer |
since 2019 |
Member of Operations at the Adviser, since 2018. |
Domingo Encarnacion (1983) |
Assistant Treasurer |
since 2020 |
Tax Manager at the Adviser, since 2016. |
Stanley Weinberg (1989) |
Assistant Treasurer |
since 2023 |
Member of Operations at the Adviser, since 2019. |
Daniel Gross (1984) |
Assistant Treasurer |
since 2023 |
Member of Operations at the Adviser, since 2019. |
Connor O’Neill (1990) |
Assistant Treasurer |
since April 2024 |
Member of Operations at the Adviser, since 2020. |
Shamil Kotecha (1986) |
Assistant Secretary |
since October 2024 |
Member of Legal and Compliance at the Adviser, since 2018. |
Jamie Corley (1986) |
Assistant Treasurer |
since January 2025 |
Member of Operations at the Adviser, since 2019. |
Name and Address |
Parent |
Jurisdiction |
% Ownership |
Type of Ownership(1)
|
[ ] |
[ ] |
[ ] |
[ ]% |
[ ] |
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
Portfolio Manager |
Number of Accounts(1)
|
Total Assets (in millions) |
Number of Accounts |
Total Assets (in millions) |
Number of Accounts |
Total Assets (in millions) |
Nate
Conrad |
33 |
$112
|
0 |
$0
|
0 |
$0
|
Li
Song |
35 |
$1,791
|
1 |
$1,269
|
0 |
$0
|
Ross
Stevens |
37 |
$7,295
|
1 |
$1,269
|
0 |
$0
|
Yan
Zhao |
33 |
$112
|
0 |
$0
|
0 |
$0
|
(a) |
(1) |
|
|
(2) |
|
(b) |
(1) |
|
(c) |
|
Not applicable. |
(d) |
(1) |
|
|
(2) |
|
|
(3) |
|
|
(4) |
|
|
(5) |
|
|
(6) |
|
|
(7) |
|
|
(8) |
|
|
(9) |
|
|
(10) |
|
|
(11) |
|
|
(12) |
|
|
(13) |
|
|
(14) |
|
|
(15) |
|
|
(16) |
|
|
(17) |
|
(18) |
|
|
(19) |
|
|
(20) |
|
|
(21) |
|
|
(22) |
Third Amended & Restated Investment Management Agreement between Stone Ridge and the
Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, the LifeX Durable Income ETF
and the LifeX Term Income ETFs, dated [ ], to be filed by
amendment. |
(e) |
(1) |
|
|
(2) |
|
|
(3) |
|
|
(4) |
|
|
(5) |
|
|
(6) |
|
|
(7) |
|
|
(8) |
Fourth Amendment to the ETF Distribution Agreement between Foreside Financial Services, LLC and
the Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and
the LifeX Term Income ETFs, dated [ ], to be filed by amendment.
|
(f) |
|
Not applicable. |
(g) |
(1) |
|
|
(2) |
|
|
(3) |
|
|
(4) |
|
|
(5) |
|
|
(6) |
|
|
(7) |
|
|
(8) |
|
|
(9) |
|
|
(10) |
Third Amendment to the ETF Custody Agreement between U.S. Bank National Association and the
Registrant, on behalf of the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, and
the LifeX Term Income ETFs, dated [ ], to be filed by amendment.
|
|
(11) |
|
(h) |
(1) |
|
|
(2) |
|
|
(3) |
|
|
(4) |
|
|
(5) |
|
|
(6) |
|
|
(7) |
|
|
(8) |
|
|
(9) |
|
|
(10) |
|
|
(11) |
|
|
(12) |
|
|
|
Third 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 [ ], to be filed by
amendment. |
|
(13) |
|
|
(14) |
|
|
(15) |
|
|
(16) |
|
|
(17) |
|
|
(18) |
|
|
(19) |
|
|
(20) |
|
|
(21) |
|
|
(22) |
|
|
|
Third 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 [ ], to be filed by
amendment. |
|
(23) |
|
|
(24) |
|
|
(25) |
|
|
(26) |
|
|
(27) |
|
|
(28) |
|
|
(29) |
|
|
(30) |
|
|
(31) |
|
|
(32) |
|
|
|
Third 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 [ ], to be filed by
amendment. |
|
(33) |
|
|
(34) |
|
|
(35) |
|
|
(36) |
|
|
(37) |
|
|
(38) |
|
|
(39) |
|
|
(40) |
|
|
(41) |
|
|
(42) |
|
|
(43) |
|
(9) |
|
|
(10) |
|
|
(11) |
|
|
(12) |
|
|
(13) |
|
|
(14) |
|
|
(15) |
|
|
(16) |
|
|
(17) |
Opinion and consent of counsel of [ ] for 2028 LifeX Term Income ETF and 2030 LifeX Term Income
ETF, to be filed by amendment.. |
(j) |
|
Not applicable. |
(k) |
|
Not applicable. |
(l) |
|
|
(m) |
(1) |
|
|
(12) |
|
|
(13) |
|
|
(14) |
|
|
(15) |
|
|
|
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 [ ], to be filed by amendment. |
(n) |
(1) |
|
|
(2) |
|
|
(3) |
|
|
(4) |
|
|
(5) |
|
|
(6) |
|
|
(7) |
|
(o) |
|
Reserved. |
(p) |
|
|
(q) |
(1) |
|
|
(2) |
(a) |
Foreside Global Services, LLC acts as the distributor for the Stone Ridge Diversified Alternatives Fund and the
Stone Ridge High Yield Reinsurance Risk Premium Fund.Foreside Financial Services, LLC
acts as the distributor for the LifeX Longevity Income ETFs, the LifeX
Inflation-Protected Longevity Income ETFs, LifeX Durable Income ETF, the
LifeX Term Income ETFs, and the following investment companies:13D Activist Fund, Series of Northern Lights Fund Trust; 2nd Vote Funds; AAMA Equity Fund, Series of Asset Management Fund; AAMA
Income Fund, Series of Asset Management Fund; Advisers Investment Trust; AG Twin Brook
Capital Income Fund; AltShares Trust; American Beacon AHL Trend ETF,
Series of American Beacon Select Funds; American Beacon GLG Natural
Resources ETF, American Beacon Select Funds; Aristotle Funds Series Trust; Boston Trust Walden Funds (f/k/a The Boston Trust & Walden Funds); Bow River Capital Evergreen Fund; Connetic Venture
Capital Access Fund; Constitution Capital Access Fund, LLC; Datum One Series Trust;
Diamond Hill Funds; Diamond Hill Securitized Credit Fund; Driehaus
Mutual Funds; FMI Funds, Inc.; Impax Funds Series Trust I (f/k/a Pax
World Funds Series Trust I); Impax Funds Series Trust III (f/k/a Pax World Funds Series Trust III); Inspire 100 ETF, Series of Northern Lights Fund Trust IV; Inspire 500 ETF, Series of Northern Lights Fund Trust IV; Inspire
Corporate Bond ETF, Series of Northern Lights Fund Trust IV; Inspire Fidelis Multi
Factor ETF, Series of Northern Lights Fund Trust IV; Inspire Global Hope
ETF, Series of Northern Lights Fund Trust IV; Inspire International ETF,
Series of Northern Lights Fund Trust IV; Inspire Momentum ETF, Series of Northern Lights Fund Trust IV; Inspire Small/Mid Cap ETF, Series of Northern Lights Fund Trust IV; Inspire Tactical Balanced
ETF, Series of the Northern Lights Fund Trust IV; Macquarie Energy Transition ETF,
Series of Macquarie ETF Trust; Macquarie Focused Emerging Markets Equity
ETF, Series of Macquarie ETF Trust; Macquarie Focused Large Growth ETF,
Series of Macquarie ETF Trust; Macquarie Global Listed Infrastructure ETF, Series of Macquarie ETF Trust; Macquarie Tax-Free USA Short Term ETF, Series of Macquarie ETF Trust; Meketa
Infrastructure Fund; Nomura Alternative Income Fund; PPM Funds; Praxis Mutual Funds;
Primark Meketa Private Equity Investments Fund; SA Funds –
Investment Trust; Sequoia Fund, Inc.; Simplify Exchange Traded Funds;
Siren ETF Trust; Stone Ridge Alternative Lending Risk Premium Fund, Series of Stone
Ridge Trust V; Stone Ridge Art Risk Premium Fund, Series of Stone Ridge
Trust VIII; Stone Ridge Post-Event Reinsurance Fund, Series of Stone
Ridge Trust IV; Stone Ridge Reinsurance Risk Premium Interval Fund, Series of Stone Ridge Trust II; Tactical Dividend and Momentum Fund, Series of Two Roads Shared Trust; TCW ETF Trust; Zacks Trust. |
(b) |
The main business address of both Foreside Global Services, LLC and Foreside Financial Services, LLC is Three
Canal Plaza, Suite 100, Portland, Maine 04101. To the best of the Registrant’s
knowledge, the directors and executive officers of each of Foreside Global
Services, LLC and Foreside Financial Services, LLC are as follows: |
Name and Principal Business Address* |
Position and Offices with Foreside Global Services, LLC and Foreside Financial Services, LLC |
Positions and Offices with Registrant |
Teresa Cowan |
President/Manager |
None |
Chris Lanza |
Vice President |
None |
Kate Macchia |
Vice President |
None |
Jennifer A. Brunner |
Vice President and Chief Compliance Officer |
None |
Kelly B. Whetstone |
Secretary |
None |
Susan L. LaFond |
Treasurer |
None |
Weston Sommers |
Financial and Operations Principal and Chief Financial Officer |
None |
(c) |
The following table sets forth the commissions and other compensation received, directly or indirectly, from the
LifeX Durable Income ETF during the last fiscal year by the principal underwriter who
is not an affiliated person of the LifeX Durable Income ETF. |
(1) Name of Principal Underwriter |
(2) Net Underwriting Discounts and
Commission |
(3) Compensation on
Redemption and Repurchases |
(4) Brokerage
Commissions |
(5) Other
Compensation |
Foreside Global Services, LLC |
None |
None |
None |
None |
Foreside Financial Services, LLC |
None |
None |
None |
None |
STONE RIDGE TRUST | |
By: |
/s/ Maura Keselowsky |
|
Maura Keselowsky, Treasurer and Principal Financial Officer |
Signature |
Title |
Date |
* |
Trustee, President (Principal Executive Officer) |
July 16, 2025 |
Ross Stevens |
|
|
/s/ Maura Keselowsky |
Treasurer (Principal Financial Officer) |
July 16, 2025 |
Maura Keselowsky |
|
|
* |
Trustee |
July 16, 2025 |
Daniel Charney |
|
|
* |
Trustee |
July 16, 2025 |
Jeffery Ekberg |
|
|
* Power of Attorney |
|
|
*By: |
/s/ Maura Keselowsky |
|
Maura Keselowsky |
|
Attorney in Fact |