VRLIX Fees and Costs — Stone Ridge U.S. Hedged Equity Fund, Class I
Data updated: 2023-02-28
The net expense ratio is 0.50%: a 0.50% management fee plus 1.08% other expenses, less a 1.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2022 the fund paid $11K in broker commissions, 0.0310% of average net assets, and portfolio turnover was 0%.
VRLIX Fees and Expenses
Annual operating expenses and sales charges of VRLIX. Prospectus, as of February 28, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.08% |
| Gross expense ratio | 1.58% |
| Fee waiver | −1.08% |
| Net expense ratio | 0.50% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
VRLIX Costs Over Time
On $10,000 invested in VRLIX, assuming 5% a year before costs, total costs come to $335 over 5 years, cutting the return by 0.56% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $9 | $31 |
| Total costs | $56 | $183 | $335 |
| Value after costs | $10,444 | $11,393 | $12,428 |
| Impact on return, per year | 0.56% | 0.56% | 0.56% |
VRLIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0310%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): $55.9M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
VRLIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| DASH FINANCIAL TECHNOLOGIES LLC | $11K | 99.89% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $11 | 0.10% |
| MORGAN STANLEY & CO. INC. | $1 | 0.01% |
VRLIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $25.7M | 45.96% |
| GOLDMAN SACHS & CO. LLC | $21.1M | 37.77% |
| J.P. MORGAN SECURITIES LLC | $9.1M | 16.27% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.