Strategy. The Investments . The Fund is an exchange-traded fund (ETF) that pursues its investment objective by investing in debt securities issued by the U.S. Treasury (which we refer to as U.S. Government Bonds) as well as money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit risk-free (i.e., free of the risk of non-payment of either interest or principal). When constructing its portfolio of U.S. Government Bonds, the Fund seeks to select bonds with particular durations, maturities and other … Show more… The Investments . The Fund is an exchange-traded fund (ETF) that pursues its investment objective by investing in debt securities issued by the U.S. Treasury (which we refer to as U.S. Government Bonds) as well as money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. Securities issued by the U.S. Treasury historically have not had credit-related defaults (i.e., failures to fulfill payment-related obligations such as interest or principal payments) and therefore such securities are generally considered to be credit risk-free (i.e., free of the risk of non-payment of either interest or principal). When constructing its portfolio of U.S. Government Bonds, the Fund seeks to select bonds with particular durations, maturities and other investment characteristics, and in such amounts, that enable the Fund to lock in interest rates and reliably sustain its planned distributions. As of April 7 , 2025, the average duration (which is a measure of a bonds sensitivity to interest rates) of the Funds U.S . Government Bonds is approximately 12.5 years. The Offering . The Fund is one of many series of Stone Ridge Trust (the Trust) designed to provide investors predictable cashflows by making monthly distributions consisting of income and principal from its investments (the LifeX Income ETFs). Bond funds are typically designed to make distributions that are primarily composed of interest earnings. Investors in such funds who require a higher level of cashflow than interest earnings alone generally need to sell shares periodically to generate additional cashflow and to do that must determine the timing and amounts of share sales that are prudent for their personal situations. In contrast, the Fund is designed to provide higher cashflow to investors than interest earnings alone by also distributing substantially all of its principal over the course of its term ending in 2061 ?? which is up to age 100 for investors born in the year 1961 (the Modeled Cohort). However, the Funds shares may be purchased by any investor seeking to receive the Funds planned distributions regardless of the investors birth year. The Fund intends to liquidate in December 2061 and distribute any proceeds to its shareholders. There will be no further distributions from the Fund beyond that year. The Fund is designed so that members of the Modeled Cohort have a choice in 2041, the year in which they reach age 80, to continue to receive Longevity-Linked Distributions and/or to receive Term Distributions (each as defined below): 1. Distributions for the full term through 2061 (Term Distributions): An investor may remain invested in the Fund to continue to receive monthly distributions through 2061. Because an investor in the Fund is entitled to receive distributions through 2061 regardless of his or her lifespan, the Funds per-share distribution rate will be reduced in January of 2041 from $10.00 per share per year to $7.50 per share per year . The purpose of this change is to reduce distributions to a level estimated to be sustainable for the Funds full term through 2061. See Distributions for more information about the Funds intended distribution schedule. 2. Distributions for the investors lifetime up to age 100 (Longevity-Linked Distributions): It is expected that in 2041, members of the Modeled Cohort will be eligible to invest in a corresponding closed-end fund (a Closed-End Fund). The purpose of each Closed-End Fund is to enable members of the Modeled Cohort to continue to receive a higher level of monthly distributions than the Term Distributions described above. To equitably reflect differences in life expectancy, there are expected to be two corresponding Closed-End Funds for the Modeled Cohort: one per gender. The Fund is designed to enable a member of the Modeled Cohort to be able to sell all or a portion of their Fund shares and purchase a similar number of shares of the corresponding Closed-End Fund, although members of the Modeled Cohort would not be required to sell their Fund shares to purchase Closed-End Fund shares. Members of the Modeled Cohort may elect to receive both Term Distributions and Longevity-Linked Distributions by holding a mix of Fund and Closed-End Fund shares. The Fund and any corresponding Closed-End Funds intend to liquidate in December 2061 and to have distributed substantially all of their assets by that time, at which point they will distribute proceeds from the liquidation, if any, to their shareholders. There will be no further distributions from the Fund or any corresponding Closed-End Fund beyond that year. In deciding whether to (i) invest in a Closed-End Fund to receive Longevity-Linked Distributions or (ii) remain invested in the Fund to receive Term Distributions, an investor in January of 2041 should consider the price of each fund at that time, as well as the following information: Longevity-Linked Distributions Term Distributions Intended Distributions $0.8333 per share per month $0.6250 per share per month Intended Horizon For the rest of the investors life up to age 100 Until 2061 Eligibility Requirements Investor must be born in the year 1961 N/A Liquidity No liquidity other than monthly distributions. Shareholders may not sell, redeem or transfer their shares. No restrictions Life Contingency Shares will be cancelled for no value upon the death of the shareholder. N/A Distributions . The Fund intends to make a fixed distribution each month equal to $0.8333 per outstanding share of the Fund, for a total of $10.00 per share per year, through December 2040. Thereafter, the Fund intends to make a fixed distribution each month equal to $0.6250 per outstanding share of the Fund, for a total of $7.50 per share per year, through December 2061. Distributions are expected to consist of a mix of income and principal, and the proportion of each distribution consisting of principal is expected to increase over time. The following table illustrates the Funds intended distributions for an investor who purchases 10,000 shares. Year Total Distributed Per Year Total Distributed Per Month 2025 ?? 2040 $100,000 $8,333 2041 ?? 2061 $ 75,000 $6,250 An investor purchasing 10,000 shares intra-year after some of the Funds monthly distributions have already been paid will receive less than the amount indicated in distributions as a result. The Fund intends to make the distributions discussed above on or about the third (3rd) business day of each calendar month. See Principal Investment Risks ?? Interest Rate Risk for more information on the distribution rates and Term Risk for information on the Funds intended liquidation year. Show less