Stone Ridge Trust - LifeX 2050 Longevity Income ETF

LFAI targets monthly distributions of income and principal through the end of 2050, less operating fees. Managing US Treasury securities, a distribution rate is calculated based on the life expectancy of individuals born in 1950. In April 2030, the distribution rate is recalibrated, reducing payouts and rebalancing the portfolio to mitigate interest rate changes. At this time, shareholders turning 80 can choose between Longevity-Linked Distributions through a closed-end fund, offering monthly payments for life up to age 100, or Term Distributions, with monthly payouts continuing through 2050, or a combination of both. Both the Fund and closed-end funds will liquidate by 2050, distributing all assets and ceasing distributions. Distributions are typically on the 3rd business day of each month. A portion of each monthly distribution is considered return capital, reducing the amount for investment and lowering the investor's tax basis in their shares. Before February7, 2025, the fund utilized Stone Ridge for branding instead of LifeX. On Sept. 15, 2025, the Issuer consolidated the 2048 and 2049 funds from this series into this fund, accounting for an increase in AUM of $3 million.