Stone Ridge 2064 Inflation-Protected Longevity Income ETF

C000256178 Fund Overview

Stone Ridge 2064 Inflation-Protected Longevity Income ETF is a US ETF managed by Stone Ridge Trust, categorised as Long Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Stone Ridge Trust
• Category: Long Treasury / Sovereign Bond
• Assets under management: $1.75M
• SEC CIK: 0001559992
• SEC series ID: S000089572
• Share class ID: C000256178

C000256178 Investment Objective and Strategy

Stone Ridge 2064 Inflation-Protected Longevity Income ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Stone Ridge Trust.

Investment objective

The LifeX 2064 Inflation-Protected Longevity Income ETF (the Fund) 1 seeks to provide reliable monthly inflation-linked distributions consisting of income and principal through 2064. There can be no assurance that the Fund will achieve its investment objective. 1 The Fund was previously named Stone Ridge 2064 Inflation-Protected Longevity Income ETF, and its name was changed on February 14, 2025.

Principal investment 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), primarily securities that are commonly known as TIPS (Treasury Inflation-Protected Securities) as well as money market funds that invest exclusively in U.S. Government Bonds or repurchase agreements collateralized by such securities. TIPS are income-generating instruments the principal payments of which are adjusted for inflation (i.e., increase or decrease annually based on the level of a government-published measurement of inflation). This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds.

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). The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities to support the Funds inflation-linked distributions. 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 15.8 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 2064 ?? which is up to age 100 for investors born in the year 1964 (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 2064 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 2044, 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 2064 (Term Distributions): An investor may remain invested in the Fund to continue to receive monthly inflation-linked distributions through 2064. Because an investor in the Fund is entitled to receive distributions through 2064 regardless of his or her lifespan, the Funds per-share distribution rate will be reduced in January of 2044 from (a) $10.00 per share per year multiplied by an inflation adjustment (as described under Distributions below) to (b) $7.50 per share per year multiplied by an inflation adjustment. The purpose of this change is to reduce distributions to a level estimated to be sustainable for the Funds full term through 2064. 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 2044, 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 inflation-linked 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 2064 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 2044 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 multiplied by an inflation adjustment (as described under Distributions below) $0.6250 per share per month multiplied by an inflation adjustment (as described under Distributions below) Intended Horizon For the rest of the investors life up to age 100 Until 2064 Eligibility Requirements Investor must be born in the year 1964 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 distribution each month equal to $0.8333 per outstanding share of the Fund, multiplied by an inflation adjustment as specified below, which is intended to reflect the cumulative impact of inflation since the launch of the Fund. In other words, the amount of the Funds monthly distributions will generally move in line with inflation in the U.S., as measured by changes in the Consumer Price Index published as of each October. Distributions will be adjusted based on a measure of inflation provided in the formula below. The adjustments for inflation made pursuant to this formula may not align perfectly with inflation actually experienced by investors.

Although if the Consumer Price Index remains flat or decreases over a period of time the level of the Funds distributions will also remain flat or decrease accordingly, the adjustments for inflation will not lower the intended annual total distribution per share below $10.00 per share per year, through December 2043. Thereafter, the Fund intends to make a distribution each month equal to $0.6250 per outstanding share of the Fund, for a total of $7.50 per share per year, multiplied by an inflation adjustment as specified below, through December 2064. After incorporating the estimated inflation adjustment, the monthly distribution is expected to be approximately $ 0.99 , or $ 11.86 per year, from January 2044 to December 2044. 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 inflation adjustment will equal 1 for any month during calendar year 2025, and for any month in any calendar year following 2025, will equal the ratio of (A) the level of the Consumer Price Index for All Urban Consumers: All Items in U.S. City Average, Not Seasonally Adjusted, as published by the Federal Reserve Bank of St. Louis (the Consumer Price Index) for October of the preceding calendar year divided by (B) the level of the Consumer Price Index published in October 2024, except that if this ratio is less than 1, the inflation adjustment will instead be equal to 1. The Fund intends to make the distributions discussed above on or about the third (3rd) business day of each calendar month until December of 2064. The following table illustrates the Funds intended monthly distributions for an investor who purchases 10,000 shares under several example inflation scenarios.

For simplicity, only select years are shown. See Principal Investment RisksInterest Rate Risk for more information on the distribution rates and Term Risk for information on the Funds intended liquidation year. Year 0% Inflation 2% Inflation 4% Inflation 2025 $8,333 $8,333 $8,333 2044 (1) $6,250 $9,105 $13,168 2054 $6,250 $11,099 $19,492 2064 $6,250 $13,530 $28,852 ( 1) In January of 2044, the Fund will reduce its distribution rate from (a) $0.8333 per share per month multiplied by an inflation adjustment described above to (b) $0.6250 per share per month multiplied by an inflation adjustment described above 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.

C000256178 Holdings

Top 9 holdings of Stone Ridge 2064 Inflation-Protected Longevity Income ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000256178 holdings

C000256178 Portfolio Allocation

Asset-class allocation of Stone Ridge 2064 Inflation-Protected Longevity Income ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000256178 Costs and Fees

C000256178 costs about $25 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.25%
• Gross expense ratio: 0.25%

C000256178 Cashflows

Over the 12 months to 2025-06, Stone Ridge 2064 Inflation-Protected Longevity Income ETF had net inflows of $1.68M, from monthly SEC N-PORT filings.

C000256178 Debt Constituents

Largest debt holdings of Stone Ridge 2064 Inflation-Protected Longevity Income ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000256178 Prospectus and SEC Filings

Official Stone Ridge 2064 Inflation-Protected Longevity Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-04-30
• Prospectus (485BPOS) — filed 2024-12-30
• Prospectus supplement (497) — filed 2025-02-20
• Portfolio holdings (N-PORT) — filed 2025-08-29
• Portfolio holdings (N-PORT) — filed 2025-05-28

Related Funds

Other Long Treasury / Sovereign Bond funds tracked on ABC INVEST:

• iShares 7-10 Year Treasury Bond ETF (IEF)
• iShares 20+ Year Treasury Bond ETF (TLT)
• U.S. Government Securities Fund (AMUSX)
• Fidelity Series Long-Term Treasury Bond Index Fund (FTLTX)
• Vanguard Long-Term Treasury Index Fund (VLGSX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.