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Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Stone Ridge 2048 Longevity Income ETF

LFAE | ETF

$12.09

$5.1 M

8.27%

$1.00

0.50%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$5.1 M

Holdings in Top 10

94.5%

52 WEEK LOW AND HIGH

$12.1
$12.09
$13.21

Expenses

OPERATING FEES

Expense Ratio 0.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Stone Ridge 2048 Longevity Income ETF

LFAE | ETF

$12.09

$5.1 M

8.27%

$1.00

0.50%

LFAE - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 8.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Stone Ridge 2048 Longevity Income ETF
  • Fund Family Name
    Stone Ridge Funds
  • Inception Date
    Sep 16, 2024
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

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).
The Offering. The Fund is one of many series of Stone Ridge Trust (the “Trust”) with the same investment objective and strategies (such series, the “Stone Ridge Longevity Income ETFs”). Each other Stone Ridge Longevity Income ETF will invest its assets pursuant to an investment strategy substantially similar to the Fund’s investment strategy.
While there are many investment products designed to help investors accumulate assets and to build a nest egg, there are few investment products designed to help investors convert those assets into predictable cashflows. The Fund is designed to provide an opportunity for investors to receive predictable cashflows by making monthly distributions through 2048 — which is up to age 100 for investors born in the year 1948 (the “Modeled Cohort”). However, the Fund’s shares may be purchased by any investor seeking to receive the Fund’s planned distributions regardless of the investor’s birth year.
The Fund is designed so that members of the Modeled Cohort have a choice in 2028, 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 investor’s lifetime up to age 100 (“Longevity-Linked Distributions”: It is expected that in 2028, 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 substantially identical monthly distributions to those delivered by the Fund for the rest of their lives up to age 100. The Fund’s investment portfolio is initially designed to “lock in” interest rates so that the ability of a member of the Modeled Cohort to receive Longevity-Linked Distributions is substantially unimpacted by changes in interest rates. To equitably reflect differences in life expectancy, there are expected to be two corresponding Closed‑End Funds for the Modeled Cohort: one per gender.
2.
Distributions for the full term through 2048 (“Term Distributions”: An investor may remain invested in the Fund to receive monthly distributions through 2048. Because an investor in the Fund is entitled to receive distributions through 2048 regardless of his or her lifespan, the Fund’s per‑share distribution rate will be reduced in April of 2028 (the “Recalibration Year”) to a level estimated to be sustainable for the Fund’s full term through 2048. This event is referred to herein as the “recalibration.” At that time, the Fund’s investment portfolio will be rebalanced to “lock in” interest rates so that the Fund’s ability to make Term Distributions is substantially unimpacted by changes in interest rates.
Following April of the Recalibration Year, investors may continue to hold all or a portion of their Fund shares to continue to receive Term Distributions. Members of the Modeled Cohort are expected to be able to receive Longevity-Linked Distributions by investing in a corresponding Closed‑End Fund offered to members of the Modeled Cohort at age 80. 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 2048 and to have distributed substantially all of their assets by that time. There will be no further distributions from the Fund or any corresponding Closed‑End Fund beyond that year.
Distributions. The Fund intends to make an identical distribution each month equal to $0.0833 per outstanding share of the Fund, for a total of $1.00 per share per year, until April of the year in which members of the Modeled Cohort reach age 80. Thereafter, the Fund estimates it will make an identical distribution each month equal to approximately $0.0629 per outstanding share of the Fund, for a total of $0.75 per share per year, through the end of the year in which members of the Modeled Cohort will reach age 100.
The Fund intends to make the distributions discussed above on or about the third (3rd) business day of each calendar month until December of the year in which members of the Modeled Cohort will turn 100.
The following table illustrates the Fund’s intended distributions for an investor who purchases 100,000 shares. See “Principal Investment Risks — Distribution Rate Risk” and “— Interest Rate Risk” for more information on the distribution rates and “— Term Risk” for information on the Fund’s intended liquidation year.
Year      Total DistributedPer Year      Total DistributedPer Month
2024 — March 2028      $ 100,000 †       $ 8,333
April 2028 — December 2048      $ 75,450 §      $ 6,287 §
† 
An investor purchasing 100,000 shares intra-year after some of the Fund’s monthly distributions have already been paid will receive less than $100,000 in distributions as a result.
§ 
Estimated as of July 31, 2024.
Actuarial Estimates.Each Stone Ridge Longevity Income ETF is designed to make distributions at a rate calibrated based on the life expectancy of its Modeled Cohort, with the understanding that members of its Modeled Cohort are expected to be able to invest in a Closed‑End Fund that seeks to continue to receive that distribution rate beyond age 80.
The Adviser uses actuarial estimates of mortality rates for the Fund’s Modeled Cohort to determine the mix of U.S. Government Bonds with principal and interest payments to enable the Fund to support its intended distributions so that members of the Modeled Cohort can sell their Fund shares at age 80 and purchase a similar number of shares in a Closed‑End Fund.
The initial net asset value for each newly launched Stone Ridge Longevity Income ETF will be determined using the same methodology described below under “How to Purchase and Sell Fund Shares,” such that any difference in initial net asset value between Stone Ridge Longevity Income ETFs will be a result of differences in the number of years each Stone Ridge Longevity Income ETF plans to operate and the actuarial estimates of mortality rates for the Modeled Cohorts applicable to those Stone Ridge Longevity Income ETFs. Other than the differences in initial net asset values, each other Stone Ridge Longevity Income ETF will be offered on substantially identical terms as the Fund.
Aspects of the Fund and the other Stone Ridge Longevity Income ETFs described below are covered by intellectual property rights, including but not limited to those described in a patent application.
Read More

LFAE - Performance

Return Ranking - Trailing

Period LFAE Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period LFAE Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period LFAE Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period LFAE Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

LFAE - Holdings

Concentration Analysis

LFAE Category Low Category High LFAE % Rank
Net Assets 5.1 M N/A N/A N/A
Number of Holdings 26 N/A N/A N/A
Net Assets in Top 10 3.09 M N/A N/A N/A
Weighting of Top 10 94.48% N/A N/A N/A

Top 10 Holdings

  1. United States Treasury Note/Bond 22.63%
  2. United States Treasury Note/Bond 20.91%
  3. United States Treasury Note/Bond 19.77%
  4. United States Treasury Note/Bond 16.20%
  5. United States Treasury Note/Bond 8.61%
  6. First American Government Obligations Fund 1.71%
  7. MSILF Government Portfolio 1.71%
  8. United States Treasury Note/Bond 1.07%
  9. United States Treasury Note/Bond 1.00%
  10. United States Treasury Note/Bond 0.87%

Asset Allocation

Weighting Return Low Return High LFAE % Rank
Bonds 		96.14% N/A N/A N/A
Cash 		3.86% N/A N/A N/A
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Other 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High LFAE % Rank
Cash & Equivalents 		3.42% N/A N/A N/A
Derivative 		0.00% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High LFAE % Rank
US 		96.14% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

LFAE - Expenses

Operational Fees

LFAE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% N/A N/A N/A
Management Fee 0.50% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

LFAE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

LFAE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LFAE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

LFAE - Distributions

Dividend Yield Analysis

LFAE Category Low Category High LFAE % Rank
Dividend Yield 8.27% N/A N/A N/A

Dividend Distribution Analysis

LFAE Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

LFAE Category Low Category High LFAE % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

LFAE Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

LFAE - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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