Stone Ridge 2048 Longevity Income ETF
Name
As of 11/01/2024Price
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
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$5.3 M
Holdings in Top 10
N/A
52 WEEK LOW AND HIGH
$12.5
$12.41
$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 11/01/2024Price
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
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
- Dividend Yield 8.1%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameStone Ridge 2048 Longevity Income ETF
-
Fund Family NameStone Ridge Funds
-
Inception DateSep 16, 2024
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Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
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.
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 | 5.3 M | N/A | N/A | N/A |
| Number of Holdings | N/A | N/A | N/A | N/A |
| Net Assets in Top 10 | N/A | N/A | N/A | N/A |
| Weighting of Top 10 | N/A | N/A | N/A | N/A |
Top 10 Holdings
Asset Allocation
| Weighting | Return Low | Return High | LFAE % Rank | |
|---|---|---|---|---|
| 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 |
| Cash | 0.00% | N/A | N/A | N/A |
| Bonds | 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 | 8.06% | 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 |