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 Fund’s inflation-linked distributions.

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 Inflation-Protected Longevity Income ETFs”). Each other Stone Ridge Inflation-Protected 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 inflation-linked distributions through 2054 — which is up to age 100 for investors born in the year 1954 (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 2034, 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):

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 2054 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, multiplied by an inflation adjustment as specified below, which is intended to reflect the cumulative impact of inflation since the launch of the Fund. As discussed above, the Fund’s distributions are intended to be linked to inflation. 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. Additionally, the adjustments for inflation will not lower the intended annual total distribution per share below $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 $0.0760 per outstanding share of the Fund, for a total of $0.91 per share per year, through the end of the year in which members of the Modeled Cohort will reach age 100.

The inflation adjustment will equal 1 for any month during calendar year 2024, and for any month in any calendar year following 2024, 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 2023, 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 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 under several example inflation scenarios. For simplicity, only select years are shown. 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.

Actuarial Estimates.Each Stone Ridge Inflation-Protected 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 Inflation-Protected 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 Inflation-Protected Longevity Income ETFs will be a result of differences in the number of years each Stone Ridge Inflation-Protected Longevity Income ETF plans to operate and the actuarial estimates of mortality rates for the Modeled Cohorts applicable to those Stone Ridge Inflation-Protected Longevity Income ETFs. Other than the differences in initial net asset values, each other Stone Ridge Inflation-Protected Longevity Income ETF will be offered on substantially identical terms as the Fund.

Aspects of the Fund and the other Stone Ridge Inflation-Protected Longevity Income ETFs described below are covered by intellectual property rights, including but not limited to those described in a patent application.