Stone Ridge Trust - Lifex 2028 Income Bucket ETF
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- Stone Ridge Trust – LifeX 2028 Income Bucket ETF is a U.S.-domiciled, actively managed exchange-traded fund sponsored by Stone Ridge Asset Management LLC and marketed under the LifeX brand. Trading under the ticker LIFT, the fund seeks to provide reliable, predictable monthly cash distributions comprising U.S. Treasury interest income and return of principal through calendar year 2028. The fund invests primarily in U.S. Treasury debt securities and money market funds investing exclusively in U.S. government bonds or in repurchase agreements collateralized by such securities; it is designed to hold Treasury investments to maturity and to support near-term spending, retirement-income, strategic cash-management and time-segmented “bucket” investment strategies. LIFT offers exchange-traded liquidity, allowing investors to buy or sell shares during market hours and to spend or reinvest monthly distributions. Launched on September 24, 2025, LIFT forms part of the Stone Ridge Trust LifeX Income Bucket ETF family. Its planned distribution program provides identical monthly distributions targeted at $0.8333 per share, or $10.00 per share annually, subject to the fund’s assets and operating expenses. A portion of distributions is expected to constitute return of capital, which reduces fund assets available for investment and may reduce shareholders’ tax basis; the fund’s net asset value is also expected to decline over time as assets are distributed. Unlike a perpetual investment vehicle, LIFT is structured to liquidate during 2028, after which no further distributions are expected. The ETF targets individual investors, retirees, financial advisers and other investors seeking defined-horizon cash flow with exposure to U.S. government securities rather than a conventional open-ended fixed-income portfolio. The principal recent development is LIFT’s September 2025 launch, through which Stone Ridge expanded its LifeX franchise with a three-year Income Bucket ETF alongside the LifeX 2030 Income Bucket ETF, ticker BCKT. The launch broadened Stone Ridge’s retirement-income offering beyond its existing longer-dated LifeX products, including the LifeX 2035 Income Bucket ETF, the 10-year LDDR Income Bucket ETF and LifeX Longevity Income ETFs offering fixed or inflation-protected cash-flow profiles. Stone Ridge positioned LIFT as a vehicle intended to simplify retirement bucket strategies by pairing a defined 2028 end date with fixed monthly distributions and Treasury-based investments. Stone Ridge Asset Management is headquartered in New York, New York, and manages the fund; Foreside Financial Services LLC serves as distributor and is not affiliated with Stone Ridge Asset Management.