UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. )

ConvexityShares Trust

(Name of Issuer)

Common Units of ConvexityShares 1x SPIKES Futures ETF

(Title of Class of Securities)

21258A201

(Cusip Number)

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

December 14, 2022

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 21258A201

¹ Based on the Reporting Person's maximum position. As of the date of this filing, the Reporting Person has decreased its ownership percentage below five percent. 

SCHEDULE 13D

Item 1.     Security and Issuer.

This Schedule 13D (this “Schedule 13D”) relates to the common shares of ConvexityShares 1x SPIKES Futures ETF (“SPKX”), a Delaware trust (the “Issuer” or “Registrant”).  The address of the principal executive offices of the Issuer is 7 Roszel Road, Suite 1A, Princeton, NJ 08540; its telephone number is (609) 897-7300.

Item 2.     Identity and Background.

Chicago, IL 60605.

Item 3. Source and Amount of Funds or Other Consideration.

The Reporting Person used proprietary funds to make the purchases of the stock listed on Schedule I hereto.

Item 4.     Purpose of Transaction.

On December 14, 2022, the Reporting Person purchased the shares in the normal course of business for investment purposes. The Reporting Person has since sold some of its shares. Depending on various factors including, without limitation, price, market conditions, business objectives, and related considerations, the Reporting Person may, from time to time, acquire, retain, or sell additional shares of the ETF. Any and all transactions will be subject to the Reporting Person’s policies, including its insider trading policy, as applicable.

Except as set forth above, the Reporting Person has no present plans or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 5. Interests in Securities of the Issuer

(a,b) For information regarding beneficial ownership, see the information presented on the cover page of this Schedule 13D.

(c) Schedule I sets forth the transactions in the stock effected by the Reporting Person during the past 60 days.

(d) Not applicable

(e) Not applicable

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Not applicable.

Item 7. Exhibits

Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: December 30,2022

SCHEDULE I

The following table lists daily net purchases or sales completed by the Reporting Person in the ETF since November 1, 2022, which were all completed through open market purchases.