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ConvexityShares Trust – ‘10-Q’ for 6/30/22 – ‘XML’

On:  Friday, 8/19/22, at 12:42pm ET   ·   For:  6/30/22   ·   Accession #:  1213900-22-49599   ·   File #:  1-41417

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/19/22  ConvexityShares Trust             10-Q        6/30/22   28:1.1M                                   EdgarAgents LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    230K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     14K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     10K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     10K 
11: R1          Document And Entity Information                     HTML     65K 
12: R2          Statements of Assets and Liabilities (Unaudited)    HTML     57K 
13: R3          Statements of Operations (Unaudited)                HTML     50K 
14: R4          Statements of Changes in Net Assets (Unaudited)     HTML     37K 
15: R5          Statements of Cash Flows (Unaudited)                HTML     49K 
16: R6          Organization                                        HTML     17K 
17: R7          Summary of Significant Accounting Policies          HTML     17K 
18: R8          Agreements                                          HTML     15K 
19: R9          Risks                                               HTML     15K 
20: R10         Subsequent Events                                   HTML     13K 
21: R11         Accounting Policies, by Policy (Policies)           HTML     28K 
22: R12         Organization (Details)                              HTML     26K 
23: R13         Agreements (Details)                                HTML     15K 
26: XML         IDEA XML File -- Filing Summary                      XML     37K 
24: XML         XBRL Instance -- f10q0622_convexity_htm              XML    168K 
25: EXCEL       IDEA Workbook of Financial Reports                  XLSX     32K 
 7: EX-101.CAL  XBRL Calculations -- spyc-20220630_cal               XML     26K 
 8: EX-101.DEF  XBRL Definitions -- spyc-20220630_def                XML    155K 
 9: EX-101.LAB  XBRL Labels -- spyc-20220630_lab                     XML    326K 
10: EX-101.PRE  XBRL Presentations -- spyc-20220630_pre              XML    159K 
 6: EX-101.SCH  XBRL Schema -- spyc-20220630                         XSD     54K 
27: JSON        XBRL Instance as JSON Data -- MetaLinks               80±   114K 
28: ZIP         XBRL Zipped Folder -- 0001213900-22-049599-xbrl      Zip     81K

‘XML’   —   XBRL Instance — f10q0622_convexity_htm

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<dei:EntityRegistrantName contextRef="c0"> ConvexityShares Trust </dei:EntityRegistrantName>
<dei:EntityIncorporationStateCountryCode contextRef="c0"> DE </dei:EntityIncorporationStateCountryCode>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"/><td style="width: 0.25in"><b>1.</b></td><td><b>Organization</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Funds are a series of ConvexityShares Trust (the “Trust”), a Delaware statutory trust formed on April 12, 2021. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and currently organized into two series, of which ConvexityShares 1x SPIKES Futures ETF (the “Matching Fund”) and ConvexityShares Daily 1.5x SPIKES Futures ETF (the “Leveraged Fund”) (each, a “Fund” and collectively, the “Funds”) are currently the only series. The investment objective of the Matching Fund seeks investment results, before fees and expenses, that match (1x) the performance of the T3 SPIKE Front 2 Futures Index (the “Index”). The investment objective of the Leveraged Fund seeks investment results, before fees and expenses, that correspond to 150% (1.5x) of the performance of the Index for a single day, not for any other period. A “single day” is measured from the time a Fund calculates its net asset value per share (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Funds typically is 4:00 p.m. (Eastern Time). The Funds seek to achieve their respective investment objectives through the appropriate amount of exposure to the SPIKES futures contracts included in the Index. Under certain circumstances, the Fund may also invest in futures contracts and swap contracts (“VIX Related Positions”) on the Cboe Volatility Index (“VIX”), an index that tracks volatility and would be expected to perform in a substantially similar manner as the SPIKES Index. The Funds are managed and controlled by their sponsor and investment manager, ConvexityShares, LLC (the “Sponsor”). The Sponsor is registered with the Commodity Futures Trading Commission as a commodity pool operator and the Commodity Trading Advisor and is a member of the National Futures Association. The Funds qualify as an emerging growth company as defined under the JOBS act.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Sponsor of the Funds contributed $1,000 to each Fund on February 14, 2022, in exchange for 40 shares of the respective Funds, representing an initial contribution of capital to the Funds. On March 23, 2022, the Sponsor redeemed their units of each Fund. The offering of each Funds’ shares is registered with the SEC in accordance with the Securities Act of 1933. The Funds currently offer one class of shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares of the Funds are expected to be listed and traded on the NYSE Arca, Inc. after they are initially purchased by “Authorized Participants”, institutional firms that purchase shares in blocks of 25,000 shares called “Units” (referred to as a “Creation Unit” or “Redemption Unit”). The initial Authorized Participant with respect each Fund will make a minimum initial purchase of at least four Creation Units of 25,000 shares of a Fund at an initial price of $25.00, equal to $625,000 per Creation Unit. A Fund will not commence trading unless and until its initial Authorized Participant effects the minimum initial purchase. Following the initial purchase by the initial Authorized Participant, shares of a Fund will be offered to Authorized Participants in Creation units at the Funds’ NAV. Market prices for the Shares may be different from their NAV. Creation Units will be issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally will trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporations or (ii) a DTC participant and, in each case must have executed a Participant Agreement with the Funds’ distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.</p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"/><td style="width: 0.25in"><b>2.</b></td><td style="text-align: justify"><b>Summary of Significant Accounting Policies</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in">(a)</td><td style="text-align: justify">Basis of Presentation</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Trust as a whole, as the SEC registrant and the Fund individually. The liabilities and expenses incurred, contracted for or otherwise existing with respect to each series of the Trust shall be enforceable only against the assets of each series of the Trust and not against the assets of the Trust generally or any other series.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – <i>Investment Companies</i>”.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(b) Use of Estimates</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(c) Guarantees and Indemnifications</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the Funds’ organizational documents, the Sponsor is indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with service providers and others that provide general indemnification clauses. The Funds’ maximum exposure under the contracts is unknown, as this would involve future claims that may be made against the Funds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(d) Income Taxes</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Each Fund will be classified as a partnership for United States federal income tax purposes and treated as a separate entity from any other series of the Trust for U.S. federal income tax purposes. Accordingly, the Funds will not incur United States federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying Statements of Assets and Liabilities, as shareholders are individually responsible for their own income taxes, if any, on their allocable share of the Funds’ income, gain, loss, deductions, and other items.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(e) Organizational and Offering Costs</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All organizational and offering costs for the Funds were borne by the Sponsor and are not subject to reimbursement.</p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in">(a)</td><td style="text-align: justify">Basis of Presentation</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Trust as a whole, as the SEC registrant and the Fund individually. The liabilities and expenses incurred, contracted for or otherwise existing with respect to each series of the Trust shall be enforceable only against the assets of each series of the Trust and not against the assets of the Trust generally or any other series.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – <i>Investment Companies</i>”.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p>
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<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-28" xlink:to="ix_0_footnote" xlink:type="arc"/>
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<link:loc xlink:href="#hidden-fact-52" xlink:label="hidden-fact-52" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-64" xlink:label="hidden-fact-64" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-56" xlink:label="hidden-fact-56" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-65" xlink:label="hidden-fact-65" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-63" xlink:label="hidden-fact-63" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-60" xlink:label="hidden-fact-60" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-61" xlink:label="hidden-fact-61" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-55" xlink:label="hidden-fact-55" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-58" xlink:label="hidden-fact-58" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-62" xlink:label="hidden-fact-62" xlink:type="locator"/>
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<link:loc xlink:href="#hidden-fact-59" xlink:label="hidden-fact-59" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-51" xlink:label="hidden-fact-51" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-48" xlink:label="hidden-fact-48" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-50" xlink:label="hidden-fact-50" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-53" xlink:label="hidden-fact-53" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-49" xlink:label="hidden-fact-49" xlink:type="locator"/>
<link:footnote id="ix_1_footnote" xlink:label="ix_1_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"> Effective date of registration statement. </link:footnote>
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<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-65" xlink:to="ix_1_footnote" xlink:type="arc"/>
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<link:footnote id="ix_2_footnote" xlink:label="ix_2_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"> The Fund had not commenced operations as of June 30, 2022. </link:footnote>
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<link:loc xlink:href="#hidden-fact-86" xlink:label="hidden-fact-86" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-68" xlink:label="hidden-fact-68" xlink:type="locator"/>
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<link:loc xlink:href="#hidden-fact-82" xlink:label="hidden-fact-82" xlink:type="locator"/>
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<link:loc xlink:href="#hidden-fact-80" xlink:label="hidden-fact-80" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-70" xlink:label="hidden-fact-70" xlink:type="locator"/>
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<link:loc xlink:href="#hidden-fact-72" xlink:label="hidden-fact-72" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-71" xlink:label="hidden-fact-71" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-77" xlink:label="hidden-fact-77" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-74" xlink:label="hidden-fact-74" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-67" xlink:label="hidden-fact-67" xlink:type="locator"/>
<link:loc xlink:href="#hidden-fact-69" xlink:label="hidden-fact-69" xlink:type="locator"/>
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<link:loc xlink:href="#hidden-fact-83" xlink:label="hidden-fact-83" xlink:type="locator"/>
<link:footnote id="ix_3_footnote" xlink:label="ix_3_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"> Effective date of registration statement. </link:footnote>
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<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-68" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-66" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-84" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-82" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-76" xlink:to="ix_3_footnote" xlink:type="arc"/>
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<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-85" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-72" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-71" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-77" xlink:to="ix_3_footnote" xlink:type="arc"/>
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<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-79" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-83" xlink:to="ix_3_footnote" xlink:type="arc"/>
<link:footnote id="ix_4_footnote" xlink:label="ix_4_footnote" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"> The Fund had not commenced operations as of June 30, 2022. </link:footnote>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-73" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-81" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-86" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-68" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-66" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-84" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-82" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-76" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-78" xlink:to="ix_4_footnote" xlink:type="arc"/>
<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="hidden-fact-80" xlink:to="ix_4_footnote" xlink:type="arc"/>
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</xbrl>

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