COTWO ADVISORS PHYSICAL EUROPEAN CARBON ALLOWANCE TRUST (CTWO) reported net assets of $1,893,714 at August 31, 2026, compared with $1,919,879 at November 30, 2025. It held 19,600 EUAs valued at $1,875,657, equal to 99.05% of net assets, and NAV was $18.94 per share versus $19.20. Operations increased net assets by $53,889 for the three months ended August 31, 2026, and decreased them by $26,165 for the nine months. No shares were created or redeemed in those 2026 periods, and 100,000 shares were outstanding at August 31, 2026.
During the nine months, the Trust sold 100 EUAs to pay expenses, generating net proceeds of $8,894 and a realized gain of $391. EUA prices ranged from $86.67 on June 9, 2026, to $98.91 on July 22, and closed at $95.70 on August 31. The European Commission published a proposed post-2030 EU ETS reform on July 17; management said CTWO's significant discount to NAV before the proposal materially tightened afterward. The Sponsor's management fee is 0.79% per annum of daily net asset value.
COtwo Advisors Physical European Carbon Allowance Trust reported net assets of $1,839,825 and a net asset value (NAV) of $18.40 per share as of May 31, 2026, with 100,000 shares outstanding. The portfolio was almost entirely invested in European Union Carbon Emission Allowances (EUAs), valued at $1,827,188, plus $13,754 in cash and cash equivalents.
For the three months ended May 31, 2026, the Trust generated a net increase in net assets from operations of $218,747, driven by $221,921 of unrealized gains on EUAs, partially offset by a net investment loss of $3,174 from the 0.79% annual Sponsor’s Management Fee. Over the six-month period, however, net assets declined by $80,054, as unrealized depreciation of $73,331 and Sponsor fees outweighed modest interest income.
The Trust posted a total return at NAV of 13.51% for the quarter and -4.17% for the six months, while market returns were -6.49% and -7.96%, reflecting premiums and discounts to NAV in a thinly traded market. No share creations or redemptions occurred, and the Trust continued to track EUA prices within the EU Emissions Trading System.
COtwo Advisors Physical European Carbon Allowance Trust registers an indeterminate number of COtwo Advisors Physical European Carbon Allowance Shares ("Shares") to be issued continuously in blocks of 50,000 Shares (a "Basket") in exchange for European Union Carbon Emission Allowances ("EUAs") or cash, under Rules 456(d) and 457(u). The Trust seeks to track the price of EUAs, holds EUAs in the Union Registry, charges a Sponsor’s Management Fee of 0.79% per annum paid monthly, and issues and redeems Baskets only to Authorized Participants at NAV.
The Trust is passive, holds only EUAs and short-term cash, and will sell EUAs to pay fees and certain expenses; Shares trade on NYSE Arca under the symbol CTWO. Investing involves significant risks tied to EUA price volatility, regulatory changes to the EU ETS, currency movements, and operational constraints such as cash-based creations/redemptions.
COtwo Advisors Physical European Carbon Allowance Trust reported lower net assets for the quarter ended February 28, 2026 as European carbon prices declined. Net assets fell from $1,919,879 to $1,621,078, with NAV per share dropping from $19.20 to $16.21 on 100,000 shares outstanding.
The Trust recorded a net decrease in net assets from operations of $298,801, driven mainly by an unrealized loss on EUAs of $295,252 and Sponsor’s management fees of $3,720, partly offset by $171 of interest income. Total return at NAV was -15.57%, while market price total return was -1.57%, reflecting a premium of the share price to NAV at times.
The Trust held 19,700 EUAs with a fair value of $1,605,267 and cash and cash equivalents of $16,816 at period end. No share creations or redemptions occurred during the quarter, and the only recurring expense was the Sponsor fee of 0.79% per year of average daily net assets.
COtwo Advisors Physical European Carbon Allowance Trust registered an indeterminate number of COtwo Advisors Physical European Carbon Allowance Shares for continuous offer under the Securities Act, pursuant to Rules 456(d) and 457(u).
The Trust holds EU Carbon Emission Allowances (EUAs) and cash, issues Shares only in blocks of 50,000 Shares (a "Basket"), and lists the Shares on NYSE Arca under the symbol CTWO. The Sponsor charges a management fee of 0.79% per annum, paid monthly, and has contractually agreed to assume routine operating expenses. Creation and redemption occur only to Authorized Participants, and the Trust may use cash or in-kind mechanisms involving Liquidity Providers; redemptions are subject to suspension and operational limits described in the prospectus.
COtwo Advisors Physical European Carbon Allowance Trust provides exposure to EU carbon emission allowances (EUAs) through exchange‑listed Shares on NYSE Arca under the symbol CTWO. As of November 30, 2025, non‑affiliate equity market value was $1,743,620 with 100,000 Shares outstanding as of February 27, 2026.
The Trust’s objective is for its Shares to track EUA prices, less operating expenses, by holding only EUAs and cash in an EU Union Registry account. It charges a Sponsor’s Management Fee of 0.79% per year of daily NAV; this totaled $7,710 for the fiscal year, with the Sponsor covering routine expenses.
Shares are created and redeemed only in 50,000‑Share Baskets via Authorized Participants in exchange for EUAs or cash, using Liquidity Providers Vertis and Redshaw to source or sell allowances. During the year, the Trust redeemed one Basket, or 50,000 Shares, while emphasizing detailed procedures for NAV calculation, EUA market structure and operational risk controls, including a cybersecurity program overseen by the Sponsor.
COtwo Advisors Physical European Carbon Allowance Trust (CTWO) reported its inaugural operating quarter. Net assets were $2,538,983 at August 31, 2025, with NAV of $16.93 per share. The Trust held 29,700 EUAs at fair value of $2,516,249 and cash & equivalents of $24,327.
Operations reflected a small net decrease of $42 (or $0.02 per share), driven by the Sponsor fee of $3,875, a realized loss of $619 from EUAs sold to pay expenses, a $6,657 realized foreign exchange gain, and a $2,359 unrealized loss on EUAs. Total return was -0.12% at NAV and -1.87% at market value.
Creation activity established the vehicle: 150,000 shares were created (three Baskets), with no redemptions. The Sponsor fee is 0.79% per annum of daily NAV, covering routine operating expenses. EUAs are valued using the ICE Endex Daily EUA Future; the Trust began investing on June 17, 2025 and trades on NYSE Arca.