ADDED
Financial Statements (unaudited) 1 Statements of Financial Condition at February 28, 2026 (unaudited) and November 30, 2025 1 Schedules of Investments at February 28, 2026 (unaudited) and November 30, 2025 2 Statement of Operations for the three months ended February 28, 2026 (unaudited) 3 Statement of Cash Flows for the period December 1, 2025 to February 28, 2026 (unaudited) 4 Statement of Changes in Net Assets for the three months ended February 28, 2026 (unaudited) 5 Notes to the Unaudited Financial Statements (unaudited) 6 Item 2.
1 COTWO ADVISORS PHYSICAL EUROPEAN CARBON ALLOWANCE TRUST Schedules of Investments February 28, 2026 (unaudited) Units Held Cost Fair Value % of Net Assets EUAs 19,700 $ 1,667,361 $ 1,605,267 99.02 % State Street Institutional U.S.
Government Money Market Fund - Premier Class (a) 16,816 16,816 16,816 1.04 % Total Investment $ 1,684,177 $ 1,622,083 100.06 % Liabilities in Excess of Other Assets ( 1,005 ) - 0.06 % Net Assets $ 1,621,078 100.00 % November 30, 2025 Units Held Cost Fair Value % of Net Assets EUAs 19,700 $ 1,667,361 $ 1,900,519 98.99 % State Street Institutional U.S.
Government Money Market Fund - Premier Class (a) 20,497 20,497 20,497 1.07 % Total Investment $ 1,687,858 $ 1,921,016 100.06 % Liabilities in Excess of Other Assets ( 1,137 ) - 0.06 % Net Assets $ 1,919,879 100.00 % (a) The annualized 7-day yields as of February 28, 2026 and November 30, 2025, were 3.63% and 3.94%, respectively.
5 COTWO ADVISORS PHYSICAL EUROPEAN CARBON ALLOWANCE TRUST Notes to the Financial Statements (unaudited) 1.
On April 29, 2025 , the Trust was declared effective by the U.S.
The Statement of Financial Condition and Schedule of Investments at February 28, 2026 and the Statements of Operations, Cash Flows and Changes in Net Assets for the reporting period ended February 28, 2026 have been prepared on behalf of the Trust without audit.
In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the three months ended February 28, 2026 have been made.
The results of operations for the three months ended February 28, 2026 are not necessarily indicative of the operating results for the full fiscal year.
6 Notes to the Financial Statements (unaudited) (continued) The following is a summary of significant accounting policies followed by the Trust.
REMOVED
Financial Statements (unaudited) 1 Statement of Financial Condition at August 31, 2025 (unaudited) 1 Schedule of Investments at August 31, 2025 (unaudited) 2 Statements of Operations for the periods April 29, 2025 to August 31, 2025 and the three months ended August 31, 2025 (unaudited) 3 Statement of Cash Flows for the period April 29, 2025 to August 31, 2025 (unaudited) 4 Statements of Changes in Net Assets for the periods April 29, 2025 to August 31, 2025 and the three months ended August 31, 2025 (unaudited) 5 Notes to the Unaudited Financial Statements (unaudited) 6 Item 2.
Financial Statements (Unaudited) Statement of Financial Condition (unaudited) (a) At August 31, 2025 ASSETS Investments in European Union Carbon Emission Allowances ( EUAs ), at fair value (cost $ 2,518,608 ) $ 2,516,249 Cash Cash Equivalents 24,327 Interest Receivable 73 Total Assets $ 2,540,649 LIABILITIES Sponsor Fees $ 1,666 Total Liabilities $ 1,666 Net Assets $ 2,538,983 Shares issued and outstanding(1) 150,000 Net asset value per Share $ 16.93 (1) Authorized share capital is unlimited and the par value of the Shares is $0.00.
(a) No comparative financial statements have been provided as the Trust did not have any operations as of November 30, 2024.
1 COTWO ADVISORS PHYSICAL EUROPEAN CARBON ALLOWANCE TRUST Schedule of Investments (unaudited) (a) At August 31, 2025 August 31, 2025 EUAs Held Cost Fair Value % of Net Assets EUAs 29,700 $ 2,518,608 $ 2,516,249 99.10 % Short-Term Investments (b) 24,327 24,327 24,327 0.96 % Total Investment $ 2,542,935 $ 2,540,576 100.06 % Liabilities in Excess of Other Assets ( 1,593 ) - 0.06 % Net Assets $ 2,538,983 100.00 % See notes to the unaudited financial statements.
(a) No comparative financial statements have been provided as the Trust did not hold any EUAs as of November 30, 2024.
(b) The annualized 7-day yield as of August 31, 2025 of the SSC GOVERNMENT MM GVMXX is 4.23%.
(a) Effective date of registration statement (b) The Fund commenced operations on June 17, 2025 (c) Less than $0.01 per share.
(a) Effective date of registration statement (b) The Fund commenced operations on June 17, 2025 (c) No comparative financial statements have been provided as the Trust did not hold any EUAs as of November 30, 2024.
(a) Effective date of registration statement (b) The Fund commenced operations on June 17, 2025 5 COTWO ADVISORS PHYSICAL EUROPEAN CARBON ALLOWANCE TRUST Notes to the Financial Statements (unaudited) 1.
On April 29, 2025, the Trust was declared effective by the U.S.