CTWOMEDIUM SIGNALFINANCIAL10-Q

CTWO experienced a meaningful decline in net assets and total investment portfolio value, with European Carbon Allowance holdings showing reduced fair value despite unchanged unit holdings.

The trust's core EUA holdings decreased in fair value from $1.9M to $1.6M while maintaining the same 19,700 units, indicating declining carbon allowance prices impacted the portfolio. This reflects the inherent volatility in carbon credit markets and suggests investors should expect continued price fluctuations tied to European carbon policy and market dynamics.

Comparing 2026-04-15 vs 2025-10-15View on EDGAR →
FINANCIAL ANALYSIS

The trust's financial position weakened modestly with total assets declining 15.6% to $1.6M and corresponding reductions in net assets and stockholders' equity. The decline was primarily driven by fair value decreases in the European Carbon Allowance holdings, while cash equivalents remained relatively stable with minor reductions. The overall picture signals a trust exposed to commodity price volatility, with performance directly tied to carbon allowance market movements rather than operational fundamentals.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-18%
$20K→$17K

Cash decreased 18% — monitor burn rate and upcoming capital needs.

Total Assets
Balance Sheet
-15.6%
$1.9M→$1.6M

Total assets contracted 15.6% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-15.6%
$1.9M→$1.6M

Equity decreased 15.6% — buybacks or losses reducing book value, monitor solvency ratios.

Total Liabilities
Balance Sheet
-12.6%
$1K→$1K

Liabilities reduced 12.6% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-10-15
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.
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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.
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