CTWO — what changed in the latest 10-Q
A section-by-section comparison of CTWO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-06 vs the prior 10-Q · 2026-04-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −5 | ~5 | 25 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-06
For the period December 1, 2025 to May 31, 2026, no Shares were issued in exchange for EUAs and no Shares were redeemed in exchange for EUAs. The Trust’s NAV per Share began the period at $19.20 and ended the period at $18.40.
The change in net assets from operations for the period December 1, 2025 to May 31, 2026 was $(0.80) per share, which was due to (i) payment of the Sponsor’s Management Fee of $7,031, (ii) interest income earned on short-term investments of $308, and (iii) a net change in unrealized depreciation on …
Below is a comparison of per Share net asset value (“NAV”) to the Shares’ market value for the period from March 1, 2026 to May 31, 2026.
During the period of March 1, 2026 through May 31, 2026 the market for European Union Allowances (EUA) traded in a range of $72.34 (March 19, 2026) to $92.75 (May 29, 2026) with the closing price on May 29, 2026 of $92.75. There were a variety of influences on the price in the EUA market. Some of th…
The ongoing volatility created by policy uncertainty contributed to a notable shift in how the Trust’s Shares traded relative to NAV over the period, moving from a premium to a discount. On February 11, 2026, an industrial competitiveness conference held in Antwerp prompted public comments regarding…
Text removed vs the prior filing · source: 10-Q · 2026-04-15
Below is a comparison of per Share net asset value (“NAV”) to the Shares’ market value for the period from December 1, 2025 to February 28, 2026.
During the period of December 1, 2025 through February 28, 2026 the market for European Union Allowances (EUA) traded in a range of $78.69 (February 16, 2026) to $104.60 (January 15, 2026) with the closing price on February 27, 2026 of $79.96. There were a variety of influences on the price in the E…
Generally speaking, for the first two months of the quarter the market price of the Shares tracked closely to the NAV per Share. On February 11, an industrial competitiveness conference was held in Antwerp where public comments were made about the future structure of the EU ETS. Following these comm…
In the period December 1, 2025 to February 28, 2026, no Shares were created, no Shares were redeemed, and no EUAs were sold to maintain a cash position in line with fund policy. For accounting purposes, CTWO reflects creations and redemptions on the date of receipt of a notification of a creation bu…
At February 28, 2026, the number of EUAs owned by the Trust and held at the Union Registry was 19,700, with a market value of $1,605,267 based on the Daily EUA Futures price determined by the ICE Endex on February 28, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice