Witholding carbon allowances from polluters through physical carbon EUAs, achieving environmental impact and potential returns.
Our Partner
EUAs are increasing in scarcity value
An EUA is a permit to pollute 1 tonne of CO2. The EU Commission issues fewer annually to decrease emissions creating potential for upward price pressure and driving scarcity value.
100% physically-backed by carbon EUAs
Each CO2 is physically-backed by one EUA, adjusted for accumulated management fees since launch. Carbon EUAs held within the ETC cannot be used by polluters, ensuring direct environmental impact.
Prevents carbon emissions
While the physical carbon EUA ETC holds EUAs, companies can’t use them to pollute. Withholding allowances triggers an EU law that results in additional allowances being cancelled in future years, reducing supply.
Carbon EUAs are increasing in scarcity value
Physical carbon EUA ETCs
EUA ETCs can be physically backed by EUAs, adjusted for accumulated management fees since launch. These EUAs cannot be used by polluters, ensuring direct environmental impact.
Holding carbon EUAs means companies can’t use them to pollute. Withholding allowances triggers an EU law that results in additional allowances being cancelled in future years, reducing supply.
SparkChange Physical Carbon EUA ETC (CO2) is designed to offer investors a means of accessing physical European Union carbon Allowances (EUAs). Each carbon EUA acts as a permit to pollute 1 tonne of carbon dioxide, so investing in CO2 can prevent emissions by withholding these carbon allowances from polluters. As polluters and investors compete for a reduced supply of EUAs, prices may rise until it becomes too expensive for polluters to continue using dirty fossil fuels. The physical carbon EUA ETC avoids the performance drag associated with EUA futures-based products. The carbon EUA ETC is 100% physically backed by, and tracks the price of, EUAs (excluding fees).
Key Risks
The value of the ETC will be affected by movements in the price of the underlying EUAs, the value may go up as well as down. The abandonment, termination or non-renewal upon expiration of a trading scheme may cause the price of EUAs to fall (potentially to zero). Investors’ capital is at risk and investors may not get back the amount originally invested and should obtain independent advice before making a decision. Any decision to invest should be based on the information contained in the relevant prospectus. For a complete overview of all the risks, please refer to the “Risk Factors” in the Prospectus.
Source: HANetf, data as of 30.09.2026. Please note that all performance figures are showing net data. The underlying benchmark is “Carbon EUA”, performance is in EUR. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled “Risk Factors” for further details of risks associated with an investment in this product. If product is less than 12 months old, YTD field will be calculated since inception. When you invest in ETCs your capital is at risk.
Coming soon
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
EU Carbon Market Monthly Report | October 2025
October 2025
EU Carbon Market Monthly Report | November 2025
November 2025
EU Carbon Market Monthly Report | September 2025
September 2025
Explore the latest video, where SparkChange’s Elliot Waxman and head of research Jan Ahrens joined Proactive’s Stephen Gunnion to share news of the strong uptake of the world’s first ETP backed by physical carbon EUAs, which has sparked ESG investment activism by removing carbon allowances from polluters.
At the ESG Investing Awards 2024, SparkChange Physical Carbon EUA ETC (CO2) won the award for Best ESG Investment Fund. CO2 is designed to offer investors a means of accessing the properties of physical European Union carbon Allowances (EUAs).
About Partner
SparkChange is a provider of specialist carbon investment products and data, enabling investors to achieve both positive environmental impact and potential financial returns. The company was established by experts in environmental products and capital markets technologies to set a new standard in carbon investing. Our mission is to revolutionise access to carbon.
More investors with access means a bigger impact on the environment. That doesn’t just change a world of investing. It can change the future of our planet.
You can visit SparkChange’s website here
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