| Valkyrie Bitcoin Strategy ETF | ||||||||
| Consolidated Schedule of Investments | ||||||||
| December 31, 2021 (Unaudited) | ||||||||
| PAR | Value | |||||||
| U.S. TREASURY BILLS: 35.6% | ||||||||
| United States Treasury Bill, 0.056%, 4/21/22 (a)(b) | $ | 19,600,000 | $ | 19,595,664 | ||||
| United States Treasury Bill, 0.060%, 5/12/22 (a)(b) | 6,000,000 | 5,998,065 | ||||||
| TOTAL U.S. TREASURY BILLS (Cost $25,595,351) | 25,593,729 | |||||||
| Total Investments in Securities (Cost $25,595,351): 35.6% | 25,593,729 | |||||||
| Other Assets in Excess of Liabilities: 64.4% (c) | 46,300,361 | |||||||
| TOTAL NET ASSETS: 100.00% | $ | 71,894,090 | ||||||
| (a) | The rate quoted is the annualized discount rate as of December 31, 2021. | |||||
| (b) | All or a portion of this security is pledged as collateral for derivative contracts. At December 31, 2021, the value of this collateral totals $25,593,729. | |||||
| (c) | Includes assets and deposits with broker pledged as collateral for derivative contracts. At December 31, 2021, the value of these assets totals $26,091,516. |
| Valkyrie Bitcoin Strategy ETF | ||||||||||||||
| Consolidated Schedule of Open Futures Contracts | ||||||||||||||
| December 31, 2021 (Unaudited) | ||||||||||||||
| Value | ||||||||||||||
| Description | Number of Contracts Purchased | Settlement Month- Year | Current Notional Amount | Notional Amount At Trade Date | Unrealized Appreciation | Unrealized (Depreciation) | ||||||||
| Purchase Contracts: | ||||||||||||||
Bitcoin | 314 | Jan-22 | $ 71,929,550 | $ 74,394,546 | $ - | $ (2,464,996) | ||||||||
| Valkyrie Bitcoin Strategy ETF | |||||||||||||||
| Summary of Fair Value Disclosure at December 31, 2021 (Unaudited) | |||||||||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United | |||||||||||||||
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | |||||||||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | |||||||||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may | |||||||||||||||
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, | |||||||||||||||
default rates and similar data. | |||||||||||||||
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions | |||||||||||||||
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | |||||||||||||||
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021: | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Fixed Income | ||||||||||||||||
| U.S. Treasury Bills | $ | - | $ | 25,593,729 | $ | - | $ | 25,593,729 | ||||||||
| Total Investments | $ | - | $ | 25,593,729 | $ | - | $ | 25,593,729 | ||||||||
| Other Financial Instruments* | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Long | $ | (2,464,996 | ) | $ | - | $ | - | $ | (2,464,996 | ) | ||||||
| Total Other Financial Instruments | $ | (2,464,996 | ) | $ | - | $ | - | $ | (2,464,996 | ) | ||||||
| *The fair value of the Fund’s other financial instruments represents the net unrealized depreciation at December 31, 2021. | |||||||||||||||
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings. | |||||||||||||||