| Valkyrie Balance Sheet Opportunities ETF | ||||||||
| Schedule of Investments | ||||||||
| December 31, 2021 (Unaudited) | ||||||||
| Shares | Value | |||||||
| COMMON STOCKS: 99.49% | ||||||||
| Administrative and Support Services: 21.29% | ||||||||
| Coinbase Global, Inc. - Class A (a) | 240 | $ | 60,569 | |||||
| Mastercard, Inc. - Class A | 67 | 24,074 | ||||||
| Metromile, Inc. (a) | 8,929 | 19,555 | ||||||
| PayPal Holdings, Inc. (a) | 128 | 24,138 | ||||||
| 128,336 | ||||||||
| Credit Intermediation and Related Activities: 3.02% | ||||||||
| Silvergate Capital Corp. - Class A (a) | 123 | 18,228 | ||||||
| Data Processing Hosting and Related Services: 2.97% | ||||||||
| Phunware, Inc. (a) | 6,813 | 17,918 | ||||||
| Lessors of Non-Financial Intangible Assets: 3.82% | ||||||||
| Marathon Digital Holdings, Inc. (a) | 701 | 23,035 | ||||||
| Non-Store Retailers: 7.13% | ||||||||
| MercadoLibre, Inc. (a) | 14 | 18,878 | ||||||
| Overstock.com, Inc. (a) | 409 | 24,135 | ||||||
| 43,013 | ||||||||
| Professional, Scientific, and Technical Services: 9.79% | ||||||||
| Argo Blockchain PLC - ADR (a) | 933 | 11,345 | ||||||
| Globant S.A. - ADR (a) | 77 | 24,185 | ||||||
| Riot Blockchain, Inc. (a) | 1,052 | 23,491 | ||||||
| 59,021 | ||||||||
| Publishing Industries (except Internet): 29.40% | ||||||||
| Block, Inc. (a) | 412 | 66,542 | ||||||
| BTCS, Inc. (a) | 6,819 | 21,412 | ||||||
| MicroStrategy, Inc. - Class A (a) | 164 | 89,296 | ||||||
| 177,250 | ||||||||
| Securities, Commodity Contracts, and Other Financial Investments: 12.25% | ||||||||
| BlackRock, Inc. | 27 | 24,720 | ||||||
| Mogo, Inc. - ADR (a) | 6,996 | 23,926 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 1,419 | 25,202 | ||||||
| 73,848 | ||||||||
| Transportation Equipment Manufacturing: 9.82% | ||||||||
| Tesla, Inc. (a) | 56 | 59,180 | ||||||
| TOTAL COMMON STOCKS (Cost $621,372) | 599,829 | |||||||
| Total Investments in Securities (Cost $621,372): 99.49% | 599,829 | |||||||
| Other Assets in Excess of Liabilities: 0.51% | 3,103 | |||||||
| TOTAL NET ASSETS: 100.00% | $ | 602,932 | ||||||
| ADR | American Depository Receipt | |||||
| PLC | Public Limited Company | |||||
| (a) | Non-income producing security. |
| Valkyrie Balance Sheet Opportunities 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 | |||||||||||||
| Common Stocks | ||||||||||||||||
| Administrative Support and Waste Management | $ | 128,336 | $ | - | $ | - | $ | 128,336 | ||||||||
| Finance and Insurance | 110,954 | - | - | 110,954 | ||||||||||||
| Information | 195,168 | - | - | 195,168 | ||||||||||||
| Manufacturing | 59,180 | - | - | 59,180 | ||||||||||||
| Professional, Scientific and Technical Services | 59,021 | - | - | 59,021 | ||||||||||||
| Real Estate Rental and Leasing | 23,035 | - | - | 23,035 | ||||||||||||
| Retail Trade | 24,135 | - | - | 24,135 | ||||||||||||
| Total Common Stocks | 599,829 | - | - | 599,829 | ||||||||||||
| Total Investments | $ | 599,829 | $ | - | $ | - | $ | 599,829 | ||||||||
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry. |