| Valkyrie Bitcoin Strategy ETF | ||||||||
| Consolidated Schedule of Investments | ||||||||
| June 30, 2022 (Unaudited) | ||||||||
| PAR | Value | |||||||
| U.S. TREASURY BILLS: 55.04% | ||||||||
| United States Treasury Bill, 1.265%, 10/20/22 (a) | $ | 9,500,000 | $ | 9,444,090 | ||||
| TOTAL U.S. TREASURY BILLS (Cost $9,462,946) | 9,444,090 | |||||||
| Total Investments in Securities (Cost $9,462,946): 55.04% | 9,444,090 | |||||||
| Other Assets in Excess of Liabilities: 44.96% (b) | 7,714,618 | |||||||
| TOTAL NET ASSETS: 100.00% | $ | 17,158,708 | ||||||
| (a) | The rate quoted is the annualized discount rate as of June 30, 2022. | |||||
| (b) | Includes assets and deposits with broker pledged as collateral for | |||||
| derivative contracts. At June 30, 2022, the value of these assets totals $5,972,544. | ||||||
| Valkyrie Bitcoin Strategy ETF | |||||||||||||
| Consolidated Schedule of Open Futures Contracts | |||||||||||||
| June 30, 2022 (Unaudited) | |||||||||||||
| The following futures contracts of the Fund's wholly-owned subsidiary were open at June 30, 2022: | |||||||||||||
| Value | |||||||||||||
| Description | Number of Contracts Purchased | Settlement Month-Year | Current Notional Amount | Notional Amount At Trade Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||
| Purchase Contracts: | |||||||||||||
CME Bitcoin Futures | 183 | Jul-22 | $ 17,165,400 | $ 18,883,048 | $ - | $ (1,717,648) | |||||||
| Valkyrie Bitcoin Strategy ETF | ||||||||||
| Summary of Fair Value Disclosure at June 30, 2022 (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 June 30, 2022: | ||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Fixed Income | ||||||||||||||||
| U.S. Treasury Bills | $ | - | $ | 9,444,090 | $ | - | $ | 9,444,090 | ||||||||
| Total Investments | $ | - | $ | 9,444,090 | $ | - | $ | 9,444,090 | ||||||||
| Other Financial Instruments* | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Long | $ | (1,717,648 | ) | $ | - | $ | - | $ | (1,717,648 | ) | ||||||
| Total Other Financial Instruments | $ | (1,717,648 | ) | $ | - | $ | - | $ | (1,717,648 | ) | ||||||
| *The fair value of the Fund’s other financial instruments represents the net unrealized depreciation at June 30, 2022. | ||||||||||||||||
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings. | ||||||||||||||||