Valkyrie Bitcoin Strategy ETF | ||||||||
Consolidated Schedule of Investments | ||||||||
June 30, 2023 (Unaudited) | ||||||||
PAR/Shares | Value | |||||||
U.S. TREASURY BILL: 65.54% | ||||||||
United States Treasury Bill, 4.89%, 8/8/2023 (a)(b) | $ | 20,000,000 | $ | 19,897,450 | ||||
TOTAL U.S. TREASURY BILL (Cost $19,896,825) | 19,897,450 | |||||||
MONEY MARKET FUND: 47.29% | ||||||||
First American Treasury Obligations Fund - Class X, 5.04% (c) | 14,358,462 | 14,358,462 | ||||||
TOTAL MONEY MARKET FUND (Cost $14,358,462) | 14,358,462 | |||||||
TOTAL INVESTMENTS (Cost $34,255,287): 112.83% | 34,255,912 | |||||||
Liabilities in Excess of Other Assets: (12.83)% (d) | (3,896,175 | ) | ||||||
TOTAL NET ASSETS: 100.00% | $ | 30,359,737 |
(a) | The rate disclosed is the annualized discount rate as of June 30, 2023. | ||||||
(b) | All or a portion of the security has been pledged as collateral in connection with | ||||||
open reverse repurchase agreements. At June 30, 2023, the value of securities | |||||||
pledged amounted to $12,933,349. | |||||||
(c) | The rate listed is the 7-day annualized yield as of June 30, 2023. | ||||||
(d) | Includes assets and deposits with broker pledged as collateral for | ||||||
derivative contracts. At June 30, 2023, the value of these assets totals $7,725,034. |
Valkyrie Bitcoin Strategy ETF | ||||||||||||||
Consolidated Schedule of Open Futures Contracts | ||||||||||||||
June 30, 2023 (Unaudited) | ||||||||||||||
Value | ||||||||||||||
Description | Number of Contracts Purchased | Settlement Month-Year | Current Notional Amount | Unrealized Appreciation | Unrealized Depreciation | |||||||||
Purchase Contracts: | ||||||||||||||
CME Bitcoin Futures | 198 | July-23 | $ | 30,373,200 | $ | 45,125 | $ | (262,091) |
Valkyrie Bitcoin Strategy ETF | |||||||||||||||
Schedule of Open Reverse Repurchase Agreements | |||||||||||||||
June 30, 2023 (Unaudited) | |||||||||||||||
The following reverse repurchase agreements were open at June 30, 2023: | |||||||||||||||
Counterparty | Interest Rate | Trade Date | Maturity Date | Net Closing Amount | Face Value | ||||||||||
StoneX Financial Inc. | 5.50 | % | 6/30/2023 | 7/3/2023 | $ | 12,680,809 | $ | 12,675,000 |
A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under |
which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the |
agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse |
repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. |
While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. |
Valkyrie Bitcoin Strategy ETF | |||||||||||
Summary of Fair Value Disclosure at June 30, 2023 (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, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income | ||||||||||||||||
U.S. Treasury Bills | $ | - | $ | 19,897,450 | $ | - | $ | 19,897,450 | ||||||||
Money Market Fund | ||||||||||||||||
Money Market Fund | 14,368,462 | - | - | 14,368,462 | ||||||||||||
Total Investments in Securities | $ | 14,368,462 | $ | 19,897,450 | $ | - | $ | 34,265,912 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Long | $ | (216,966 | ) | $ | - | $ | - | $ | (216,966 | ) | ||||||
Liabilities | ||||||||||||||||
Reverse Repurchase Agreement | - | (12,675,000 | ) | - | (12,675,000 | ) | ||||||||||
Total Other Financial Instruments | $ | (216,966 | ) | $ | (12,675,000 | ) | $ | - | $ | (12,891,966 | ) | |||||
*The fair value of the Fund’s other financial instruments represents the net unrealized depreciation at June 30, 2023. | ||||||||||||||||
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings. |