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.