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.