Valkyrie Bitcoin Strategy ETF
            
Consolidated Schedule of Investments
            
December 31, 2022 (Unaudited)
            
             
             
   
Principal
    
Value
  
U.S. TREASURY BILLS: 58.33%
            
United States Treasury Bill, 2.91%, 1/19/2023 (a)
  
$
1,000,000
    
$
998,391
  
United States Treasury Bill, 4.29%, 4/20/2023 (a)
    
10,000,000
      
9,869,624
  
TOTAL U.S. TREASURY BILLS (Cost $10,868,549)
            
10,868,015
  
                 
TOTAL INVESTMENTS (Cost $10,868,549): 58.33%
            
10,868,015
  
Other Assets in Excess of Liabilities: 41.67% (b)
            
7,763,406
  
TOTAL NET ASSETS: 100.00%
          
$
18,631,421
  

(a)
  
The rate quoted is the annualized discount rate as of December 31, 2022.
        
(b)
  
Includes assets and deposits with broker pledged as collateral for derivative contracts.
        
   
At December 31, 2022, the value of these assets totals $6,242,500.
        
Valkyrie Bitcoin Strategy ETF
              
Consolidated Schedule of Open Futures Contracts
            
December 31, 2022 (Unaudited)
 
 
 
 
 
 
 
 
                       
                 
Value
Description
  
Number of
Contracts
Purchased
  
Settlement
Month-Year
  
Current Notional
Amount
  
Unrealized
Appreciation
  
Unrealized
(Depreciation)
Purchase Contracts:
                    
 
CME Bitcoin Futures
  
227
  
Jan-23
  
 $          18,767,225
  
 $               148,432
  
 $                         -
Valkyrie Bitcoin Strategy ETF
                  
Summary of Fair Value Disclosure at December 31, 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 December 31, 2022:
        

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
U.S. Treasury Bills
  
$
-
    
$
10,868,015
    
$
-
    
$
10,868,015
  
Total Investments
  
$
-
    
$
10,868,015
    
$
-
    
$
10,868,015
  
                                 
Other Financial Instruments*
                                
Futures Contracts
                                
Long
  
$
148,432
    
$
-
    
$
-
    
$
148,432
  
Total Other Financial Instruments
  
$
148,432
    
$
-
    
$
-
    
$
148,432
  
                                 
*The fair value of the Fund’s other financial instruments represents the net unrealized appreciation at December 31, 2022.
  
                                 
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings.