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.