Valkyrie Bitcoin and Ether Strategy ETF
  
Consolidated Schedule of Investments
  
June 30, 2024 (Unaudited)
  
   
   
Par/Shares
    
Value
  
U.S. TREASURY BILL - 65.5%
            
U.S. Treasury Bill, 5.23%, 07/30/2024 (a)(c)
  
$
31,000,000
    
$
30,868,896
  
TOTAL U.S. TREASURY BILL (Cost $30,869,458)
            
30,868,896
  
                 
MONEY MARKET FUND - 70.6%
                
First American Treasury Obligations Fund - Class X, 5.21% (b)
    
33,316,812
      
33,316,812
  
TOTAL MONEY MARKET FUND (Cost $33,316,812)
      
33,316,812
  
                 
TOTAL INVESTMENTS – 136.1% (Cost $64,186,270)
      
64,185,708
  
Liabilities in Excess of Other Assets - (36.1)% (d)
      
(17,036,337
)
TOTAL NET ASSETS - 100.0%
          
$
47,149,371
  
                 

(a)
The rate shown is the annualized discount rate as of June 30, 2024.
(b)
The rate shown represents the 7-day annualized yield as of June 30, 2024.
(c)
All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At June 30, 2024, the value of securities pledged amounted to $29,253,000.
(d)
Includes assets and deposits with broker pledged as collateral for derivative contracts. At June 30, 2024, the value of these assets totals $12,414,811.
Valkyrie Bitcoin and Ether Strategy ETF
                  
Consolidated Schedule of Open Futures Contracts
                  
June 30, 2024 (Unaudited)
  
 
                  
                           
The following futures contracts of the Fund's wholly-owned subsidiary were open at June 30, 2024:
        
                           
                 
Value
  
Description
  
Number of
Contracts
Purchased
  
Settlement
Month-Year
  
Current Notional
Amount
    
Unrealized
Appreciation
    
Unrealized (Depreciation)
  
Purchase Contracts:
                          
CME Bitcoin Futures
    
77
  
Jul-24
  
$
23,225,125
    
$
-
    
$
(614,215
)
CME Ether Futures
    
140
  
Jul-24
    
23,667,000
      
-
      
(456,554
)
                
$
46,892,125
    
$
-
    
$
(1,070,769
)
                                   
Valkyrie Bitcoin and Ether Strategy ETF
                    
Consolidated Schedule of Reverse Repurchase Agreements
                
June 30, 2024 (Unaudited)
                        
                         
Counterparty
  
Interest Rate
  
Trade Date
  
Maturity Date
  
Net Closing
Amount
    
Face Value
  
StoneX Financial, Inc.
    
6.25%

6/27/2024
  
7/01/2024
  
$
29,253,000
    
$ 
(29,253,000
)
                    
$
29,253,000
    
$ 
(29,253,000
)
                               

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 and Ether Strategy ETF
                  
Summary of Fair Value Disclosure at June 30, 2024 (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, 2024:
          

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
U.S. Treasury Bills
  
$
-
    
$
30,868,896
    
$
-
    
$
30,868,896
  
Money Market Fund
                                
Money Market Fund
    
33,316,812
      
-
      
-
      
33,316,812
  
Total Investments
  
$
33,316,812
    
$
30,868,896
    
$
-
    
$
64,185,708
  
                                 
Other Financial Instruments
                                
Assets*
                                
Futures Contracts
                                
Long
  
$
(1,070,769
)
  
$
-
    
$
-
    
$
(1,070,769
)
Liabilities
                                
Reverse Repurchase Agreement
    
-
      
(25,253,000
)
    
-
      
(25,253,000
)
Total Other Financial Instruments
  
$
(1,070,769
)
  
$
(25,253,000
)
  
$
-
    
$
(26,323,769
)

*The fair value of the Fund’s other financial instruments represents the net unrealized depreciation at June 30, 2024.
      
                       
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings.