# EDGAR Filing Document

**Accession Number:** 0001877493
**File Stem:** 0001145549-23-014077
**Filing Date:** 2023-3
**Character Count:** 13992
**Document Hash:** edc247126da64168df3852dfe611f9b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014077.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014077

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valkyrie ETF Trust II
- **CENTRAL INDEX KEY:** 0001877493
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23725
- **FILM NUMBER:** 23691463

**BUSINESS ADDRESS:**
- **STREET 1:** 320 SEVEN SPRINGS WAY
- **STREET 2:** SUITE 250
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37027
- **BUSINESS PHONE:** 800-617-0004

**MAIL ADDRESS:**
- **STREET 1:** 320 SEVEN SPRINGS WAY
- **STREET 2:** SUITE 250
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37027

## Series and Classes Contracts Data

### Valkyrie Bitcoin Miners ETF (Series ID: S000075052)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000233855 | Valkyrie Bitcoin Miners ETF | WGMI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Valkyrie Bitcoin Miners ETF** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Value** |
| **COMMON STOCKS: 94.34%** | | |
| **Semiconductors & Semiconductor Equipment: 11.74%** | | |
| Advanced Micro Devices, Inc. (a) | 658 | $42618 |
| Intel Corp. | 1618 | 42764 |
| NVIDIA Corp. | 293 | 42819 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 569 | 42385 |
|  |  | 170586 |
| **Software: 79.79%** |  |  |
| Argo Blockchain PLC - ADR (a) | 56001 | 60481 |
| Bit Digital, Inc. (a)(b) | 114607 | 68764 |
| Bitfarms Ltd. (a)(b) | 241278 | 106162 |
| Cipher Mining, Inc. (a) | 103426 | 57919 |
| Cleanspark, Inc. (a) | 82637 | 168579 |
| Digihost Technology, Inc. (a)(b) | 166902 | 60085 |
| Greenidge Generation Holdings, Inc. (a) | 156318 | 45192 |
| HIVE Blockchain Technologies, Ltd. (a)(b) | 69353 | 99868 |
| Hut 8 Mining Corp. (a)(b) | 118480 | 100708 |
| Marathon Digital Holdings, Inc. (a) | 28670 | 98051 |
| Mawson Infrastructure Group, Inc. (a) | 213947 | 49208 |
| Riot Blockchain, Inc. (a) | 37417 | 126844 |
| Stronghold Digital Mining, Inc. - Class A (a) | 121474 | 58198 |
| Terawulf, Inc. (a) | 89890 | 59831 |
|  |  | 1159890 |
| **Technology Hardware, Storage & Peripherals: 2.81%** |  |  |
| Samsung Electronics Co, Ltd. - GDR | 37 | 40885 |
| **TOTAL COMMON STOCKS (Cost $5,045,379)** |  | 1371361 |
| **TOTAL INVESTMENTS (Cost $5,045,379): 94.34%** |  | 1371361 |
| Other Assets in Excess of Liabilities: 5.66% |  | 82321 |
| **TOTAL NET ASSETS: 100.00%** |  | $**1453682** |

---

---

| | |
|:---|:---|
| ADR | American Depository Receipt |
| GDR | Global Depository Receipt |
| PLC | Public Limited Company |
| (a) | Non-income producing security. |
| (b) | Foreign issued security. |

---

---

| |
|:---|
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. |
| and Standard & Poor's Financial Services, LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for |
| use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| |
|:---|
| **Valkyrie Bitcoin Miners Opportunities 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** |
| **Total Common Stocks** | $1371361 | $- | $- | $1371361 |
| **Total Investments**  | $1371361 | $- | $- | $1371361 |
| Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry. | Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry. | Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry. |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Valkyrie ETF Trust II

- **b. Investment Company Act file number:** 811-23725

- **c. CIK number of Registrant:** 0001877493

- **d. LEI of Registrant:** 549300MWH27O1ZGIJ534

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 320 Seven Springs Way Suite 250

  - **City:** Brentwood

  - **State:** TN

  - **Foreign country:** US

  - **Zip / Postal Code:** 37027

  - **Telephone number:** 800-617-0004

**Item A.2. Information about the Series.**

- **a. Name of Series:** Valkyrie Bitcoin Miners ETF

- **b. EDGAR series identifier (if any):** S000075052

- **c. LEI of Series:** 549300F3TDGZL6ZW5O47

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1452585.16

**Total Liabilities:** $201.29

**Net Assets:** $1452383.87

**Cash Not Reported:** $55692.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233855 | -11.66%              | -25.04%              | -21.09%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1276906.97             | $953902.20                                 |
| Month 2  | $-320366.16              | $-293026.74                                |
| Month 3  | $-215613.72              | $-171831.47                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       648 | NS      | $41970.96     | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Argo Blockchain PLC            | Argo Blockchain PLC                       | CUSIP: 040126104<br>LEI: 213800WPCCYSDYY26J54 | Long             | EC               | CORP              | GB        |     93001 | NS      | $100441.08    | 6.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitfarms Ltd/Canada            | Bitfarms Ltd/Canada                       | CUSIP: 09173B107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    240682 | NS      | $105900.08    | 7.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipher Mining Inc              | Cipher Mining Inc                         | CUSIP: 17253J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112164 | NS      | $62811.84     | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                            | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |     86849 | NS      | $177171.96    | 12.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Digihost Technology Inc        | Digihost Technology Inc                   | CUSIP: 25381D206<br>LEI: 5299001U7RVW74W46M33 | Long             | EC               | CORP              | US        |    157769 | NS      | $56796.84     | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenidge Generation Holdings  | Greenidge Generation Holdings Inc         | CUSIP: 39531G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101663 | NS      | $29390.77     | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hive Blockchain Technologies L | Hive Blockchain Technologies Ltd          | CUSIP: 43366H704<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |     70793 | NS      | $101941.92    | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Mining Corp              | Hut 8 Mining Corp                         | CUSIP: 44812T102<br>LEI: 5493006XP230HIL5DH67 | Long             | EC               | CORP              | CA        |    116472 | NS      | $99001.20     | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      1573 | NS      | $41574.39     | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |        37 | NS      | $40885.00     | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Digital Holdings Inc  | Marathon Digital Holdings Inc             | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     29944 | NS      | $102408.48    | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mawson Infrastructure Group In | Mawson Infrastructure Group Inc           | CUSIP: 57778N208<br>LEI: 549300O0BJLT7G4BZ277 | Long             | EC               | CORP              | AU        |    147400 | NS      | $33902.00     | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       290 | NS      | $42380.60     | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Blockchain Inc            | Riot Blockchain Inc                       | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     39129 | NS      | $132647.31    | 9.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Stronghold Digital Mining Inc  | Stronghold Digital Mining Inc             | CUSIP: 86337R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118331 | NS      | $56692.38     | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       551 | NS      | $41043.99     | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf Inc                   | Terawulf Inc                              | CUSIP: 88080T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94542 | NS      | $62927.16     | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                | Bit Digital Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    111114 | NS      | $66668.40     | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Valkyrie ETF Trust II

**Signature:** /s/ Benjamin Gaffey

**Name of Signer:** Benjamin Gaffey

**Title:** Treasurer