# EDGAR Filing Document

**Accession Number:** 0001877493
**File Stem:** 0001145549-25-054319
**Filing Date:** 2025-8
**Character Count:** 11394
**Document Hash:** e3e1e421a1540d4ddc3b19270b2aa235
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054319.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054319

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valkyrie ETF Trust II
- **CENTRAL INDEX KEY:** 0001877493

**ORGANIZATION NAME:**
- **EIN:** 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:** 251261221

**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

### CoinShares Bitcoin Leverage ETF (Series ID: S000081280)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000243965 | CoinShares Bitcoin Leverage ETF | BTFX            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **CoinShares Bitcoin Leverage ETF** | **CoinShares Bitcoin Leverage ETF** | **CoinShares Bitcoin Leverage ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **SHORT-TERM INVESTMENTS - 60.1%** | **Shares** | **Value**  |
| **Money Market Funds - 60.1%** | | |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(a)(b)</sup> | 9838419 | $9838419 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,838,419) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,838,419) | 9838419 |
| **TOTAL INVESTMENTS - 60.1% (**Cost $9,838,419**)** | **TOTAL INVESTMENTS - 60.1% (**Cost $9,838,419**)** | 9838419 |
| Other Assets in Excess of Liabilities - 39.9% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 39.9% <sup>(c)</sup> | 6539398 |
| **TOTAL NET ASSETS - 100.0%** |  | $16377817 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(b) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the
 financial statements, is available from the SEC's EDGAR database at www.sec.gov.

(c) Includes assets and deposits with broker pledged as collateral for derivative contracts. At June 30, 2025, the value of these assets totals
 $6,379,121.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CoinShares Bitcoin Leverage ETF** | **CoinShares Bitcoin Leverage ETF** | **CoinShares Bitcoin Leverage ETF** | **CoinShares Bitcoin Leverage ETF** | **CoinShares Bitcoin Leverage ETF** |
| **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized Depreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp;CME Bitcoin Futures | 25 | July-25 | $13529375 | $(5488) |
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | $(5488) |

---

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
CoinShares Bitcoin Leverage ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | $9838419 | $– | $– | $9838419 |
| Total Investments | $9838419 | $– | $– | $9838419 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(5488) | $– | $– | $(5488) |
| Total Other Financial Instruments | $(5488) | $– | $– | $(5488) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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:** 437 Madison Avenue, 28th Floor

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

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

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

- **a. Name of Series:** Valkyrie Bitcoin Futures Leveraged Strategy ETF

- **b. EDGAR series identifier (if any):** S000081280

- **c. LEI of Series:** 529900B9EDD3DQMSBI15

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $16537405.73

**Total Liabilities:** $159817.71

**Net Assets:** $16377588.02

**Amount of Assets Invested in Other Investment Companies:** $8641365.03

**Cash Not Reported:** $8338163.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243965 | 21.33%               | 20.10%               | 3.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** S&P CME Bitcoin Futures Index Excess Return

- **Index Identifier:** SPBTCFUE

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   7884965 | NS      | $7884965.10   | 48.14%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CME Bitcoin Fut   Jul25                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        45 | NC      | $-28678.40    | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** /s/ Benjamin Gaffey

**Name of Signer:** Benjamin Gaffey

**Title:** Treasurer