# EDGAR Filing Document

**Accession Number:** 0001877493
**File Stem:** 0001145549-23-014078
**Filing Date:** 2023-3
**Character Count:** 9789
**Document Hash:** b6b00e72294a07aca1f5bcba6375d097
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014078.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014078

**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:** 23691474

**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 Strategy ETF (Series ID: S000074058)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000231452 | Valkyrie Bitcoin Strategy ETF | BTF             |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Valkyrie Bitcoin Strategy ETF** | | |
| **Consolidated Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Principal** |<br><br>**Value** |
| **U.S. TREASURY BILLS: 58.33%** | | |
| United States Treasury Bill, 2.91%, 1/19/2023 (a) | $1000000 | $998391 |
| United States Treasury Bill, 4.29%, 4/20/2023 (a) | 10000000 | 9869624 |
| **TOTAL U.S. TREASURY BILLS (Cost $10,868,549)** |  | 10868015 |
| **TOTAL INVESTMENTS (Cost $10,868,549): 58.33%** |  | 10868015 |
| Other Assets in Excess of Liabilities: 41.67% (b) |  | 7763406 |
| **TOTAL NET ASSETS: 100.00%** |  | $**18631421** |

---

---

| | |
|:---|:---|
| (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** | **Valkyrie Bitcoin Strategy ETF** |  |  |  |  |
| **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** |  |  |  |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |  |  |  |  |
|  |  |  |  | Value | Value |
| Description | Number of <br> Contracts<br> Purchased | Settlement<br> Month-Year | Current Notional<br> Amount | Unrealized<br> Appreciation | Unrealized<br> (Depreciation) |
| **Purchase Contracts:** |  |  |  |  |  |
| CME Bitcoin Futures | 227 | Jan-23 | $18767225 | $148432 | $- |

---

------

---

| |
|:---|
| **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** | | | | |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $- | $10868015 | $- | $10868015 |
| **Total Investments** | $- | $10868015 | $- | $10868015 |
| **Other Financial Instruments\*** |  |  |  |  |
| **Futures Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long | $148432 | $- | $- | $148432 |
| **Total Other Financial Instruments** | $148432 | $- | $- | $148432 |
| \*The fair value of the Fund's other financial instruments represents the net unrealized appreciation at December 31, 2022. | \*The fair value of the Fund's other financial instruments represents the net unrealized appreciation at December 31, 2022. | \*The fair value of the Fund's other financial instruments represents the net unrealized appreciation at December 31, 2022. | \*The fair value of the Fund's other financial instruments represents the net unrealized appreciation at December 31, 2022. | \*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. | Refer to the Fund's Schedule of Investments for a detailed break-out of holdings. | Refer to the Fund's Schedule of Investments for a detailed break-out of holdings. |  |  |

---

## 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 Strategy ETF

- **b. EDGAR series identifier (if any):** S000074058

- **c. LEI of Series:** 549300MWH27O1ZGIJ534

**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:** $19458976.45

**Total Liabilities:** $662691.77

**Net Assets:** $18796284.68

**Amount of Assets Invested in Other Investment Companies:** $4688145.18

**Cash Not Reported:** $8420714.96

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 280.660000000000 | **1-Year:** 17.860000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231452 | 4.67%                | -14.10%              | -2.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-2172.49                                  |
| Month 2  | $-3505.83                | $6295.25                                   |
| Month 3  | $0.00                    | $3223.02                                   |

**Designated Index Information**

- **Index Name:** S&P CME Bitcoin Futures Index (USD) Total Return

- **Index Identifier:** SPBTCFUT

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREASURY BILL | United States Treasury Bill | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9869623.50   | 52.51%            | 2023-04-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL | United States Treasury Bill | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $998391.11    | 5.31%             | 2023-01-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A           | CME Bitcoin Fut   Jan23     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       227 | NC      | $148432.46    | 0.79%             |  |  |  | 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