The fund is an actively-managed exchange-traded fund ("ETF") that will invest at least 80% of its net assets (plus borrowings for investment purposes) in the securities of U. S. operating companies that have innovative balance sheets, which the fund"s adviser, Valkyrie Funds LLC ("Valkyrie" or the "Adviser"), consider to be operating companies that directly or indirectly invest in, transact in, or otherwise have exposure to bitcoin (such as bitcoin custodians, exchanges or traders). It is non-diversified.