Iluvatar created everything, the Valar just shaped the world and had nothing to do with the creation of elves or humans, which is why they are collectively known as the Children of Iluvatar. The Valar didn't even know when they would appear, and their lack of firm knowledge about the elves contributed to their abandonment of Middle Earth to Melkor, not wanting the elves to become collateral damage in the war since they didn't want to be in the middle of a continent-trashing battle with the Children suddenly popping up. Also, Melkor, being closer to their origin place, got first crack at them, and sowed fear of the Valar among them, while capturing some to use in his creation of the orcs.

The Valar made the dwarves and may or may not have made the Ents and the super eagles like Throndor (Manwe and Yavanna discuss that, and I'm not sure if they were made by the Valar with a time release the makers forgot about, or if they were Iluvatar's design that Manwe remembered and reminded her about), but definitely not the elves.