The second-largest holdings of Qiaoshui Fund are the S&P 500 ETF owned by State Street Global, which accounts for 6.69% of its investment portfolio. SPY also tracks the S&P 500 index and is the first exchange-traded fund to be listed in US history.

The second-largest holdings of Qiaoshui Fund are the S&P 500 ETF owned by State Street Global, which accounts for 6.69% of its investment portfolio. SPY also tracks the S&P 500 index and is the first exchange-traded fund to be listed in US history.