What Is a Market Index, and Which US ETFs on Pluang Track the S&P 500 and Nasdaq-100?
A market index measures a set group of stocks, such as the S&P 500 or the Nasdaq-100, and on Pluang you can follow these indices through ETFs like SPY, VOO, IVV, QQQ and QQQM. US Stocks and ETFs on Pluang are facilitated by PT PG Berjangka, a Financial Derivatives Trading Intermediary for derivative products with securities as the underlying asset, licensed and supervised by OJK. An index itself can't be bought; an index ETF holds the stocks in the index and aims to match its return before costs.
Major indices and the ETFs on Pluang that track them
| Index | What it covers | ETFs on Pluang |
|---|---|---|
| S&P 500 | 500 large US companies across all sectors | SPY, VOO, IVV |
| S&P 500 with sharia industry exclusions | S&P 500 companies, screened to exclude industries under sharia rules | SPUS |
| Nasdaq-100 | The 100 largest non-financial companies listed on the Nasdaq | QQQ, QQQM |
| Dow Jones Industrial Average | 30 large US companies | DIA |
| Global stock market | Large and small companies around the world | VT |
Funds that track the same index differ mainly in their issuer, expense ratio and unit price. Because Pluang supports fractional units on DAY orders, a high unit price doesn't stop you from starting with US$1.
The gap between a fund's return and its index's return is called tracking difference, and it comes mostly from the fund's costs. Some ETFs, such as SPXL, aim for a multiple of the index's daily move instead, so over longer periods they behave very differently from the index. The list of ETFs can change, and the app always shows what is currently available.
Learn more: investing in the S&P 500 through Pluang and what the QQQ ETF is (both in Indonesian).
Related questions:
Q: What is the difference between SPY, VOO and IVV?
All three track the S&P 500. They come from different issuers and differ in expense ratio and unit price, but their returns before costs follow the same index.
Q: Is the S&P 500 the whole US stock market?
No. It covers 500 large companies, which make up much of the US market's value but not all of it. Smaller companies are outside the index.
Q: How often do the companies in an index change?
Index providers review their indices regularly and add or remove companies by their own rules. An index ETF adjusts its holdings to follow those changes.
Q: Is there a sharia-screened S&P 500 ETF on Pluang?
Yes. SPUS follows the S&P 500 with sharia industry exclusions, screening out companies in industries that sharia rules don't allow. Read the fund's own documents to see exactly how its screen works.
Last updated: 6 November 2026