Comment by altmanaltman

What are you talking about? Cloudflare (NET) is not in the S&P500.

Also if you buy a index that invests in a stock that doesn't make you a shareholder. Vanguard, for example, would still be the shareholder in the company's records, not the people who invest in Vanguard's index funds. Of course, its stock price movements will have an impact on your holdings if the stock is in the index but legally, you are not a shareholder.