Market Volatility Risk: The value of the ETF is directly tied to the performance of the S&P 500 Index, meaning it will experience losses when the broader U.S. equity market declines.

Tracking Error Risk: The ETF's performance may not perfectly replicate the S&P 500 Index due to factors such as expenses, rebalancing costs, or sampling techniques used by the fund manager.

Concentration Risk: The fund is concentrated solely in large-cap U.S. equities, making it susceptible to downturns specifically affecting the U.S. economy or its largest companies.