The Vanguard S&P 500 ETF (NYSEMKT: VOO) is a popular choice for investors due to its consistent growth and track record. Despite recent market volatility, it remains a smart buy for most investors. However, there is a hidden risk to consider, especially with the increasing dominance of tech stocks in the fund.

The S&P 500 Index has a strong long-term track record, surviving every recession and bear market with positive total returns. It comprises the 500 largest U.S. stocks, offering potential for substantial wealth growth. The average annual return since 1957 is around 10%, making it a lucrative investment option over time.

The Vanguard S&P 500 ETF is heavily weighted towards tech stocks, with over 34% of the fund allocated to this sector. While tech stocks have fueled recent surges, they could also lead to increased volatility in the event of a downturn. This factor should be considered before investing in the ETF.

Before buying stock in the Vanguard S&P 500 ETF, investors should note that it was not among the 10 best stocks identified by The Motley Fool Stock Advisor team. These top picks have historically outperformed the market significantly, offering potential for impressive returns. Joining Stock Advisor provides access to these top stock recommendations.

Read more at Nasdaq: Is the Vanguard S&P 500 ETF Really a Good Investment Right Now? The Answer Might Surprise You.