The S&P 500 index has bounced back from its April lows.

Yet experts say investors would be wise to watch the risks before pursuing an investment strategy concentrated in the large-cap company-focused S&P 500 index, which represents about 80% of market capitalization.

″Our advice for people who are looking at their performance on a one-year or three-year horizon is no, we don’t think that the set-it-and-forget-it, S&P 500-only strategy is the right strategy,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

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Yet that doesn’t mean the long-run index investing strategy famously touted by Berkshire Hathaway Chairman Warren Buffett or Vanguard founder Jack Bogle is no longer a good strategy, according to Shalett.