The SPY ETF, which tracks the S&P 500, includes a wide range of companies that will be affected by the SEC's new climate risk disclosure rule. As companies begin to disclose their climate-related risks, investors may reassess their holdings, leading to potential short-term volatility in the ETF's price. However, the exact impact will depend on how individual companies are perceived in terms of their environmental impact and the steps they are taking to mitigate climate risks.