What is a CD tied to the S&P 500?

Excuse me, could you please elaborate on what exactly a CD tied to the S&P 500 is? I understand that CDs, or Certificates of Deposit, are typically associated with a fixed rate of interest and a specific maturity date, but how does one become tied to the performance of the S&P 500 index? Does this mean that the interest rate or the principal amount of the CD is somehow influenced by the fluctuations in the S&P 500? Could you also explain the potential risks and benefits associated with investing in such a product? Thank you in advance for your clarification.