diff --git a/factor_attribution.py b/factor_attribution.py
index 27d178c..7aa6c92 100644
--- a/factor_attribution.py
+++ b/factor_attribution.py
@@ -1,6 +1,8 @@
 from __future__ import annotations
 
 import io
+import socket
+import ssl
 import warnings
 import zipfile
 from pathlib import Path
@@ -21,13 +23,20 @@ class ExternalFactorFormatError(ValueError):
     pass
 
 
+class ExternalFactorDownloadError(OSError):
+    pass
+
+
 def _download_kf_zip_bytes() -> bytes:
     request = Request(
         KEN_FRENCH_DAILY_FF5_ZIP_URL,
         headers={"User-Agent": "quant-factor-attribution/0.1"},
     )
-    with urlopen(request, timeout=30) as response:
-        return response.read()
+    try:
+        with urlopen(request, timeout=30) as response:
+            return response.read()
+    except (URLError, TimeoutError, ConnectionError, socket.timeout, ssl.SSLError) as exc:
+        raise ExternalFactorDownloadError(f"Failed to download external factor data: {exc}") from exc
 
 
 def _parse_kf_daily_csv(raw_bytes: bytes) -> pd.DataFrame:
@@ -99,7 +108,7 @@ def load_external_us_factors(cache_dir: Path | str = "data/factors") -> pd.DataF
 
     try:
         raw_bytes = _download_kf_zip_bytes()
-    except (URLError, TimeoutError, ConnectionError, OSError) as exc:
+    except ExternalFactorDownloadError as exc:
         if cache_path.exists():
             return _warn_and_load_cached_factors(cache_path, f"download failed: {exc}")
         raise
diff --git a/tests/test_factor_attribution.py b/tests/test_factor_attribution.py
index 73a8cab..4c3a80b 100644
--- a/tests/test_factor_attribution.py
+++ b/tests/test_factor_attribution.py
@@ -1,4 +1,6 @@
 import io
+import socket
+import ssl
 import tempfile
 import unittest
 import zipfile
@@ -9,6 +11,7 @@ from unittest import mock
 import pandas as pd
 
 from factor_attribution import (
+    ExternalFactorDownloadError,
     ExternalFactorFormatError,
     KEN_FRENCH_DAILY_FF5_ZIP_URL,
     _download_kf_zip_bytes,
@@ -32,6 +35,19 @@ class ExternalFactorLoaderTests(unittest.TestCase):
         self.assertEqual(request.full_url, KEN_FRENCH_DAILY_FF5_ZIP_URL)
         self.assertEqual(mocked_urlopen.call_args.kwargs["timeout"], 30)
 
+    def test_download_kf_zip_bytes_wraps_transport_errors(self):
+        for error in (
+            URLError("boom"),
+            TimeoutError("timed out"),
+            ConnectionError("conn reset"),
+            socket.timeout("socket timed out"),
+            ssl.SSLError("tls failed"),
+        ):
+            with self.subTest(error_type=type(error).__name__):
+                with mock.patch("factor_attribution.urlopen", side_effect=error):
+                    with self.assertRaises(ExternalFactorDownloadError):
+                        _download_kf_zip_bytes()
+
     def test_load_external_us_factors_parses_percent_values_and_dates_from_zip_payload(self):
         csv_text = (
             "This line is ignored\n"
@@ -78,33 +94,7 @@ class ExternalFactorLoaderTests(unittest.TestCase):
             cached.to_csv(cache_dir / "ff5_us_daily.csv")
             with mock.patch(
                 "factor_attribution._download_kf_zip_bytes",
-                side_effect=URLError("boom"),
-            ):
-                with self.assertWarnsRegex(UserWarning, "cached data"):
-                    factors = load_external_us_factors(cache_dir=cache_dir)
-
-        self.assertEqual(len(factors), 1)
-        self.assertAlmostEqual(factors.iloc[0]["MKT_RF"], 0.01)
-
-    def test_load_external_us_factors_falls_back_to_cache_when_download_raises_oserror(self):
-        cached = pd.DataFrame(
-            {
-                "MKT_RF": [0.01],
-                "SMB": [0.0],
-                "HML": [0.0],
-                "RMW": [0.0],
-                "CMA": [0.0],
-                "RF": [0.0001],
-            },
-            index=pd.to_datetime(["2026-01-02"]),
-        )
-
-        with tempfile.TemporaryDirectory() as tmpdir:
-            cache_dir = Path(tmpdir)
-            cached.to_csv(cache_dir / "ff5_us_daily.csv")
-            with mock.patch(
-                "factor_attribution._download_kf_zip_bytes",
-                side_effect=OSError("transport reset"),
+                side_effect=ExternalFactorDownloadError("boom"),
             ):
                 with self.assertWarnsRegex(UserWarning, "cached data"):
                     factors = load_external_us_factors(cache_dir=cache_dir)