Exchange traded funds tracking CBOE Volatility Index futures contracts are experiencing a swift decline as the VIX dropped below 30 on Friday.

Wall Street’s “fear index” is losing ground on easing tensions over the Eurozone debt crisis and optimism over third-quarter earnings reports.

The iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX), an exchange traded note that tracks VIX futures contracts, was down 4% at last check Friday. ProShares VIX Short-Term ETF (NYSEArca: VIXY) was down about 4% as well.

The VIX plunged 28% in the six trading sessions through Tuesday, a record 19-year drop, before earnings come out, report Cecile Vannucci and Jeff Kearns for Bloomberg. The index continued to decline 6.6% through Wednesday. [ETF Chart of the Day: VIX]

“On Thursday, VIX options were active once more and this time around we saw buyers of October 35 calls,” Paul Weisbruch, head of ETF/options sales and trading at Street One Financial, said in a research note. “This contrasts with the recent trend of put buying we have pointed out repeatedly as the VIX has fallen quite sharply in the past few sessions.” [A Look at Recent Trends in ETF Options Trading]

The VIX fell below 30 on Friday and the lower end of its recent trading range.