The CBOE Volatility Index and VIX-related ETFs pulled back Wednesday, reflecting investors’ sigh of relief as the veil of uncertainty is lifted with the midterm elections behind us.

On Wednesday, the iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX) and ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY) both declined 6.2% Wednesday while the CBOE Volatility Index, or so-called VIX, plunged 14.2% to 17.07 in late trading. Potential investors should keep in mind that VIX-related exchange traded products track VIX futures and not the spot price.

Meanwhile, the ProShares Short VIX Short-Term Futures ETF (NYSEArca: SVXY), which follows the inverse or -100% daily performance of VIX futures, gained 3.1%.

“The uncertainty around the midterms is over, so the markets are rallying…we’re not expecting any major policy implications over the next two years,” Massud Ghaussy, senior analyst at Nasdaq IR Intelligence, told Reuters.

CBOE Volatility Index slips

The CBOE Volatility Index slipped to its lowest level in almost a month. The Spot VIX was also trading below the front-month futures as well after hovering well above the futures on Tuesday.

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