Volatility in US stocks has fallen sharply, and traders are taking advantage of it.

The VIX index, which measures volatility, has broken below its bottom, and traders are enjoying the ride. The VIX index fell below 13 on Wednesday, its lowest since July, according to data. Investors are unwinding remaining election hedges while chasing exposure ahead of year-end, leading to a surge in option selling and a suppression of market volatility.