These ETFs could pop if the Trump rally continues to lose steam

Evrim Aydin | Anadolu Agency | Getty Images

A measure of equity volatility is below historical norms, indicating investors may be getting too complacent about the Donald Trump rally.

If volatility does pick up, certain exchange-traded funds can still rise in that difficult environment, history shows.

The CBOE Volatility Index, or VIX, is a key measure of market expectations of near-term volatility conveyed by stock index option prices. It's sometimes called the "fear gauge."