Technology stocks soared in Trump’s first term, helped by the administration’s tax policies. But the relationship was tempestuous: Trump’s immigration stance threatened a source of high-skilled immigrants that comprises a significant part of the industry’s work force and his trade wars threatened international sales and supply chains.

Wall Street traders who threw caution to the wind by lavishing billions of dollars on a slew of ETF bets that would win big in the event of a Donald Trump presidential comeback are seeing their wagers pay off.

Professional investors are warning about the risk of getting carried away by the momentum. While strong rhetoric on the campaign trail can cause the big swings, not all of the promises turn into actual policy.