According to CNBC, the Cboe Volatility Index fell to its lowest level since January as the S&P 500 rose 0.6% on Friday and gained 3.6% for the week, while S&P 500 options activity hit records and the benchmark index reached all-time highs. More than 4 million S&P 500 index calls traded on Cboe Global Markets on Tuesday, topping the prior record from May by 10%, and zero-day-to-expiry call options accounted for 2.4 million trades, also a record. Total open interest in S&P 500 options ended the week at 27.4 million contracts, with the puts-to-calls ratio at 0.83, the second-lowest on record. State Street SPDR S&P 500 ETF Trust (SPY) showed the heaviest combined open interest at the 760 strike, about 1.7% below Friday's close, while the 785 strike had the most open calls. Ed Rumell, head of ETFs at Corgi, said advisers are returning after the summer and cited heavy options activity in buffer funds, SK Hynix and tech trades, including the firm's photonics fund. The iShares Semiconductor ETF (SOXX) rose more than 7% on the week, the Corgi Lithography & Semiconductor Photonics ETF (EUV) added 13%, and the 10-year Treasury yield stopped rising at 4.7%.