U.S. Options

The following ProShares ETF's have announced reverse stock splits effective for Thursday, November 20, 2025:

• ProShares UltraShort Ether ETF (ETHD) changes to (ETHD1)
• ProShares UltraShort Gold (GLL) changes to (GLL2)
• ProShares UltraShort S&P 500 (SDS) changes to (SDS1)
• ProShares UltraPro Short S&P500 (SPXU) changes to (SPXU2)
• ProShares UltraPro Short QQQ (SQQQ) changes to (SQQQ2)
• ProShares UltraPro Short Russell2000 (SRTY) changes to (SRTY1)
• ProShares Ultra VIX Short-Term Futures ETF (UVXY) changes to (UVXY1)

ETHD1, GLL2, SDS1, SPXU2, SQQQ2, SRTY1 and UVXY1 will be available for trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Sapphire Options Exchange on Thursday, November 20, 2025.

No options on the underlying ETHD, GLL, SDS, SPXU, SQQQ, SRTY and UVXY will be available for trading on Thursday, November 20, 2025.

All GTC orders resting on the MIAX order books in ETHD, GLL, SDS, SPXU, SQQQ, SRTY and UVXY will be canceled at the close of business on Wednesday, November 19, 2025.

ETHD, GLL, SDS, SPXU, SQQQ, SRTY and UVXY will resume trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Sapphire Options Exchange on Friday, November 21, 2025.

NOTE:

• ETHD1 options will trade on Cloud 5 on the MIAX Options Exchange, on Cloud 3 on the MIAX Pearl Options Exchange and the MIAX Emerald Options Exchange and on Cloud 2 on the MIAX Sapphire Options Exchange.
• GLL2 options will trade on Cloud 7 on the MIAX Options Exchange, and on Cloud 3 on the MIAX Pearl Options Exchange, the MIAX Emerald Options Exchange and the MIAX Sapphire Options Exchange.
• SDS1, SPXU2, SQQQ2 and SRTY1 options will trade on Cloud 16 on the MIAX Options Exchange, on Cloud 8 on the MIAX Pearl Options Exchange and the MIAX Emerald Options Exchange and on Cloud 5 on the MIAX Sapphire Options Exchange.
• UVXY1 options will trade on Cloud 18 on the MIAX Options Exchange, on Cloud 10 on the MIAX Pearl Options Exchange and the MIAX Emerald Options Exchange and on Cloud 6 on the MIAX Sapphire Options Exchange.

Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments. Please note:

• ETHD should be used for class assignments in ETHD1 via MFP
• GLL should be used for class assignments in GLL2 via MFP
• SDS should be used for class assignments in SDS1 via MFP
• SPXU should be used for class assignments in SPXU2 via MFP
• SQQQ should be used for class assignments in SQQQ2 via MFP
• SRTY should be used for class assignments in SRTY1 via MFP
• UVXY should be used for class assignments in UVXY1 via MFP

All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.

MIAX Options and MIAX Emerald Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP. 
 
Additional details about the above ProShare ETF reverse splits are provided in the attached OCC Memos.

Please contact MIAX Listings with any questions at Listings@miaxglobal.com or (609) 897-7308.