U.S. Options

The following ETF has announced a reverse stock split effective for Thursday, February 26, 2026:

• ProShares UltraShort Silver (ZSL) changes to (ZSL1)

ZSL1 will be available for trading on the MIAX Options Exchange, MIAX Pearl Options Exchange and MIAX Sapphire Options Exchange on Thursday, February 26, 2026. ZSL1 will not be available for trading on the MIAX Emerald Options Exchange.

No options on the underlying ZSL will be available for trading on Thursday, February 26, 2026.

All GTC orders resting on the MIAX order books in ZSL will be canceled at the close of business on Wednesday, February 25, 2026.

ZSL will resume trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Sapphire Options Exchange on Friday, February 27, 2026.

Please Note:

• ZSL1 options will trade on Cloud 21 on the MIAX Options Exchange, on Cloud 11 on the MIAX Pearl Options Exchange and on Cloud 7 on the MIAX Sapphire Options Exchange.

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

• ZSL should be used for class assignments in ZSL1 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 ProShares UltraShort Silver (ZSL) reverse split are provided in the attached OCC Memo.

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