U.S. Options

The following Defiance Daily Target ETFs have announced reverse stock splits effective for Friday, March 20, 2026:

• Defiance Daily Target 2X Long IREN ETF (IRE) changes to (IRE1)
• Defiance Daily Target 2X Long ORCL ETF (ORCX) changes to (ORCX1)

IRE1 will be available for trading on the MIAX Options Exchange, MIAX Pearl Options Exchange and MIAX Sapphire Options Exchange on Friday, March 20, 2026. IRE1 will not be available for trading on the MIAX Emerald Options Exchange.

The MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Sapphire Options Exchange will not list ORCX1 options.  

No options on the underlying IRE and ORCX will be available for trading on Friday, March 20, 2026.

All GTC orders resting on the MIAX order books in IRE and ORCX will be canceled at the close of business on Thursday, March 19, 2026.

IRE and ORCX will resume trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Sapphire Options Exchange on Monday, March 23, 2026.

Please Note:

• IRE1 options will trade on Cloud 9 on the MIAX Options Exchange, Cloud 4 on the MIAX Pearl Options Exchange and Cloud 3 on the MIAX Sapphire Options Exchange.

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

• IRE should be used for class assignments in IRE1 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 Defiance Daily Target 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.