When a stock has a corporate action (such as a split or reverse split), listed options can be adjusted so the contract continues to represent the correct economic exposure. Massive reflects these adjustments the same way they appear in the U.S. options market: through OCC/OPRA (OSI) symbology and updated contract reference metadata.

Users sometimes notice that after a split, some option contracts appear with a 1 after the underlying symbol (for example, O:GME1270115P00003000), while other adjusted contracts do not show this digit and instead appear to be handled through changes to the contract terms. Both behaviors are expected.

Why some adjusted contracts include a 1 after the underlying symbol

The digit (most commonly 1) is commonly used to distinguish an adjusted contract series from the standard contract series for the same underlying symbol. In practice, this tends to happen when the corporate action results in a contract that is no longer “standard” in terms of deliverables (for example, not a clean 100-share deliverable).

This is why you may see a corrected/adjusted root like O:GME1270115P00003000 alongside standard O:GME270115P00003000 contracts.

Why some adjusted contracts do not include a 1

Not every corporate action requires a visible correction digit in the option root. In some cases, the adjusted contracts can be represented without changing the root in that way, and the impact is reflected through the contract’s terms (often including strike and other deliverable-related details).

This can make it look like “only the strike changed,” even though the contract was affected by the corporate action.

Key takeaways

Adjusted contracts can appear with a correction digit (like 1) in the option root when the market needs to distinguish the adjusted series from standard contracts.

Not all corporate actions produce a visible correction digit in the option symbol; some adjustments are reflected through contract terms instead.