Asus ROG MAXIMUS Z690 FORMULA Manual page 22

PCIe bifurcation & M.2 settings in PCIe x16 slots for ROG Hyper M.2 Card
Slot Description
1 PCIEX16(G5)_1
2 PCIEX16(G5)_2
3 PCIEX16(G4)
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1-8
Quantity of identifiable M.2 SSD (pcs)
Hyper M.2_1
PCIe 5.0 x4/ PCIe 4.0 x4
The ROG Hyper M.2 card is bundled as an accessory.
Ensure to enable the ROG Hyper M.2 card under BIOS settings.
When ROG Hyper M.2 card is installed on PCIEX16(G5)_1, Hyper M.2_1 slot
can support PCIe 4.0 x4 mode. When ROG Hyper M.2 card is installed on
PCIEX16(G5)_2, Hyper M.2_1 slot can support PCIe 5.0 x4 mode. When ROG Hyper
M.2 card is installed on PCIEX16(G4), Hyper M.2_1 and Hyper M.2_2 slots can
support PCIe 4.0 x4 mode.
When ROG Hyper M.2 card is installed on PCIEX16(G5)_1 or PCIEX16(G5)_2,
Hyper M.2_2 slot will be disabled. When ROG Hyper M.2 card is installed on
PCIEX16(G4), Hyper M.2_1 and Hyper M.2_2 slots can support PCIe 4.0 x4 mode.
We recommend installing the ROG Hyper M.2 card to the PCIEX16(G4) slot.
Enable the PCIEX16(G4) to support x4/x4 mode for 2 SSDs under BIOS settings.
Situation for ROG Hyper M.2 Card
PCIe 4.0 x4
PCIe 4.0 x4
Chapter 1: Product Introduction
Hyper M.2_2
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PCIe 4.0 x4