diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5202b2e..8721fa2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,13 @@
 
 ## Unreleased
 
+## 0.17.2 - 2026-10-09
+
+### Fixed
+
+- `split_template/2` rendered a static `ref` or `key` as an attribute, and passed `ref` and `key` to a component as props. Vue reserves both and never renders them; now neither does the split, static or bound.
+- A `<select v-model>` rendered no selected option, with a warning. Each `<option>` inside it now has a `:model` slot in its start tag, with the select's value and the option's own: its bound `:value`, its `value` attribute, or its text, so a renderer can mark the selected one, as Vue's server renderer does. The slot's new `:option_value` holds a bound `:value`.
+
 ## 0.17.1 - 2026-10-04
 
 ### Changed
diff --git a/codegen/vize/codegen/native_types.ex b/codegen/vize/codegen/native_types.ex
index 9618bb2..b4ee812 100644
--- a/codegen/vize/codegen/native_types.ex
+++ b/codegen/vize/codegen/native_types.ex
@@ -205,6 +205,7 @@ defmodule Vize.Codegen.NativeTypes do
           required(:tag) => String.t(),
           required(:type) => String.t() | nil,
           required(:static_value) => String.t() | nil,
+          required(:option_value) => String.t() | nil,
           required(:value) => String.t(),
           required(:position) => {R.usize(), R.usize()}
         }
diff --git a/lib/vize.ex b/lib/vize.ex
index 401f722..3c235b8 100644
--- a/lib/vize.ex
+++ b/lib/vize.ex
@@ -391,7 +391,11 @@ defmodule Vize do
         beside `:class="b"`, and `:show` for the `v-show` a `style` combines with
       * `:spread` — the attributes of an object, from `v-bind="attrs"` (`:value`)
       * `:model` — what a `v-model` renders on an `<input>` or `<textarea>`:
-        `:value`, the element's `:tag`, and its static `:type` and `:static_value`
+        `:value`, the element's `:tag`, and its static `:type` and
+        `:static_value`. Each `<option>` inside a `<select v-model>` has one
+        in its start tag, with the select's `:value`, `:tag` `"option"`, and the
+        option's own value: its bound `:option_value`, or else its
+        `:static_value`, from its `value` attribute or else its text
       * `:if` — `:branches`, each a `:condition` (nil for `v-else`) and a `:block`
       * `:for` — `:source`, `:value`, `:key`, `:index`, the repeated element's
         `:key_prop`, and its `:block`
diff --git a/mix.exs b/mix.exs
index ecec971..c396042 100644
--- a/mix.exs
+++ b/mix.exs
@@ -1,7 +1,7 @@
 defmodule Vize.MixProject do
   use Mix.Project
 
-  @version "0.17.1"
+  @version "0.17.2"
   @source_url "https://github.com/elixir-volt/vize_ex"
 
   def project do
diff --git a/native/vize_ex_nif/src/generated_types.rs b/native/vize_ex_nif/src/generated_types.rs
index 13b48ea..9785303 100644
--- a/native/vize_ex_nif/src/generated_types.rs
+++ b/native/vize_ex_nif/src/generated_types.rs
@@ -136,6 +136,7 @@ pub struct EncodedModelSlot {
     pub tag: String,
     pub r#type: Option<String>,
     pub static_value: Option<String>,
+    pub option_value: Option<String>,
     pub value: String,
     pub position: (usize, usize),
 }
diff --git a/native/vize_ex_nif/src/template_split.rs b/native/vize_ex_nif/src/template_split.rs
index a62c7e4..78e8703 100644
--- a/native/vize_ex_nif/src/template_split.rs
+++ b/native/vize_ex_nif/src/template_split.rs
@@ -58,6 +58,7 @@ pub(crate) fn split_template<'a>(
             .iter()
             .filter_map(|diagnostic| lowering_diagnostic(diagnostic, source))
             .collect(),
+        select: None,
     };
 
     let mut block = Block::default();
@@ -155,6 +156,8 @@ struct Splitter<'s, 'a> {
     /// Merged text runs such as `Hello {{ name }}!`, by where they start.
     texts: HashMap<u32, &'s [TextPart]>,
     diagnostics: Vec<EncodedSplitDiagnostic>,
+    /// The `v-model` of the `<select>` being split, which selects its options.
+    select: Option<String>,
 }
 
 impl<'s, 'a> Splitter<'s, 'a> {
@@ -254,6 +257,7 @@ impl<'s, 'a> Splitter<'s, 'a> {
         }
 
         let mut content = None;
+        let mut select = None;
 
         for binding in element.bindings.iter() {
             match binding {
@@ -281,13 +285,15 @@ impl<'s, 'a> Splitter<'s, 'a> {
                         position: self.position(model.span.start),
                     });
 
-                    let slot = self.model_slot(element, model);
                     if element.tag.eq_ignore_ascii_case("textarea") {
-                        content = Some(slot);
+                        content = Some(self.model_slot(element, model));
                     } else if element.tag.eq_ignore_ascii_case("input") {
+                        let slot = self.model_slot(element, model);
                         block.slot(slot);
+                    } else if element.tag.eq_ignore_ascii_case("select") {
+                        select = Some(self.expression(model.contract.read));
                     } else {
-                        self.warning(model.span.start, model.span.end, "v-model only renders its value on <input> and <textarea> on the server");
+                        self.warning(model.span.start, model.span.end, "v-model only renders its value on <input>, <select> and <textarea> on the server");
                     }
                 }
                 BindingOp::VueHtml(html) => {
@@ -336,12 +342,22 @@ impl<'s, 'a> Splitter<'s, 'a> {
             }
         }
 
+        if element.tag.eq_ignore_ascii_case("option") {
+            if let Some(select) = self.select.clone() {
+                let slot = self.option_slot(element, select);
+                block.slot(slot);
+            }
+        }
+
         block.push(">");
 
         if is_void_tag(element.tag) {
             return;
         }
 
+        // A `<select v-model>` selects the options inside it, in groups too.
+        let enclosing = select.map(|select| self.select.replace(select));
+
         match content {
             Some(slot) => block.slot(slot),
             None => {
@@ -351,6 +367,10 @@ impl<'s, 'a> Splitter<'s, 'a> {
             }
         }
 
+        if let Some(previous) = enclosing {
+            self.select = previous;
+        }
+
         block.push("</");
         block.push(element.tag);
         block.push(">");
@@ -371,7 +391,7 @@ impl<'s, 'a> Splitter<'s, 'a> {
         for attribute in element.attributes.iter() {
             let merged =
                 bound.contains(&attribute.name) || (attribute.name == "style" && show.is_some());
-            if !merged {
+            if !merged && !reserved(attribute.name) {
                 block.push(&static_attribute(attribute));
             }
         }
@@ -382,7 +402,7 @@ impl<'s, 'a> Splitter<'s, 'a> {
             };
 
             let slot = match bind.name {
-                Some(DynamicName::Static("key")) => continue,
+                Some(DynamicName::Static(name)) if reserved(name) => continue,
                 Some(DynamicName::Static(name)) => self.attr_slot(
                     Some(name),
                     None,
@@ -463,13 +483,15 @@ impl<'s, 'a> Splitter<'s, 'a> {
 
         let statics = attributes
             .iter()
-            .filter(|attribute| !bound.contains(&attribute.name))
+            .filter(|attribute| !bound.contains(&attribute.name) && !reserved(attribute.name))
             .map(|attribute| (attribute.span.start, static_prop(attribute)));
 
         let binds: Vec<_> = bindings
             .iter()
             .filter_map(|binding| match binding {
-                BindingOp::Bind(bind) if !matches!(bind.name, Some(DynamicName::Static("key"))) => {
+                BindingOp::Bind(bind)
+                    if !matches!(bind.name, Some(DynamicName::Static(name)) if reserved(name)) =>
+                {
                     Some(bind)
                 }
                 _ => None,
@@ -505,12 +527,42 @@ impl<'s, 'a> Splitter<'s, 'a> {
             tag: element.tag.to_string(),
             r#type: static_value(&element.attributes, "type"),
             static_value: static_value(&element.attributes, "value"),
+            option_value: None,
             value: self.expression(model.contract.read),
             position: self.position(model.span.start),
         }
         .encode(self.env)
     }
 
+    /// An `<option>` inside a `<select v-model>`: selected when its value,
+    /// its bound `:value`, its static `value`, or else its text, is the
+    /// select's.
+    fn option_slot(&mut self, element: &ElementOp<'_>, select: String) -> Term<'a> {
+        let bound = element.bindings.iter().find_map(|binding| match binding {
+            BindingOp::Bind(bind) if matches!(bind.name, Some(DynamicName::Static("value"))) => {
+                bind.value
+            }
+            _ => None,
+        });
+
+        let static_value = match bound {
+            Some(_) => None,
+            None => static_value(&element.attributes, "value")
+                .or_else(|| static_text(&element.children)),
+        };
+
+        EncodedModelSlot {
+            kind: atoms::model(),
+            tag: "option".to_string(),
+            r#type: None,
+            static_value,
+            option_value: bound.map(|value| self.expression(value)),
+            value: select,
+            position: self.position(element.span.start),
+        }
+        .encode(self.env)
+    }
+
     fn component(&mut self, component: &ComponentOp<'_>) -> Term<'a> {
         let mut props = self.props(&component.attributes, &component.bindings);
         let mut events = Vec::new();
@@ -837,6 +889,25 @@ fn static_prop(attribute: &Attribute<'_>) -> EncodedProp {
     }
 }
 
+/// Attributes Vue reserves for itself, which never render: a template ref
+/// and a key.
+fn reserved(name: &str) -> bool {
+    matches!(name, "ref" | "key")
+}
+
+/// An element's text, when its children are only text, as an `<option>`
+/// without a `value` is valued by it.
+fn static_text(children: &Region<'_>) -> Option<String> {
+    let mut text = String::new();
+    for op in children.ops.iter() {
+        match op {
+            Op::Text(part) => text.push_str(part.content),
+            _ => return None,
+        }
+    }
+    Some(text.trim().to_string())
+}
+
 fn static_attribute(attribute: &Attribute<'_>) -> String {
     match attribute.value {
         Some(value) => {
diff --git a/test/vize/split_template_test.exs b/test/vize/split_template_test.exs
index 389cbeb..a676cce 100644
--- a/test/vize/split_template_test.exs
+++ b/test/vize/split_template_test.exs
@@ -78,6 +78,21 @@ defmodule Vize.SplitTemplateTest do
     test ":key isn't rendered" do
       assert split(~S|<p :key="id">x</p>|).slots == []
     end
+
+    test "ref and key, which Vue reserves, aren't rendered, static or bound" do
+      result = split(~S|<div><input ref="search" key="k" :ref="el" class="a"></div>|)
+
+      assert result.statics == [~S|<div><input class="a"></div>|]
+      assert result.slots == []
+    end
+
+    test "nor are they a root element's attributes or a component's props" do
+      assert [%{kind: :root_attrs, props: [%{name: "class", static: "a"}]}] =
+               split(~S|<input ref="search" key="k" class="a">|, root_attrs: true).slots
+
+      assert [%{kind: :component, props: [%{name: "title", static: "x"}]}] =
+               split(~S|<MyThing ref="t" key="k" title="x" />|).slots
+    end
   end
 
   describe "bindings" do
@@ -99,6 +114,28 @@ defmodule Vize.SplitTemplateTest do
                result.slots
     end
 
+    test "v-model on a select selects its options, by value, bound value or text" do
+      result =
+        split(
+          ~S|<select v-model="c"><option value="a">A</option><optgroup label="g"><option>B</option></optgroup><option v-for="o in opts" :value="o.id">{{ o.name }}</option></select>|
+        )
+
+      assert result.diagnostics == []
+
+      assert [
+               %{kind: :model, tag: "option", value: "c", static_value: "a", option_value: nil},
+               %{kind: :model, tag: "option", value: "c", static_value: "B", option_value: nil},
+               %{kind: :for, block: %{slots: [%{kind: :attr, name: "value"}, option | _text]}}
+             ] = result.slots
+
+      assert %{kind: :model, tag: "option", static_value: nil, option_value: "o.id"} = option
+      assert hd(result.statics) == ~S|<select><option value="a"|
+    end
+
+    test "an option outside a select v-model has no slot" do
+      assert split(~S|<select><option value="a">A</option></select>|).slots == []
+    end
+
     test "v-model on a textarea renders its content" do
       result = split(~S|<textarea v-model="body"></textarea>|)