circle option on the effect panel not showing

Hi @shineed_8766 - This effect is part of the Obsolete Effects.  As part of ongoing work to modernize Premiere Pro, the Obsolete Effects folder and plug-ins, Obsolete Transitions folder and plug-ins, and presets built from the obsolete effects are now removed.  Please see this article for more information. https://helpx.adobe.com/premiere-pro/kb/obsolete-effects-transitions-presets-removed.html