If a bill becomes law between Issuance and December 31, 2025 that the effect of raising the top federal capital gains tax rate on net long-term capital gains to be strictly greater than 20%, then the market resolves to Yes.

Please note: there are currently three exceptions to the current 20% top tax rate on long-term capital gains, including sales of section 1202 qualified small business stock, net capital gains from selling collectibles and sales of unrecaptured section 1250 gain from selling section 1250 real property. Modifications or additions to that list do not affect the outcome of this market. Documentation of a bill which would treat net long-term capital gains as ordinary income for the purpose of taxation is encompassed in the Payout Criterion if the top tax rate on such income is above 20%. Bills which change the income which is taxable by the long-term capital gains tax or which is a surtax on the same taxable income are not encompassed in the Payout Criterion

Series CAPGAIN-2-25DEC31 Event CAPGAIN-2-25DEC31 Market CAPGAIN-2-25DEC31