If ICE reports that the maximum EUR/USD exchange rate (as defined exclusively by the set of EUR/USD open prices at 10 AM ET) is Above 1.20 between Issuance and Dec 31, 2025, then the market resolves to Yes.

Please note: as noted above, the set of prices considered is exclusively the set of EUR/USD open prices at 10 AM ET. For instance, if the exchange rate breaches the threshold at noon but is no longer breaching the threshold at 10 AM ET, then that breaching value will not be considered.

Series KXEURUSDMAX-25DEC31 Event KXEURUSDMAX-25DEC31 Market KXEURUSDMAX-25DEC31-T1.20