If there are more than 100 fewer federal agencies (as of Jan 16, 2025) on Jul 4, 2026, then the market resolves to Yes. Clarification (6/13/25 at 3:15am ET): he market resolves based on the count of the reduction in federal agencies. The value of "441" agencies on the Federal Register has not been properly updated. While we will reference the Federal Register's list, we will exclude defunct agencies from our final count.