If the Bill Ackman Index performs better than the S&P 500 Index in January 2026, this market will resolve to “Ackman”. If the S&P 500 Index performs better than the Bill Ackman Index in January 2026, this market will resolve to “S&P”.

The performance of each index will be the 1-month trailing percentage return of the index for the final trading day of the specified month.

The resolution source for the Bill Ackman Index ("Ackman") is: https://web.dubapp.com/portfolios/index/559452008356167680

Information from the "Performance" table for the Bill Ackman Index, specifically the 1-month trailing percentage return figures found under "1M", will be used to resolve this market, once information is finalized for the final day of the specified month.

If the Bill Ackman Index’s 1-month trailing percentage return figure for the last trading day of the specified month is not published by the time that the figure for the first trading day of the next month is published, this market will resolve based on the most recent 1-month trailing percentage return figure published by the specified resolution source for a day prior to the last trading day of the specified month.

The resolution source for S&P 500 ("S&P") is: https://www.wsj.com/market-data/quotes/index/SPX/historical-prices

Information from the "Historical Prices" table for the S&P 500 will be used to resolve this market. The S&P 500’s 1-month trailing percentage return will be calculated as the percentage change between the S&P 500’s closing price on the final trading day of the specified month and its closing price on the same calendar day of the previous month. If the relevant day in the previous month was not a trading day, the most recent trading day before this day will be used. If the same calendar day does not exist in the previous month, the return will be calculated using the final trading day of the previous month. Note that all relevant figures will be rounded to the nearest cent using standard rounding.

If either of the relevant days lack a specified closing price (for example, due to a trading halt into the market close, system issue, delisting, or other disruption), this market will use the last valid historical price offered by the specified resolution source as the effective closing price for that day.

If either of the relevant trading days are shortened (for example, due to a market holiday schedule), the official closing price or 1-month return figure published for each relevant index for that shortened session will still be used for resolution.

If both indices perform exactly the same over this market’s timeframe, this market will resolve 50-50.

Updates to historical prices or figures displayed by any of the indices subsequent to this market's resolution will not be considered. This market will resolve according to the methodologies utilized by the specified indices as of the resolution time of this market, regardless of whether those methodologies are later updated.