How it works

Background This Corporate Event Contract is designed as a tradable event contract based on a statistical analysis that categorizes the short-term market reaction of a company's stock price following an earnings announcement. Because the outcome is based on a statistic which results in a reportable news or information headline, this Corporate Event Contract is a swap. Settlement Language This market will resolve to one of the three tiers set forth above. The three tiers are designed to measure the immediate regular-session price reaction of Tesla, Inc. (TSLA) following its earnings release. The specific outcome tier that captures the realized return (R) of Tesla, Inc. (TSLA) across the 10-minute regular session open window will resolve to "Yes". All other outcomes will resolve to "No". The realized return is calculated as: R = (Settlement Price ÷ Reference Price) − 1, expressed as a percentage and rounded to two decimal places in order to satisfy one of the tiers above. The three tiers are defined as follows: • UP: R is greater than +0.25% • FLAT: R is between −0.25% and +0.25%, inclusive (exact +0.25% is FLAT) • DOWN: R is less than or equal to −0.25% (exact −0.25% is DOWN) Reference Price: The Reference Price is the official closing print of Tesla, Inc. (TSLA) on its primary listing exchange on Wednesday, July 22, 2026, at 4:00 PM ET. Settlement Price: The Settlement Price is the official transaction price of Tesla, Inc. (TSLA) on its primary listing exchange on Thursday, July 23, 2026, at 9:40 AM ET. Opening prints, pre-market prints, and after-hours prints are not used for the Reference Price. The Settlement Price is determined based on the official pricing data of the primary listing exchange at exactly 9:40 AM ET on Thursday, July 23, 2026. Trading officially cuts off at 4:00 PM ET on Wednesday, July 22, 2026, before the after-hours earnings announcement. No trading occurs after the release. Trading Halts: If the underlying is halted and does not reopen prior to 9:40 AM ET on Thursday, July 23, 2026, the Settlement Price is the last official regular-session print prior to the halt. Delayed or Missed Filing: If the company fails to release earnings on the scheduled date and reschedules within 48 hours, the contract rolls to the new date with Reference and Settlement Prices re-anchored to the new schedule. If the release is delayed beyond 48 hours from the originally scheduled date, the market will be settled as event cancelled. Restatements: Restatements, revisions, or corrections issued after settlement have no effect on the settled outcome. Settlement is final upon the conclusion of the 10-Minute Dash at 9:40 AM ET on Thursday, July 23, 2026. The official resolution sources are the agencies listed in Rule 14.68(c) in the CDNA Rulebook, which can be found at https://www.nadex.com/rules/ . The notice of submission pursuant to CFTC regulation 40.2(a) for Rule 14.68 can be found at https://assets.ctfassets.net/8c2uto3zas3h/7w5E7Lp4YMAUvv0c7ssYUr/c5bf8080840bb947bbfa7febfb8c1eab/CDNA_Certification_of_Industry__Event_Contract.pdf. For purposes of settling this contract the stock price(s) used will be based on the price(s) reported by the Source Agency and not by the company. Trading is temporarily paused during scheduled maintenance periods.