Chile will hold first the first-round presidential election on November 16 2025. If no candidate obtains more than 50% of the votes, the two candidates with the highest vote share go to a runoff election where the president is chosen.

The market will resolve in favor of whichever pair of candidates make it to the second round, as announced by the Chilean Electoral Commission’s website (www.servel.cl) on the date of the election. If one candidate were to obtain more than 50% of the votes, the market will resolve in favor of that candidate only.