The gathering of the College of Cardinals in Vatican City to elect a new Pope typically occurs within weeks of the death or resignation of the previous Pope. Pope Francis has passed away on April 21, 2025.

This market will resolve to the day of the Conclave in which the new Pope will be announced to the world ('Habemus Papam').

Day 0 of the conclave is defined as the calendar day on which the cardinals enter the Sistine Chapel to begin the election process. The exact date and time of entry will be determined by the College of Cardinals. If the formal announcement ('Habemus Papam') occurs on this same day, it is considered Day 0. 