This market will resolve to "Yes" if Pope Leo XIV publishes his encyclical by May 15, 2026, 11:59PM ET. Otherwise, this market will resolve to "No". For a letter to qualify it must be commonly understood as an encyclical or declared as an encyclical upon release. Other forms of papal brief, such as a papal bull, will not qualify. The resolution source for this market will be information from Pope Leo XIV, official information from the Catholic Church, or a consensus of credible reporting.