A University of Chicago contract filing defines both the admissions population and the calculation. A displayed percentage alone is insufficient to reconstruct settlement.
What the primary record establishes
The CFTC product register lists the KEX admissions filing as Certified on 20 October 2026. That entry records the filing and its product classification. It does not predict the university’s admissions rate or establish an outcome for a particular year. CFTC product filing 65491 — KEX admissions contracts, 20 October 2026 ↗
The attached terms use first-time, first-year, degree-seeking admissions data from Common Data Set item C1. For a rate, admitted students are divided by applicants and multiplied by 100, then rounded half up to one decimal place. Applicant-count contracts instead use a whole-number count. KEX filing — University of Chicago admissions definitions and rounding ↗
What the distinction changes
The order of those operations matters. As an illustration of the stated arithmetic, a raw rate of 3.95% becomes 4.0%, whereas 3.949% becomes 3.9%. These are hypothetical inputs used by WFN to explain the rule, not reported University of Chicago results.
A rounded value then has to be tested against the particular contract’s condition. Above is strictly greater than; at least includes equality. A reader must not substitute an informal interpretation of a headline for the specified comparison operator.
What to check before drawing a conclusion
Keep the contract year, admissions population, first published source and rounding method together. Transfer applicants and graduate admissions are different populations. A later webpage or a total drawn from another population cannot be silently substituted for the contractual reference.
This explainer concerns verification, not whether a contract is suitable or likely to pay. Before interpreting any price, locate the exact question and settlement terms. A registration entry, a numerical example and an actual certified admissions result are three different records.