Traders assign "No" a 95.5% implied probability for a new WHO-designated COVID variant of concern before 2027 because SARS-CoV-2 evolution has remained within Omicron sublineages without meeting VOC criteria since 2023. Ongoing genomic surveillance through mid-2026 shows dominant strains such as NB.1.8.1, XFG, and BA.3.2 classified only as variants under monitoring, with assessments indicating no substantial increases in transmissibility, severity, or immune escape that would trigger a higher designation. Reduced global sequencing volumes and stable low hospitalization rates further support this consensus, reflecting the shift to endemic management. A realistic shift could still occur if a highly divergent lineage suddenly drives measurable rises in severe outcomes or evades immunity enough to prompt WHO reclassification before year-end.