The extreme rarity of magnitude 9.0+ earthquakes underpins the 96.7% market-implied probability for "No" before 2027. USGS records and global catalogs show these megathrust events average roughly one to three per century, with the most recent in 2011 off Japan; only a handful have occurred since 1900. Recent activity, including the 2025 Kamchatka 8.8 and 2026 Panama 7.7–8.0 sequences, remains well below this threshold despite ongoing subduction-zone monitoring by agencies like the USGS. While seismic gaps exist along high-risk faults such as the Cascadia or Chile margins, current strain accumulation rates and absence of precursors make an imminent M9+ rupture statistically improbable within the remaining timeframe. Unexpected model shifts or foreshock sequences could still alter odds if detected.