Ongoing surveillance by the WHO and ECDC shows no SARS-CoV-2 variants currently meet criteria for designation as a variant of concern, with all tracked Omicron sublineages such as XFG, NB.1.8.1, and BA.3.2 classified only as variants under monitoring due to limited impact on severity or public health measures. These strains continue to circulate at low global levels with mild symptoms consistent with seasonal respiratory illness, supported by population immunity from prior infections and updated vaccines targeting JN.1 lineages like XFG. This pattern of incremental evolution without major antigenic shifts or increased virulence has reinforced trader consensus on the "No" outcome. A sudden mutation enabling substantial immune escape or higher severity could still shift probabilities before the end of 2026.