Pete Hegseth, appointed as U.S. Secretary of Defense in the Trump administration, has no governing role in Venezuela. The question trades on the market probability that Hegseth will become Venezuela's leader by December 31, 2026. Currently, Nicolás Maduro leads Venezuela, though the political situation remains heavily contested internationally, with the U.S. and many other nations questioning the legitimacy of his government and supporting alternative leadership claims. The 0% YES odds reflects the extremely low probability of Hegseth assuming direct leadership of Venezuela within the trading window. For the market to resolve YES, Hegseth would need to officially assume the position of Venezuela's head of state or government—a scenario that would require extraordinary political upheaval and unprecedented shifts in regional power dynamics. This would involve either dramatic changes in U.S. foreign policy toward direct intervention in Venezuelan governance or a complete reconfiguration of Venezuela's political and institutional structure. The market resolves on December 31, 2026, based on recognized international acknowledgment of who holds Venezuela's de facto leadership position at that date. Traders pricing this event consider broader geopolitical trends, U.S.-Venezuela bilateral relations, the trajectory of Venezuela's current government, and the likelihood of major regional or international interventions.