Colorado voters will decide Proposition 134 on November 3, 2026, a citizen-initiated statute that would require K-12 and collegiate school sports teams to be designated male, female, or coed, with participation limited to teams matching a student's biological sex as defined by reproductive anatomy. The measure, backed by Protect Kids Colorado, aims to preserve competitive opportunities in female categories while allowing coed options and limited exceptions. Opponents highlight concerns over inclusion for transgender students and implementation details left to schools. With the race polling near even and the market at 52.5% for passage, trader sentiment reflects divided views on sex-based eligibility, recent U.S. Supreme Court precedent allowing such separations, and turnout patterns among suburban and independent voters in a state with mixed records on related ballot questions. Late campaign messaging, endorsements, or shifts in early voting could narrow or widen the margin before election day.