--- title: 2-Year U.S. Treasury Note Futures (ZT) Contract Specifications description: ZT product specs --- [Skip to content](https://help.metrotrade.com/kb/2-year-u.s.-treasury-note-futures-zt-contract-specifications#main-content) English Show submenu for translations [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/logo3-1.png?width=225&height=39&name=logo3-1.png)](https://metrotrade.com/) Open main navigation Close main navigation - English Show submenu for translations - [MetroTrade.com](https://www.metrotrade.com/) [MetroTrade.com](https://www.metrotrade.com/) How can we help you? - There are no suggestions because the search field is empty. 1. [KnowledgeBase](https://help.metrotrade.com/kb?hsLang=en) 2. [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en) 3. [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) # 2-Year U.S. Treasury Note Futures (ZT) Contract Specifications #### What you're trading The CBOT 2-Year Treasury Note future (ZT) gives you exposure to the short end of the Treasury yield curve, which is the most Fed-policy-sensitive part of the curve. ZT is deliverable against eligible U.S. Treasury notes with an original maturity of not more than 5 years 3 months and a remaining maturity of not less than 1 year 9 months but not more than 2 years from the first day of the delivery month. Because the 2-year is so tied to rate-cut/rate-hike expectations, ZT is heavily used by macro traders to position around FOMC meetings and to trade yield-curve steepeners/flatteners. #### Contract size $200,000 face value at maturity. #### Tick value Minimum price fluctuation is one-eighth of 1/32 of a point, which equates to $7.8125 per contract (same dollar tick as ZF despite the finer fractional increment, because of the doubled face value). A full 1-point move equals $2,000 per contract. #### Trading hours CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. Daily settlement at 2:00 p.m. CT. #### Settlement type Physically delivered against eligible Treasury notes. Contract months are March, June, September, and December. Trading terminates on the last business day of the delivery month. #### Margin snapshot ZT has the lowest margin of the Treasury complex because short-duration exposure produces smaller price moves per basis point. | **Initial margin (overnight)** | ~$1,250–$1,600 per contract (approximate; varies with volatility) | | --- | --- | | **Maintenance margin** | ~$1,140–$1,450 per contract | | **Day-trade margin** | Broker-set; often a fraction of the overnight margin | | **Face value (reference)** | $200,000 per contract | *Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.* #### Related learning - CME official contract specifications: [2-Year U.S. Treasury Note Futures Contract Specs](https://www.cmegroup.com/markets/interest-rates/us-treasury/2-year-us-treasury-note.contractSpecs.html) - [5-Year U.S. Treasury Note (ZF)](https://www.cmegroup.com/markets/interest-rates/us-treasury/5-year-us-treasury-note.contractSpecs.html) - [3-Month SOFR (SR3) — very short-end rate expectations](https://www.cmegroup.com/markets/interest-rates/stirs/three-month-sofr.contractSpecs.html) - [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/)[MetroTrade intraday margin requirements](https://www.metrotrade.com/margins/) - [MetroTrade intraday margin requirements](https://www.metrotrade.com/margins/) - [Account Information](https://help.metrotrade.com/kb/account-information?hsLang=en#main-content) - [Account Eligibility](https://help.metrotrade.com/kb/account-information?hsLang=en#account-eligibility) - [Account Management / Profile](https://help.metrotrade.com/kb/account-information?hsLang=en#account-management-profile) - [Account Statements & Reporting](https://help.metrotrade.com/kb/account-information?hsLang=en#account-statements-reporting) - [Funding & Withdrawals](https://help.metrotrade.com/kb/funding-withdrawals?hsLang=en) - [Pricing & Fees](https://help.metrotrade.com/kb/pricing-fees?hsLang=en) - [MetroTrader Platform](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#main-content) - [MetroTrader Web](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-web) - [MetroTrader App](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-app) - [Troubleshooting](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#troubleshooting) - [Margins & Trading Info](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#main-content) - [Margin & Risk](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#margin-risk) - [Trading Hours & Market Schedule](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#trading-hours-market-schedule) - [About MetroTrade](https://help.metrotrade.com/kb/about-metrotrade?hsLang=en) - [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#main-content) - [Product Information](https://help.metrotrade.com/kb/products-specs?hsLang=en#product-information) - [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/mt-fb-profile.png?width=50&height=50&name=mt-fb-profile.png "MetroTrade")](https://metrotrade.com) Chicago, IL USA [mailto:support@metrotrade.com](mailto:support@metrotrade.com) Copyright © 2026, MetroTrade