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 |
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Day-trade margin |
Broker-set; often a fraction of the overnight margin |
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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.