CBOT · Interest Rates · Futures
2-Year U.S. Treasury Note futures (ZT): $200,000 face value, quoted in points and 32nds of a point, physically delivered.
Source: CME Group contract specifications · reviewed Sep 30, 2026
| Contract | Roll date | First notice | Last trading day | Days left |
|---|---|---|---|---|
| ZTU26 Sep 2026 | Wed, Aug 26, 2026 | Mon, Aug 31, 2026 | Wed, Sep 30, 2026 | 1 |
| ZTZ26 Dec 2026 Active | Tue, Nov 24, 2026 | Mon, Nov 30, 2026 | Thu, Dec 31, 2026 | 93 |
| ZTH27 Mar 2027 | Tue, Feb 23, 2027 | Fri, Feb 26, 2027 | Wed, Mar 31, 2027 | 183 |
| ZTM27 Jun 2027 | Tue, May 25, 2027 | Fri, May 28, 2027 | Wed, Jun 30, 2027 | 274 |
| ZTU27 Sep 2027 | Thu, Aug 26, 2027 | Tue, Aug 31, 2027 | Thu, Sep 30, 2027 | 366 |
| ZTZ27 Dec 2027 | Wed, Nov 24, 2027 | Tue, Nov 30, 2027 | Fri, Dec 31, 2027 | 458 |
Roll. The quarterly roll runs over roughly a week before first notice. The date shown is three business days before first notice.
First notice day. Last business day of the month before the delivery month. Brokers require speculative longs to exit before first position day (one business day earlier).
Last trading day. Last business day of the delivery month.
US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18
Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.
| Session | Eastern (ET) | Central (CT) | Your time |
|---|---|---|---|
| CME Globex (electronic) | Sun–Fri 6:00 p.m. – 5:00 p.m. | Sun–Fri 5:00 p.m. – 4:00 p.m. | – |
| Daily maintenance break | Mon–Thu 5:00 – 6:00 p.m. | Mon–Thu 4:00 – 5:00 p.m. | – |
| US session (reference) | Mon–Fri 8:20 a.m. – 3:00 p.m. | Mon–Fri 7:20 a.m. – 2:00 p.m. | – |
| Daily settlement | 3:00 p.m. | 2:00 p.m. | – |
Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).
| Contract | Maintenance |
|---|---|
| Sep 2026 – Mar 2027 Active | $1,200 |
Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.
−523,460 net contracts
+12,820 vs. prior week · −11.5% of OI
Movement (6 wk): −8
Banks and dealers on the other side of client flow. Tend to act contrarian – selling strength, buying weakness.
+1,770,085 net contracts
+37,354 vs. prior week · +39.0% of OI
Movement (6 wk): +6
Pension funds, insurers and bond funds – large structural holders of duration; read changes against their own range.
−1,350,740 net contracts
−56,165 vs. prior week · −29.8% of OI
Movement (6 wk): −2
Hedge funds and CTAs. Includes the cash-futures basis trade, which shows up as large net shorts – compare against its own history, not zero.
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Dealers / Intermediaries | 112,553 | 636,013 | −523,460 | +12,820 | −71,864 | 6 | 7 | −8 |
| Asset Managers | 2,404,501 | 634,416 | +1,770,085 | +37,354 | +161,229 | 19 | 44 | +6 |
| Leveraged Funds | 725,522 | 2,076,262 | −1,350,740 | −56,165 | −117,987 | 87 | 92 | −2 |
| Other Reportables | 298,375 | 239,438 | +58,937 | +8,216 | −19,984 | 6 | 19 | −11 |
| Nonreportables | 232,682 | 187,504 | +45,178 | −2,225 | +48,606 | 56 | 21 | +14 |
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Commercials | 3,386,427 | 2,524,540 | +861,887 | +53,937 | −2,837 | 6 | 8 | −13 |
| Non-Commercials | 756,817 | 1,663,882 | −907,065 | −51,712 | −45,769 | 94 | 94 | +8 |
| Nonreportables (small) | 232,682 | 187,504 | +45,178 | −2,225 | +48,606 | 56 | 21 | +14 |
| Report date | Dealers / Intermediaries | Asset Managers | Leveraged Funds | Other Reportables | Nonreportables | Open interest |
|---|---|---|---|---|---|---|
| Sep 22, 2026 | −523,460 | +1,770,085 | −1,350,740 | +58,937 | +45,178 | 4,539,374 |
| Sep 15, 2026 | −536,280 | +1,732,731 | −1,294,575 | +50,721 | +47,403 | 4,433,736 |
| Sep 8, 2026 | −443,848 | +1,621,223 | −1,290,479 | +65,572 | +47,532 | 4,346,314 |
| Sep 1, 2026 | −434,362 | +1,596,436 | −1,268,034 | +57,542 | +48,418 | 4,348,838 |
| Aug 25, 2026 | −451,596 | +1,608,856 | −1,232,753 | +78,921 | −3,428 | 4,678,195 |
| Aug 18, 2026 | −503,496 | +1,620,425 | −1,243,004 | +87,054 | +39,021 | 4,432,451 |
| Aug 11, 2026 | −480,452 | +1,680,389 | −1,359,521 | +111,776 | +47,808 | 4,377,812 |
| Aug 4, 2026 | −502,145 | +1,693,289 | −1,334,181 | +105,096 | +37,941 | 4,400,315 |
| Jul 28, 2026 | −481,870 | +1,845,012 | −1,564,294 | +153,077 | +48,075 | 4,406,588 |
| Jul 21, 2026 | −463,713 | +1,820,888 | −1,595,128 | +171,162 | +66,791 | 4,335,075 |
| Jul 14, 2026 | −458,882 | +1,872,815 | −1,671,766 | +184,616 | +73,217 | 4,465,199 |
| Jul 7, 2026 | −363,665 | +1,891,993 | −1,756,528 | +149,665 | +78,535 | 4,460,937 |
Source: CFTC Public Reporting Environment · contract market code 042601 (UST 2Y NOTE - CHICAGO BOARD OF TRADE)
Before commissions and exchange fees. Prices round to the nearest tick of ⅛/32. Enter prices in points and 32nds, e.g. 110'16.5 or 110-165 (= 110 + 16.5/32), or as decimals.
One tick is 1/8 of 1/32 of a point, worth $7.8125 per contract. A full point is worth $2,000.
In points and 32nds of a point, e.g. 108'16.25 = 108 + 16.25/32. Platforms often write fractions as a third digit (108-162).
The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.