ZFU6 - 5-Year Treasury Note Futures (September 2026)
5-Year Treasury Note Futures September 2026 contract: CBOT 5-Year Treasury Note futures (ZF): intermediate-maturity US Treasury futures used for curve and duration trades.
As of Jul 16, 2026: spot at $106.70, ATM IV 3.1%, max pain $107.00, net GEX -$4.62B.
- Sector
- Interest-Rate Futures
- Industry
- Interest-Rate Futures
- Exchange
- CBOT
ZFU6 Contract Specifications
- Contract Month
- September 2026
- Month Code
- U (September)
- Root
- ZF
- Underlying
- 5-Year Treasury Note Futures
- Exchange
- CBOT
- Contract Size
- $100,000 face value of 4.17- to 5.25-year US Treasury notes
- Point Value
- $1000 per percentage point
- Tick Size
- 1/128 of a percentage point
- Tick Value
- $7.8125 per tick
ZFU6 Settlement and Trading Hours
Settlement: Physically delivered; trading terminates on the last business day of the delivery month.
Trading hours: Globex Sunday-Friday 6:00 PM - 5:00 PM ET.
How ZFU6 Fits in the Futures Curve
ZFU6 is the September 2026 listing of the 5-Year Treasury Note Futures contract. Each listed expiration carries its own implied-volatility surface, term structure position, and basis to the underlying instrument. The front-month contract typically dominates volume and is the reference for options-on-futures pricing; back-month contracts price the term structure of the underlying's volatility and (for physically-delivered commodities) the carry between spot and forward.
What ZFU6 Looks Like to Options Traders Today
negative net gamma exposure (-$4.62B) means dealers hedge with trend, amplifying realized volatility and accelerating directional moves; the 25-delta skew (0.003) is roughly flat across the wings.
What This Page Covers
The ZFU6 overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks.
Frequently asked ZFU6 overview questions
- What is ZFU6?
- ZFU6 is the ticker symbol for 5-Year Treasury Note Futures (September 2026), a listed futures contract. 5-Year Treasury Note Futures September 2026 contract: CBOT 5-Year Treasury Note futures (ZF): intermediate-maturity US Treasury futures used for curve and duration trades. Listed on CBOT. ZFU6 is the listed futures symbol shown on this page; futures traders use the contract for directional exposure, hedging the underlying instrument, and as the delivery instrument for options-on-futures structures.
- What does the ZFU6 options snapshot look like today?
- As of Jul 16, 2026, the ZFU6 options snapshot shows spot at $106.70, ATM IV 3.1%, max pain $107.00, net GEX -$4.62B, expected move 0.90%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.
- What are ZFU6's key statistics?
- 5-Year Treasury Note Futures (September 2026) (ZFU6) carries a September 2026 expiry on the CBOT-listed 5-Year Treasury Note Futures contract, with a $1000 per percentage point point value. Full contract specifications including settlement convention, tick size, and curve term-structure context are on the contract reference block above. Options-on-futures pricing references these spec fields directly via the multiplier and exchange contract rules.
- What underlies the ZFU6 futures contract?
- ZFU6 is the September 2026 listing on the 5-Year Treasury Note Futures contract, traded on the CBOT. Each listed expiration carries its own implied-volatility surface, term-structure position relative to other listed months, and (for physically-delivered contracts) basis to the spot underlying. Front-month contracts dominate volume and serve as the reference for options-on-futures pricing; back-month contracts price the term structure of the underlying's volatility.
- How current is the ZFU6 data on this page?
- The options snapshot above is dated Jul 16, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Contract specifications come from the listing exchange (CBOT) and do not change over the life of the contract once listed. Options-on-futures data, when available, refreshes after each trading session. There is no equity-style FINRA reporting or sell-side analyst coverage for futures contracts.