ZFZ6 - 5-Year Treasury Note Futures (December 2026)

5-Year Treasury Note Futures December 2026 contract: CBOT 5-Year Treasury Note futures (ZF): intermediate-maturity US Treasury futures used for curve and duration trades.

As of Oct 15, 2026: spot at $104.05, ATM IV 4.4%, max pain $104.50, net GEX $7.45B.

Sector
Interest-Rate Futures
Industry
Interest-Rate Futures
Exchange
CBOT

ZFZ6 Contract Specifications

Contract Month
December 2026
Month Code
Z (December)
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

ZFZ6 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 ZFZ6 Fits in the Futures Curve

ZFZ6 is the December 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 ZFZ6 Looks Like to Options Traders Today

positive net gamma exposure ($7.45B) means dealers hedge against trend, damping realized volatility and biasing price toward heavy-OI strikes; the 25-delta skew (0.000) is roughly flat across the wings.

What This Page Covers

The ZFZ6 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 ZFZ6 overview questions

What is ZFZ6?
ZFZ6 is the ticker symbol for 5-Year Treasury Note Futures (December 2026), a listed futures contract. 5-Year Treasury Note Futures December 2026 contract: CBOT 5-Year Treasury Note futures (ZF): intermediate-maturity US Treasury futures used for curve and duration trades. Listed on CBOT. ZFZ6 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 ZFZ6 options snapshot look like today?
As of Oct 15, 2026, the ZFZ6 options snapshot shows spot at $104.05, ATM IV 4.4%, max pain $104.50, net GEX $7.45B, expected move 1.26%. 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 ZFZ6's key statistics?
5-Year Treasury Note Futures (December 2026) (ZFZ6) carries a December 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 ZFZ6 futures contract?
ZFZ6 is the December 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 ZFZ6 data on this page?
The options snapshot above is dated Oct 15, 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.

ZFZ6 Positioning (CFTC Commitments of Traders)

In CFTC's 5-Year Treasury Note market (CFTC units: CONTRACTS OF $100,000 FACE VALUE), Leveraged funds were net short 2,127,567 contracts, -31.5% of open interest; 3-year range 77/100, positions as of Oct 6, 2026. CFTC publishes each report on the Friday after the date its positions are as of, later in holiday or delayed weeks.