The landscape of managing event risk in Treasury futures has dramatically expanded. For years, traders have strategically utilized Weekly options on Treasury futures (WTOs) expiring on Mondays, Wednesdays and Fridays to position themselves ahead of key economic data and market-moving events. Now, with the recent listing of Tuesday and Thursday WTOs on June 16, 2025, a full spectrum of daily opportunities has emerged.

These new contracts complete the weekly trading calendar, enabling a more precise and comprehensive approach to capturing or hedging event-driven volatility in the Treasury market.  For example, the Friday WTOs might be used to express a view on the Employment Situation report, which is typically released on the first Friday of the month. Following the success of the Fridays in 2011, we listed the Wednesdays in 2017 and the Mondays in 2023. WTOs average daily volume (ADV) year to date as of June 13, 2025 hit 618K, +17% YoY. Current open interest (OI) stands at 1.12M, +22% YoY.

We listed Tuesday and Thursday WTOs on Monday, June 16, 2025. The Tuesday and Thursday WTOs have the same listing, strike and tick increments as the Monday and Wednesday WTOs. They are listed in two-week intervals.  With the listing of Tuesday and Thursday, WTOs will enable traders to take a position on events happening every day of the week. Many of these traders are already using Monday, Wednesday and Friday WTOs. For example, Tuesdays will enable traders to express a view on the 2-yr note auctions and economic reports such as CPI and Retail Sales. And Thursdays will enable them to take a position on 30-yr bond auctions, a multitude of economic releases including Retail Sales, CPI and PPI, and the post-FOMC reaction after the meetings conclude on Wednesday. 

Suppose you had a position in the Thursday, June 12, 2025, options on Treasury Bond futures to get exposure to both the PPI release in the morning and the 30-yr bond auction in the afternoon. In the next two charts, you can see how impacted the price history and the option volatility were over a one-week period, from June 12 to June 18, 2025. The Sept 25 contract of the Treasury Bond futures traded in a range of about one point, 113-10 to 114-09. Meanwhile, over the same period, its volatility increased from 10.6% to 13.25%. If you had taken a position that was long volatility, you may have profited from the price change and the increase in volatility. For example, if you had bought the 113-00 straddle (long puts and long calls), it most likely would’ve resulted in a profitable position.