- What is the naming convention for WTOs?
- How many WTO expirations will be listed at any given time?
- When will a new WTO be listed?
- How does expiration and contrary instructions work?
- How does expiration work if it falls on a holiday?
- What are the strike increments of WTOs?
- Do WTOs exercise physically or by cash settlement?
- If you have additional questions, please contact us
1. What is the naming convention for WTOs?
The naming convention is symbol + week of the month + month code + year. For example:
- The Globex symbol for a Monday WTO on 10-Year futures expiring on the second Monday in July 2025 is VY2N5.
- The Globex symbol for a Tuesday WTO on 10-Year futures expiring on the second Tuesday in July 2025 is GY2N5.
- The Globex symbol for a Wednesday WTO on 10-Year futures expiring on the second Wednesday in July 2025 is WY2N53.
- The Globex symbol for a Thursday WTO on 10-Year futures expiring on the second Thursday in July 2025 is HY2N5.
- The Globex symbol for a Friday WTO on 10-Year futures expiring on the second Friday in July 2025 is ZN2N5.
| Tenor | Monday | Tuesday | Wednesday | Thursday | Friday |
|---|---|---|---|---|---|
| 2-Year Note | VT1-5 | GT1-5 | WT1-5 | HT1-5 | ZT1-5 |
| 5-Year Note | VF1-5 | GF1-5 | WF1-5 | HF1-5 | ZF1-5 |
| 10-Year Note | VY1-5 | GY1-5 | WY1-5 | HY1-5 | ZN1-5 |
| Ultra 10-Year Note | VX1-5 | GX1-5 | WX1-5 | HX1-5 | TN1-5 |
| T-Bond | VB1-5 | GB1-5 | WB1-5 | HB1-5 | ZB1-5 |
| Ultra T-Bond | VU1-5 | GU1-5 | WU1-5 | HU1-5 | UB1-5 |
2. How many WTO expirations will be listed at any given time?
For the Monday, Tuesday, Wednesday and Thursday WTOs, two expiries will be listed at a time for each Treasury futures product. Each WTO expiry will have about 14 days to expiration upon its initial listing date.
Three Friday WTOs will be listed at a time for each Treasury futures product. Each Friday WTO will have about 28 days to expiration upon its listing date.
3. When will a new WTO be listed?
New Monday, Tuesday, Wednesday and Thursday WTO expirations will be listed three hours after the current option expires (5:00 p.m. Central Time (CT)).
For example, the first two expiration dates for the Tuesday options will be June 17th and June 24, 2025. Immediately followin the June 17th expirations the July 1st expirations will be listed on Globex open (5:00 p.m. CT).
New Friday WTO expirations will be listed on the weekend following the expiration of the nearest Friday Weekly.
4. How does expiration and contrary instructions work?
Monday, Tuesday, Wednesday and Thursday Weekly Treasury options
- The 2:00 p.m. CT futures settlement will determine if the option is in-the-money or out-of-the-money.
- Trading in the options will cease at 2:00 p.m. CT.
- Contrary instructions will not be allowed. At 2:00 p.m. CT, you will know your futures positions per the following rules:
- In-the-money options will be auto-exercised.
- Out-of-the money options will be auto-abandoned.
- If the futures settle exactly at-the-money:
- ATM calls will be auto-exercised.
- ATM puts will be auto-abandoned.
Friday Weekly Treasury options
- The 2:00 p.m. CT will determine if the options are in- or out-of-the-money.
- Options will continue to trade on Globex until 4:00 p.m. CT.
- Per the futures settlement at 2:00 p.m. CT.
- In-the-money options will be auto-exercised.
- Out-of-the-money options will be auto-abandoned.
- At-the-money options will be auto-abandoned
- Contrary instructions are allowed, giving the long position holder the ability to exercise an out-of-the-money option or abandon in-the-money options.
5. How does expiration work if it falls on a holiday?
A Monday, Tuesday, Wednesday or Thursday option will not be listed if expiration falls on a holiday. As an example, a Thursday option would typically be listed to expire on Thursday June 19, 2025. Given the Juneteenth holiday, no Thursday option will be listed for that day.
A Friday option will expire on the previous business day, most likely a Thursday, if the expiration falls on a holiday. If this happens, then the Thursday WTO expiring on that Thursday will not be listed since the Friday option will expire on the Thursday. As an example, July 4, 2025 falls on a Friday. In this scenario, the Week 1 Friday option will expire on Thursday, July 3, 2025. No Thursday option will be listed to expire on that day.
6. What are the strike increments of WTOs?
- U.S. Treasury Bond and Ultra Bond options: ½ of one point.
- 5-Year Note, 10-Year Note and Ultra 10-Year Note options: ¼ of one point.
- 2-Year Note options: 1/8 of one point.
7. Do WTOs exercise physically or by cash settlement?
All WTOs exercise physically into their underlying Treasury futures contracts. A Weekly option will exercise into the same futures contract as its nearest subsequent quarterly option. This is illustrated in the Options Expiration Calendar.
For example, the August 2025 Week 5 Friday WTO (expiring on August 29) will exercise into the Dec 2025 futures contract since the Sep 2025 quarterly Treasury options expire on August 22.
8. Contact us
If you have additional questions, please contact:
David Reif
Executive Director, Interest Rates
+1 312 648 3839
Brendan Wilson
Manager, Interest Rates
+1 212 299 2078
Weekly U.S. Treasury options
Trade weekly Treasury options for precise risk management with expiries Monday through Friday.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
