Micro Treasury futures
At 1/10 the size of classic Treasury contracts, Micro Ultra 10-Year and Micro Ultra T-Bond futures offer access to the same benchmark U.S. Treasury exposure with smaller margin requirements and tick sizes.
Micro sized
1/10 the notional value and risk of Treasury futures, allowing greater access to the world’s most liquid Treasury market.
Cash settled
Unlike classic contracts which are physically delivered, Micro Treasuries offer the simplicity of cash delivery.
Pinpoint exposure
Micros follow Ultra contracts which closely track 10-Year and 30-Year tenors.
The Treasuries you love, now in a smaller size
Micro Ultra 10 and Micro Ultra T-Bond futures bring enhanced trading and risk management to two key points on the Treasury curve. Trade them outright or use listed ICS between the two tenors, in place of or in conjunction with classic Treasury futures to refine your positions. Get precise exposure with less margin, smaller tick sizes and a DV01 more in line with shorter-dated securities.
QUICK LINKS
More choice in how you manage 10Y and 30Y exposure
| Ultra 10-Year | NEW Micro Ultra 10-Year | 10-Year Yield | |
|---|---|---|---|
| Product code | TN | MTN | 10Y |
| Price convention | Traded in price | Traded in price | Traded in yield |
| Settlement | Physically-settled | Cash-settled | Cash-settled |
| Underlying | Basket of deliverable securities | Ultra 10-Year futures settlement price | BrokerTec 10-Year Yield Index |
| Contract size | $88 DV01* | $8.80 DV01* | $10 DV01 |
| Tick size | $15.625 (1/2 of 1/32 of one point) | $1.5625 (1/2 of 1/32 of one point) | $1.00 (1/10 of 1 bp) |
| Initial margin | $3,000* | $300 (estimate)* | $320* |
| Contracts listed | 3 Quarterly contracts | 2 Quarterly contracts | 2 Monthly contracts |
| Ultra T-Bond | NEW Micro Ultra T-Bond | 30-Year Yield | |
|---|---|---|---|
| Product code | UB | MWN | 30Y |
| Price convention | Traded in price | Traded in price | Traded in yield |
| Settlement | Physically-settled | Cash-settled | Cash-settled |
| Underlying | Basket of deliverable securities | Ultra T-Bond futures settlement price | BrokerTec 30-Year Yield Index |
| Contract size | $204.68 DV01* | $20.47 DV01* | $10 DV01 |
| Tick size | $31.25 (1/2 of 1/32 of one point) | $3.13 (1/2 of 1/32 of one point) | $1.00 (1/10 of 1 bp) |
| Initial margin | $6,400* | $640 (estimate)* | $290* |
Article
Navigating Treasury products
Micro Treasury futures and Yield futures are both tailored for individual traders. Learn more about both products to see how to gain exposure to Interest Rate markets.
Key economic reports and factors that move markets
Courses
Take self-guided courses on Interest Rate products.
If you’re new to futures, the courses below can help you quickly understand the U.S. Treasury market to start trading.
Contact an Interest Rate expert
Connect with a member of our Interest Rate team for more information about our products.
