Yield futures
Trade U.S. Treasuries in yield terms
Discover a streamlined, intuitive approach to trading interest rate markets with Yield futures, contracts based on one of the world's largest and most influential markets.
Traded in yield
Directly references a well-known U.S. Treasury market metric: yields of recently auctioned (or, on the run) Treasury securities, the most followed issues within each tenor.
Four major benchmarks
Trade the four most watched points on the curve: 2-Year Notes, 5-Year Notes, 10-Year Notes, and 30-Year Bonds, anchored by BrokerTec U.S. Treasury benchmarks.
Constant BPV for easier spread trading
All four contracts are sized at a constant basis point value of $10/basis point of yield (0.01%), making it easier to spread trade. Take positions on the rate’s direction or the yield curve’s shape.
Flexibility of a Micro contract
Small BPV enables a low-cost alternative to other interest rate offerings and brings more flexibility to how active traders manage interest rate exposure.
Practice trading Yield futures in a risk-free environment. Test drive your trading strategies leveraging real market data.
Stay up to date on the Treasury market. Add Yield futures to your Watchlist or monitor the CurveWatch, which offers a succinct view into yields and key spread pairs over time.
Stay up-to-date on yield curve trends with the CurveWatch tool, offering a succinct view into yields and key spread pairs over time.
Learn more with our library of courses, lessons, in-depth reads, and videos to familiarize yourself with the contracts and ways you can use them.
Video: WTI Crude Oil/10-Year Yield relationship
In this Trader’s Edge, Jim Iuorio explores the crude oil and 10-year yield relationship.
Lesson: Yield case studies and analytical tools
Learn which tools can help you analyze the contract data and apply related insights.
Whitepaper: Introducing Yield futures
Learn how these futures were born to meet the need for a streamlined way to manage rates exposure.
Webinar replay: contract overview
Three CME Group team members offer useful context about the contract details, uses, and more.
| 2-YEAR YIELD FUTURES | 5-YEAR YIELD FUTURES | 10-YEAR YIELD FUTURES | 30-YEAR YIELD FUTURES | |
| PRODUCT CODE | 2YY | 5YY | 10Y | 30Y |
| SETTLEMENT | Cash-settled to BrokerTec 2-Year benchmark | Cash-settled to BrokerTec 5-Year benchmark | Cash-settled to BrokerTec 10-Year benchmark | Cash-settled to BrokerTec 30-Year benchmark |
| PRICE CONVENTION | U.S. Treasury Yield | |||
| CONTRACT SIZE | $10.00 DV01 | |||
| TICK SIZE | $1.00 (1/10 of 1 bp) | |||
| # OF EXPIRIES | 2 nearest monthly contracts | |||
| TERMINATION | Last Business Day of Month | |||
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Yield futures trade around the clock and are settled daily at 3:00 p.m. Eastern Time to corresponding BrokerTec U.S. Treasury benchmarks. These benchmarks reflect activity in BrokerTec’s leading marketplace for cash U.S. Treasuries, publishing corresponding volume-weighted average yield four times a day.
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