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Contract specifications
- Product
- 10-Year T-Note (ZN)
- Exchange
- CBOT
- Year
- 2027
- Deliveries listed
- 4
- First of the year
- ZNH7 (Feb 26, 2027)
- Last of the year
- ZNZ7 (Nov 30, 2027)
- Tick size
- 0.015625
- Tick value
- $15.63
- Point value
- $1,000.00
Every ZN delivery listed in 2027
ZN trades 4 delivery months in 2027 (H, M, U, Z). Dates are computed from the exchange rule rather than stored. The engine counts Monday to Friday and holds no CME holiday table, so a date next to a public holiday can be one day off the exchange calendar.
The letter in a contract symbol is its delivery month: H = March, M = June, U = September, Z = December. The digit that follows is the year.
| Contract | Delivery | First notice day | Default rolls on |
|---|---|---|---|
| ZNH7 | Mar 2027 | Feb 26, 2027 | Feb 22, 2027 |
| ZNM7 | Jun 2027 | May 31, 2027 | May 27, 2027 |
| ZNU7 | Sep 2027 | Aug 31, 2027 | Aug 27, 2027 |
| ZNZ7 | Dec 2027 | Nov 30, 2027 | Nov 26, 2027 |
The rule that sets these dates
The first notice day is the last business day of the month preceding the delivery month. From that day a long position can be assigned a deliverable note or bond.
This is the first notice day, not the last trading day. A Treasury future keeps quoting into its delivery month, and its official last trading day depends on the maturity. Senzoukria does not use it, because by the first notice day the open interest has already moved to the next contract and a long held past it is deliverable.
When the volume moves between these months
Treasury futures roll around the first notice day, and the bulk of open interest moves during the few sessions that precede it. Holding past it exposes a long to delivery of an actual note or bond, which is not what a chart trader wants.
What one tick of ZN is worth
The minimum price fluctuation is 0.015625, which is $15.63 per contract on a multiplier of 1000. A full point is $1,000.00. These are the values the app itself trades on, so the rows of a ZN footprint and the P&L on a ZN position come from the same numbers.
Related pages
- ZN — 10-Year U.S. Treasury Note
- ZNH7
- ZNM7
- ZNU7
- Contract roll
- Futures month codes
- Front month contract
- Tick value
- Large tick instrument
- Trade at settlement
In the same section
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Frequently asked questions
- When do ZN futures expire in 2027?
- ZN has 4 listed deliveries in 2027. The first first notice day is February 26, 2027 and the last is November 30, 2027. The table above gives every month in between.
- How many ZN contracts are listed in 2027?
- 4, on the delivery month codes H, M, U, Z.
- Which ZN contract should I be trading?
- The one carrying the volume, which is usually the nearest delivery that has not reached its roll date. Compare the traded volume and open interest of the two nearest months rather than going by the first notice day alone.