5-Year T-Note Futures Contract Specifications
ZF · CBOT · one contract = $100,000 face
5-Year T-Note futures (ZF) trade on CBOT in 0.0078125-increment ticks worth $7.81 per contract; a full 1.0-point move is $1,000.00. One contract covers $100,000 face.
Specification table
| Name | 5-Year T-Note |
| Exchange | CBOT |
| Ticker symbol | ZF |
| Contract unit | $100,000 face |
| Tick size | 0.0078125 |
| Tick value | $7.81 |
| Point value | $1,000.00 |
| CFTC contract code | 044601 |
| COT report families | legacy, tff |
| Quote convention | 1/4 of 1/32 of a point |
Worked tick math
A 10-tick move on 1 5-Year T-Note contract (ZF) is $78.12 — tick size 0.0078125 × tick value $7.81. A 1-point move is 128 ticks = $1,000.00. Ten contracts moving 5 ticks = $390.62.
Run your own numbers: 5-Year T-Note futures calculator.
Positioning: large speculators are net short 1,273,329 contracts as of the 2026-07-21 COT report — full 5-Year T-Note COT data.
FAQ
- What is the tick size and value of 5-Year T-Note futures?
- 5-Year T-Note (ZF, CBOT) moves in 0.0078125 increments worth $7.81 per contract.
- What does one ZF contract cover?
- One contract covers $100,000 face.
- How much is a full point on ZF?
- $1,000.00 — tick value ÷ tick size.
Related
5-Year T-Note COT report
5-Year T-Note calculator
5-Year T-Note COT history (CSV)
All contract specs
All calculators
Specs verified against exchange sources 2026-07-25; the exchange's own contract page is always authoritative. Not investment advice.