What is the tick value for ZF?

$7.8125 per tick — a 0.0078125 tick size × a $1000 multiplier (point value).

What is one ZF contract worth?

One contract represents $100,000 face value, 5-Year US Treasury Note. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.

Which exchange lists ZF?

5-Year T-Note (ZF) trades on the CBOT.

What are the trading hours for ZF?

Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.

How much margin do I need to trade ZF?

Margin varies by broker and is typically well below ZN or ZB, reflecting the 5-year's lower duration.

What are the ZF contract months?

ZF lists March, June, September and December.

What does ZFZ2026 mean?

It is one specific ZF contract: the root ZF, the delivery-month code Z, and the year. Z is December, so ZFZ2026 is the December 2026 contract. The codes run F G H J K M N Q U V X Z for January through December — I and L are skipped because they read as 1 and 7 on a ticker.

What is ZF00, ZF1! or /ZF?

All three name the same thing: the continuous front-month ZF contract, written differently by different platforms. Barchart uses ZF00, TradingView ZF1!, thinkorswim and tastytrade /ZF, Yahoo Finance ZF=F, and ZF on social media is usually written $ZF. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.

How is P&L calculated for ZF?

P&L = (exit price − entry price) ÷ 0.0078125 tick size × $7.8125 tick value × number of contracts. Use the tick value calculator to compute this directly.

CBOT

5-Year T-Note (ZF) Tick Value & Contract Specs

Tick value $7.8125 per tick — $100,000 face value, 5-Year US Treasury Note.

The 5-Year US Treasury Note future (ZF) covers the belly of the yield curve, and it quotes in a finer increment than its longer-dated siblings. Where ZN ticks in half-32nds, ZF ticks in quarters of 1/32 — 0.0078125 in decimal — worth $7.8125 per contract on $100,000 face value. That takes a full point to 128 ticks, still exactly $1,000, so the point arithmetic matches the rest of the complex even though the tick does not.

The belly is where monetary-policy expectations show up most clearly. Five-year yields price the average expected path of the funds rate over the medium term, which makes ZF the contract of choice for traders positioning around a Fed pivot rather than around long-run inflation. It is also a standard leg in curve trades — long ZF against short ZB expresses a flattener without taking outright duration risk. Because the tick is a quarter of a 32nd, eyeballing P&L from a price change is easy to get wrong by a factor of two; the calculator below is pre-filled with ZF's exact increment so the conversion is done for you.

Exchange: CBOT
Contract size: $100,000 face value, 5-Year US Treasury Note
Tick size: 0.0078125
Tick value: $7.8125
Point value (multiplier): $1000
Trading hours: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET
Margin: Margin varies by broker and is typically well below ZN or ZB, reflecting the 5-year's lower duration.

Open in the tick value calculator, pre-filled for ZF View the live ZF chart on TradingView

How ZF tick value works

Tick value is the dollar amount one futures contract gains or loses when the price moves one minimum increment (one tick).

tick value = tick size × multiplier. For ZF, that is 0.0078125 × $1000 = $7.8125 per tick, per contract.

One contract represents $100,000 face value, 5-Year US Treasury Note. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.

ZF contract months and ticker symbols

A futures ticker is three parts: the root, a one-letter delivery month, and the year. ZFZ2026 is the December 2026 ZF contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.

Delivery month codes, with the months ZF lists marked
Code	Month	Listed for ZF?
F	January	No
G	February	No
H	March	Yes — ZFH
J	April	No
K	May	No
M	June	Yes — ZFM
N	July	No
Q	August	No
U	September	Yes — ZFU
V	October	No
X	November	No
Z	December	Yes — ZFZ

Which ZF contract am I looking at?

Most charts default to the continuous front-month series rather than a dated contract — one stitched-together chart that rolls to the next month as the current one nears expiry. Every platform spells it differently, which is why the same contract appears under so many names.

Written as	Platform	Meaning
ZF1!	TradingView	Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. ZFZ2026.
ZF00	Barchart	Continuous front-month series. "ZFZ26" style codes name a specific month and year instead.
ZFc1	Refinitiv / Reuters	Continuous front month; c2 is the second month out.
/ZF	thinkorswim, tastytrade	The leading slash marks it as a future rather than a stock. A specific month is /ZFZ26.
ZF=F	Yahoo Finance	The "=F" suffix denotes the front-month futures series.
$ZF	StockTwits, social	A cashtag, not an exchange symbol. It usually means the front month, but it is informal and ambiguous.

A dated code such as ZFZ26 always means one specific contract; the continuous forms never do. Check which you are quoting before comparing a price to someone else’s — around a roll they differ.

Frequently asked questions

What is the tick value for ZF?: $7.8125 per tick — a 0.0078125 tick size × a $1000 multiplier (point value).
What is one ZF contract worth?: One contract represents $100,000 face value, 5-Year US Treasury Note. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.
Which exchange lists ZF?: 5-Year T-Note (ZF) trades on the CBOT.
What are the trading hours for ZF?: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.
How much margin do I need to trade ZF?: Margin varies by broker and is typically well below ZN or ZB, reflecting the 5-year's lower duration.
What are the ZF contract months?: ZF lists March, June, September and December.
What does ZFZ2026 mean?: It is one specific ZF contract: the root ZF, the delivery-month code Z, and the year. Z is December, so ZFZ2026 is the December 2026 contract. The codes run F G H J K M N Q U V X Z for January through December — I and L are skipped because they read as 1 and 7 on a ticker.
What is ZF00, ZF1! or /ZF?: All three name the same thing: the continuous front-month ZF contract, written differently by different platforms. Barchart uses ZF00, TradingView ZF1!, thinkorswim and tastytrade /ZF, Yahoo Finance ZF=F, and ZF on social media is usually written $ZF. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
How is P&L calculated for ZF?: P&L = (exit price − entry price) ÷ 0.0078125 tick size × $7.8125 tick value × number of contracts. Use the tick value calculator to compute this directly.

More futures contract specs

See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.

Specs last reviewed 2026-09-15. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.