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Ultra T-Bond (UL) Futures Contract Specifications

What Are Ultra T-Bond (UL) Futures?

Ultra T-Bond Futures (UL) provide traders with exposure to ultra-long U.S. government debt, focusing on Treasury bonds with remaining maturities of 25 years or more. These contracts allow for speculation on very long-term interest rates or hedging long-duration fixed income portfolios.

Contract Size

Contract Size: Face value of $100,000

Example: This contract size allows traders to gain exposure to treasuries with controlled leverage and risk.

Tick Value and Increment

  • Tick Size: 1/32 (or 0.015625) of a point
  • Tick Value: $31.25 per tick
  • Point Value: $1,000.00 per point

These specifications make Ultra T-Bond (UL) Futures suitable for traders seeking exposure to treasuries markets.

Trading Hours

Ultra T-Bond (UL) Futures trade with extended hours, providing flexibility for traders in different time zones.

  • Trading Hours: Sunday to Friday, nearly 24 hours a day with a short break
  • Time Zone: Central Time (CT)

Trading Symbol

Platform Symbol: UL

Margins

To trade Ultra T-Bond (UL) Futures, you'll need to meet specific margin requirements. Check with your broker for the latest margin rates and details.

Why Trade Ultra T-Bond (UL) Futures?

  • Exposure to the ultra-long end of the U.S. Treasury yield curve
  • Highest duration and interest rate sensitivity among Treasury futures
  • Effective hedging tool for pension funds and insurance companies with long-dated liabilities
  • Trading opportunities based on long-term inflation expectations
  • Standardized contract specifications and regulated exchange

Position Sizing for Ultra T-Bond (UL) Futures

Proper position sizing is crucial when trading Ultra T-Bond (UL) Futures. Use our position size calculator to determine the optimal number of contracts based on your risk tolerance and account size.

Position Size Calculator Example

For Ultra T-Bond (UL) Futures (UL):

  • Tick Size: 1/32 (or 0.015625) of a point
  • Tick Value: $31.25 per tick
  • Point Value: $1,000.00 per point

If you want to risk $500 with a 10-point stop loss:

Risk per Contract = Stop Loss in Points × Point Value = 10 × 1,000.00 per point = $10

Maximum Contracts = Risk Amount ÷ Risk per Contract = $500 ÷ $10 = 50 contracts

Try our calculator for precise position sizing →
2-Year Treasury Note (ZT)Ultra 10-Year Note (UB)