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5-Year Treasury Note (ZF) Futures Contract Specifications

What Are 5-Year Treasury Note (ZF) Futures?

5-Year Treasury Note Futures (ZF) provide traders with exposure to medium-term U.S. government debt. These contracts allow for speculation on medium-term interest rates, hedging fixed income portfolios, or implementing yield curve trading strategies focused on the belly of the curve.

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: 1/64 (or 0.0078125) of a point
  • Tick Value: $7.8125 per tick
  • Point Value: $1,000.00 per point

These specifications make 5-Year Treasury Note (ZF) Futures suitable for traders seeking exposure to treasuries markets.

Trading Hours

5-Year Treasury Note (ZF) 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: ZF

Margins

To trade 5-Year Treasury Note (ZF) Futures, you'll need to meet specific margin requirements. Check with your broker for the latest margin rates and details.

Why Trade 5-Year Treasury Note (ZF) Futures?

  • Exposure to the medium-term segment of the U.S. Treasury yield curve
  • Good liquidity for efficient trade execution
  • Effective hedging tool for medium-duration interest rate risk
  • Trading opportunities based on yield curve shifts and Federal Reserve policy
  • Lower price volatility than longer-term Treasury futures

Position Sizing for 5-Year Treasury Note (ZF) Futures

Proper position sizing is crucial when trading 5-Year Treasury Note (ZF) 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 5-Year Treasury Note (ZF) Futures (ZF):

  • Tick Size: 1/64 (or 0.0078125) of a point
  • Tick Value: $7.8125 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 →
10-Year Treasury Note (ZN)2-Year Treasury Note (ZT)