Config.
Marché
Rapport
Unité

COT Ultra T-Bond (UB)

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Rates · Treasuries · CBOT

What is the Ultra T-Bond (UB) futures contract?

Ultra T-Bond (UB)

Satellite of US T-Bond 30Y (ZB)

A long means…

Exposure to a rise in the Ultra Bond futures price. When the contract rises, very-long yields fall.

What is this?

The Ultra Bond is the longest Treasury future: remaining maturity of at least twenty-five years, outside the T-Bond basket (fifteen to twenty-five). “Ultra” is that duration, not more liquidity. The price tracks the cheapest-to-deliver. When the contract rises, very-long yields fall. Insurers and pension funds hedge long liabilities here; dealers hedge cash 30-year bonds.

At expiry, Treasury bonds are delivered by book-entry transfer. Most positions are closed or rolled beforehand.

Pitfalls

  • Not the ZB T-Bond (020601): different basket (15–25y vs ≥25y).
  • Not the Ultra 10Y (TN): Ultra Bond ≠ Ultra Note.
  • Long the price = short ultra-long yields.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.