Ultra U.S. Treasury Bond specifications
Chicago Board of Trade (CBOT), interest rate
- Tick
- $31.251/32 of a point (0.03125) per tick
- One point
- $1,000per contract
- Initial margin
- $5,665exchange, as of 27 Oct 2026
- Front contract
- UBZ26roll by 25 Nov 2026
Specs checked as of How we source this
Contract terms
| Symbol | UB |
|---|---|
| Exchange | Chicago Board of Trade (CBOT) |
| Contract unit | $100,000 face value |
| Price quotation | points and fractions of a point (1 point = 1% of par) |
| Tick size | 1/32 of a point (0.03125) |
| Tick value | $31.25 per contract |
| Value of one point | $1,000 per contract |
| Currency | USD |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Settlement | Physical delivery |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. Hours in your time zone |
| Expiry | Last trade: 7th business day before the last business day of the contract month. First notice: last business day of the month before. Next expiries |
| Exchange specification | https://www.cmegroup.com/markets/interest-rates/us-treasury/ultra-t-bond.contractSpecs.html |
What these terms mean
The Ultra U.S. Treasury Bond futures contract (UB) is listed on Chicago Board of Trade. One contract represents $100,000 face value, and prices are quoted in points and fractions of a point (1 point = 1% of par). The minimum price movement, or tick, is 1/32 of a point (0.03125), worth $31.25 per contract. A move of one full point is therefore worth $1,000 per contract, and every profit, loss and margin figure for UB scales from those two numbers.
UB is listed for these contract months: Mar (H), Jun (M), Sep (U), Dec (Z). UB is physically delivered: holding a position into the delivery period can create an obligation to make or take delivery, which is why speculative traders normally close or roll before the first notice day or last trading day. The rollover page lists the next expiries and the dates that matter for each.
The values on this page come from the exchange's own contract specification and were last checked on 27 Oct 2026. Exchanges amend contract terms from time to time, most often trading hours and tick sizes. Where a value here disagrees with the exchange, the exchange is right; the methodology page explains how each field is checked, and any field we have not confirmed against the exchange is marked on this page.
Related contracts
- 30-Year U.S. Treasury Bond (ZB): tick value $31.25
Sources
- https://www.cmegroup.com/markets/interest-rates/us-treasury/ultra-t-bond.contractSpecs.html: primary reference for all contract terms; linked, not machine-read (cmegroup.com blocks automated access) 2026-10-27
- https://www.ampfutures.com/trading-info/contract-specifications: cross-check of tick size, tick value, contract unit and months; secondary source (broker page) 2026-10-27
Questions
- What is the tick size of UB?
- The minimum price movement of Ultra U.S. Treasury Bond futures is 1/32 of a point (0.03125), worth $31.25 per contract.
- How much is one point of UB worth?
- One full point is worth $1,000 per contract.
- Is UB cash-settled or physically delivered?
- UB is physically delivered.