I'm struggling to understand the end-of-month option embedded in Treasury Futures. Specifically, I'm looking at what would happen to CTD when yields rise or fall.

What are the main differences between the end-of-month option and the switch option before the end of trading for treasury futures?

I read in [Burghardt Belton Lane & Papa] that the end-of-month option behave quite differently from switch options before end of futures trading but I don't quite see how.


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