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.
