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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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Prior to expiry the futures price is a variable. It changes mostly following the converted price of the ctd but also based on the relative prices of the instruments in the basket which are deliverable.

Post expiry, the futures price is fixed. But, you have another week within which you have the right to deliver another bond. But in this case you are more interested in the greatest or smallest moves to minimise your cost of delivery.

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