The CME describes how to put on a 2s10s trade in this screenshot:
https://i.stack.imgur.com/2yPzW.jpg
Looking at current 2 and 10 year futures the CTD is roughly a 2 year and 7 year respectively.
Am I right in saying that using the current 2 and 10 year futures to put on a 2s10s trade, you're actually not capturing the spread between the 2 year yield and the 10 year yield? It's more the 2 and 7 year yield spread?