I am looking to make a trade in interest rates. I took a small position in TLT options, and I am now looking at ZN July options (because the move I want to profit from looks imminent) . I never traded futures options. Do those expire in July exercising into September futures or do they expire at the end of June ? Here is what the contract specs say for the last trading day: Options cease trading in the month prior to the delivery month of the underlying futures contract. Options cease trading at the same time as the underlying futures contract on the last Friday preceding by at least two business days the last business day of the month preceding the option contract month. Is there anything I should know about those options before making the plunge coming from ETF options ? Do you get executed when posting offers or you must pay the spread otherwise you may never trade ? Are ZB options less liquid than ZN options?