About this Chart

Outliers were removed to reduce noise from volatility around market initialization and market maturity events:

• Removed the first and last trading day of every maturity.
• For 24Sep2025 and 26Nov2025, the market dropped/remained below average (<1%) in the first few days, so the first 7 days were excluded.
• For 26Mar2025 and 26Feb2025, the market dropped/remained below average (<1%) on day 2, so the first 2 days were excluded.
• Maturities that increased gradually toward the end were left unchanged.