Running a UGA wheel strategy lets you generate consistent premium income on United States Gasoline Fund LP while setting your own entry and exit prices on the underlying. United States Gasoline Fund LP's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own UGA, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best UGA wheel strategy setups in real time.
The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on UGA, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable UGA wheel from a losing one.
The fund invests in futures contracts for gasoline, other types of gasoline, crude oil, diesel-heating oil, natural gas and other petroleum-based fuels. The Benchmark Futures Contract is the futures contract on gasoline as traded on the New York Mercantile Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration.
The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the UGA wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your UGA wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.
