United States Natural Gas Fund (UNG) Covered Calls

Running UNG covered calls helps you generate consistent income from United States Natural Gas Fund's shares you already own, turning a long stock position into a yield-producing asset. A covered call on United States Natural Gas Fund involves holding the underlying stock and selling a call option against it, collecting premium in exchange for capping upside at the strike price. Use our scanner to find the best UNG covered calls in real time and filter for the strikes, expiries, and premiums that fit your strategy.

A covered call is one of the most widely used options strategies because it pairs limited risk with a clear income profile: if UNG stays below the strike at expiration, you keep the premium and the shares; if it rises above, you deliver the stock at the strike and still pocket the premium. Selling UNG covered calls works best when implied volatility is elevated, since richer premiums improve the risk-reward. Key inputs to evaluate include strike selection relative to delta, days to expiration, annualized return, and the probability of assignment — all of which determine whether a given United States Natural Gas Fund covered call is worth writing.

The fund invests primarily in futures contracts for natural gas that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S. (together, “ICE Futures”) or other U.S. and foreign exchanges. The Benchmark Futures Contract is the futures contract on natural gas 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.

Income-focused investors, long-term UNG holders, and systematic premium sellers all face the same challenge: finding the covered call strike and expiry that balances yield against the risk of being called away. Our scanner ranks covered calls by annualized return, downside protection, and probability of profit, so selling UNG covered calls becomes a measured decision instead of a guess. Stop eyeballing the chain — let the best United States Natural Gas Fund covered calls come to you, already filtered for the metrics that matter.