<I'm trying to get a grip on what my real (after taxes and commissions) returns would be for the various strategies - particularly UG5.

Let's say I start with $50,000.The monthly UG5 has a 41.8% historical average, I think. I also assume commissions eat up 2.5% and I'm taxed at 28%.

So during the first year I make $20,900 (41.8%). Great. Commissions are $1,250 (2.5%) and I owe $5,852 in taxes for the year. So my real return is $13,798 ($20,900 - $1,250 - $5,852) which works out to 27.5%. Since commission are variable, a more useful number is 29% real return beofre commissions.

I'm curious if I am perhaps calculating something wrong. I used the formula Net Return=Gross Return - (Gross Return X Tax Rate) - Commission Rate. Am I missing something? >

No: you should be a teacher. You just demonstrated why users of the UG5 should do it inside an IRA to defer the taxes.