MAGS Iron Condor Strategy
MAGS (Roundhill Magnificent Seven ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
Listed Funds Trust - Roundhill Magnificent Seven ETF is an exchange traded fund launched by Listed Funds Trust. The fund is co-managed by Exchange Traded Concepts, LLC, Roundhill Financial Inc. It invests in public equity markets. The fund invests directly and through derivatives in stocks of companies operating across Information technology, semiconductors and semiconductor equipment, semiconductors, software and services, software, technology hardware and equipment, automotive, e-commerce discretionary and internet media & services sectors. The fund uses derivatives such as swaps, forwards to create its portfolio. The fund invests in growth and value stocks of large-cap companies.
MAGS (Roundhill Magnificent Seven ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.70B, a beta of 1.38 versus the broader market, a 52-week range of 55.085-71.16, average daily share volume of 4.3M, a public-listing history dating back to 2023, approximately 394 full-time employees. These structural characteristics shape how MAGS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.38 indicates MAGS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MAGS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MAGS?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
MAGS snapshot
As of August 14, 2026, spot at $68.31, ATM IV 20.80%, IV rank 20.13%, expected move 5.96%. The iron condor on MAGS below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.
Why this iron condor structure on MAGS specifically: MAGS IV at 20.80% is on the cheap side of its 1-year range, which means a premium-selling MAGS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.96% (roughly $4.07 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MAGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAGS should anchor to the underlying notional of $68.31 per share and to the trader's directional view on MAGS etf.
MAGS iron condor setup
The MAGS iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MAGS at $68.31 on that close, the first option leg uses a $72.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAGS chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 MAGS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $72.00 | $0.38 |
| Buy 1 | Call | $75.00 | $0.08 |
| Sell 1 | Put | $65.00 | $0.45 |
| Buy 1 | Put | $61.50 | $0.09 |
MAGS iron condor risk and reward
- Net Premium / Debit
- +$65.50
- Max Profit (per contract)
- $65.50
- Max Loss (per contract)
- -$284.50
- Breakeven(s)
- $64.35, $72.66
- Risk / Reward Ratio
- 0.230
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
MAGS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MAGS. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$284.50 |
| $15.11 | -77.9% | -$284.50 |
| $30.22 | -55.8% | -$284.50 |
| $45.32 | -33.7% | -$284.50 |
| $60.42 | -11.5% | -$284.50 |
| $75.52 | +10.6% | -$234.50 |
| $90.63 | +32.7% | -$234.50 |
| $105.73 | +54.8% | -$234.50 |
| $120.83 | +76.9% | -$234.50 |
| $135.93 | +99.0% | -$234.50 |
When traders use iron condor on MAGS
Iron condors on MAGS are a delta-neutral premium-collection structure that profits if MAGS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MAGS thesis for this iron condor
The market-implied 1-standard-deviation range for MAGS extends from approximately $64.24 on the downside to $72.38 on the upside. A MAGS iron condor is a delta-neutral premium-collection structure that pays off when MAGS stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current MAGS IV rank near 20.13% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on MAGS at 20.80%. As a Financial Services name, MAGS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAGS-specific events.
MAGS iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. MAGS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MAGS alongside the broader basket even when MAGS-specific fundamentals are unchanged. Short-premium structures like a iron condor on MAGS carry tail risk when realized volatility exceeds the implied move; review historical MAGS earnings reactions and macro stress periods before sizing. Always rebuild the position from current MAGS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MAGS?
- A iron condor on MAGS is the iron condor strategy applied to MAGS (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With MAGS etf at $68.31 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MAGS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MAGS iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the MAGS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 20.80%), the computed maximum profit is $65.50 per contract and the computed maximum loss is -$284.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MAGS iron condor?
- The breakeven for the MAGS iron condor priced on this page is roughly $64.35 and $72.66 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The MAGS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on MAGS?
- Iron condors on MAGS are a delta-neutral premium-collection structure that profits if MAGS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MAGS implied volatility affect this iron condor?
- MAGS ATM IV is at 20.80% with IV rank near 20.13%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.