MAGS wheel: cash-secured put & covered-call yields
Roundhill Magnificent Seven ETF · ETFs · $72.47 close on Oct 19, 2026
What the Oct 19, 2026 close says about MAGS
At 24.0% implied volatility, the options market is pricing a one-standard-deviation move of about $5.14 (7.1%) in MAGS by Nov 20, 2026, 32 days out.
Selling the $70 put (−0.30Δ) for $1.17 means assignment would leave a cost basis of $68.83, 5.0% below the $72.47 close.
The 60-day 0.30Δ put pays 1.4× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.037 vs $0.028).
At 0.30Δ on the Nov 20 expiry the put yields 1.67% on its strike and the call 1.59% on spot: puts and calls pay within 10% of each other on MAGS this session.
Moving down to the $68 put (−0.17Δ) buys 2.8% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 45,725 contracts; the largest single line is the $80 call expiring Dec 18 with 7,025 (15.4% of the window).
By options volume MAGS ranks #38 of 608 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on MAGS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.30 | $1.17 Oct 19 | $117.00 | $7,000 | 1.67% | 19.1% | $68.83 | 3,147 | 5,889 |
| 0.20Δ | $68 | −0.17 | $0.75 Oct 19 | $75.00 | $6,800 | 1.10% | 12.6% | $67.25 | 119 | 23 |
Snapshot #4295 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.33 | $1.65 Oct 19 | $165.00 | $7,000 | 2.36% | 14.3% | $68.35 | 2,614 | 22 |
| 0.20Δ | $68 | −0.24 | $1.15 Oct 19 | $115.00 | $6,800 | 1.69% | 10.3% | $66.85 | 5,447 | 4,034 |
Snapshot #4295 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on MAGS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | 0.33 | $1.15 Oct 19 | $115.00 | 1.59% | 18.1% | 5.08% | 57.9% | 408 | 47 |
| 0.20Δ | $77.50 | 0.20 | $0.49 Oct 19 | $49.00 | 0.68% | 7.7% | 7.62% | 86.9% | 0 | 19 |
Snapshot #4295 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $76 | 0.33 | $1.40 Oct 19 | $140.00 | 1.93% | 11.8% | 6.80% | 41.4% | 475 | 12 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #4295 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
MAGS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 24.0%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 45,725 contractssession 2026-10-19
- Largest open-interest line
- $80 call · Dec 18 · 7,025
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #38 of 608 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.