We calculate the density of states and band conductivity of a two-dimensional electron gas with a periodically modulated magnetic field. We consider the case of strips where the magnetic field is alternately going up and down with zero mean. We find characteristic features in the density of states and the conductivity at low energies as the electrons are only able to drift parallel to the strips of magnetic field. As the energy is increased, and the electrons start to be able to drift perpendicular to the strips there are pronounced band-structure effects in the conductivity.