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How Do Options Contracts Function as a Form of Synthetic Asset?

Options can be combined to synthetically replicate the payoff of other financial instruments, including the underlying asset itself. For example, buying a call and selling a put at the same strike price can create a synthetic long position in the underlying asset.

This allows traders to gain exposure without holding the asset, thus acting as a synthetic derivative.

How Can a Synthetic Long Stock Position Be Created Using Options?
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How Can a Trader Use a Combination of Calls and Puts to Achieve a Zero Net Delta?
How Can a Perpetual Futures Contract Be Used Synthetically to Replicate a Leveraged Spot Position?