What Is the Maximum Potential Loss for the Holder of a Long Synthetic Future?

A long synthetic future, created by being long a call and short a put at the same strike, has the same payoff profile as a long futures contract. Therefore, the maximum potential loss is theoretically unlimited.

If the underlying asset's price falls to zero, the short put component would incur a loss equal to the strike price, while the long call would expire worthless. However, the position's total loss increases as the price falls further below the strike.