Synthetic position

合成ポジション。オプション（時に株式も）を組み合わせて別の商品の損益を再現すること。たとえばコールの買いとプットの売りは現物株の買いと同じ挙動になる。

A synthetic position uses options (and sometimes stock) to recreate the payoff of another instrument. The classic building block comes from put-call parity: a long call plus a short put at the same strike and expiry behaves almost exactly like owning 100 shares. Swap the legs around and you can manufacture short stock, a covered call, or a protective put out of pieces you already have.

Traders reach for synthetics when the direct route is awkward or expensive. If shares are hard to borrow, a synthetic short (short call plus long put) gives you the same directional exposure without locating stock. Market makers also use them to lock in an arbitrage or to shift a position without unwinding every leg.

The common mistake is treating a synthetic as free of its parts. You still pay two premiums, carry assignment risk on the short leg, and owe the same margin as the real thing. Dividends and early exercise can also break the neat parity relationship, so check the borrow cost and ex-dividend dates before assuming the two are interchangeable.

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