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+EXHIBIT 6.3 Short put vs. short call + long stock.
+A short (negative) put is equal to a short (negative) call plus long stock,
+after the basis adjustment. Consider that if the put is sold instead of buying
+stock and selling a call, the interest that would otherwise be paid on the cost
+of the stock up to the strike price is a savings to the put seller. To balance
+the equation, the interest benefit of the short put must be added to the call
+side (or subtracted from the put side). It is the same with dividends. The
+dividend benefit of owning the stock must be subtracted from the call side
+to make it equal to the short put side (or added to the put side to make it
+equal the call side).
+The same delta concept applies here. The short 50-strike put in our
+example would have a 0.45 delta. The short call would have a −0.55 delta.
+Buying one hundred shares along with selling the call gives the synthetic
+short put a net delta of 0.45 (–0.55 + 1.00).
+Similarly, a synthetic short call can be created by selling a put and selling
+(short) one hundred shares of stock. Exhibit 6.4 shows a conceptual
+overview of these two positions at expiration.