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+440 Part IV: Additional Considerations 
+manner, the conversion is merely the purchase of a (listed) put and the simultaneous 
+sale of a (synthetic) put. Many equivalent strategies can be combined for arbitrage 
+purposes. One of the more common ones is the box spread. 
+Recall that it was shown that a bull spread or a bear spread could be construct­
+ed with either puts or calls. Thus, if one were to simultaneously buy a (call) bull 
+spread and buy a (put) bear spread, he could have an arbitrage. In essence, he is 
+merely buying and selling equivalent spreads. If the price differentials work out cor­
+rectly, a risk-free arbitrage may be possible. 
+Example: The following prices exist: 
+XYZ common, 55 
+XYZ January 50 call, 7 
+XYZ January 50 put, 1 
+XYZ January 60 call, 2 
+XYZ January 60 put, 5½ 
+The arbitrageur could establish the box spread in this example by executing the 
+following transactions: 
+Buy a call bull spread: 
+Buy XYZ January 50 call 
+Sell XYZ January 60 call 
+Net call cost 
+Buy a put bear spread: 
+Buy XYZ January 60 put 
+Sell XYZ January 50 put 
+Net put cost 
+Total cost of position 
+7 debit 
+2 credit 
+51/2 debit 
+1 credit 
+5 debit 
+No matter where XYZ is at January expiration, this position will be worth 10 points. 
+The arbitrageur has locked in a risk-free profit of½ point, since he "bought" the box 
+spread for 9½ points and will be able to "sell" it for 10 points at expiration. To verify 
+this, evaluate the position at expiration, first with XYZ above 60, then with XYZ 
+between 50 and 60, and finally with XYZ below 50. If XYZ is above 60 at expiration, 
+the puts will expire worthless and the call bull spread will be at its maximum poten­
+tial of 10 points, the difference between the striking prices. Thus, the position can be 
+liquidated for 10 points if XYZ is above 60 at expiration. Now assume that XYZ is