as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
risk and reward of a synthetic option position
user
but if underlying goes to 103 at expiration, both the call and the put   expire worthless if the stock closes at 103 on expiration, the 105 put is worth $2, not worthless.
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