Synthetic
An options position that replicates the payoff of another instrument, such as a stock position.
Explanation
A synthetic long stock is created by buying a call and selling a put at the same strike and expiration. A synthetic short stock is the opposite. Synthetics are useful for capital efficiency, avoiding short-sale restrictions, or when the underlying is difficult to borrow. Put-call parity guarantees the equivalence.
Example
Buy the 150 call and sell the 150 put on AAPL for a net debit of $0.50. This behaves like owning 100 shares at $150.50.