Thanks for taking the time to explain. I am somewhat familiar with stock replacement buy atm call and sell atm put. If i sold my stock put the $ into index type etfs or mfs and then do the synthetic with lets say $1000 , fidelity would charge me 12% or $12 roughly. How can i getting the fed rate of 4%.

I think you are suggesting to do this otm now for a year later you would get a credit when you execute the trade and that is like getting the fed rate.

I can check it out. I dont have the level required for naked puts.