Some stock brokerages provide opportunities for their clients to earn some money by allowing the brokerage to lend out the client's shares to short sellers. Common names for these programs are: "securities lending program", "fully paid lending income program", "stock yield enhancement program", etc. In general, the higher the short interest in the stock, the higher the borrowing cost for short sellers, and the higher the income from securities lending.
However, one could potentially earn more money by converting one's stock position into a synthetic long stock position. When there is high short interest, the prices of put options would presumably be high. By selling the stock, selling a put option, and buying a call option, one earns the full value of lending out one's shares from the sale of the put option. Is it true that one can earn more money from such synthetic long stock positions than by enrolling in securities lending programs?