I am trying to understand option synthetics. This article mentions:
For example, if your stock is at $100 per share and the you sell a 105 Call and buy a 105 Put, you have zero risk (and zero profit potential).
I understand that the sale of the call finances the put. But if underlying goes to 103 at expiration, both the call and the put expire worthless, so profit = 103 - 100 = 3 $. What is wrong with my assessment?