I started a modified synthetic long on KRE.
I bought Jan 2011 $24 calls for $2.55, and sold an equal number of Mar 2010 $25 puts for $0.80.
The purpose of the March puts is to help offset the cost of buying the calls. If the puts aren't exercised, I may write more to absorb more of the buy price. Each leg of this trade would, if exercised, give me half of my target position in this ETF.
