Synthetic Long Stock vs. LEAPS

For me, it often comes down to the underlying's volatility. If it's choppier, I prefer the defined risk of LEAPS. Synthetics are great when I have a strong conviction on direction and less worried about whipsaws.

I use both, honestly. Synthetics for shorter-term directional plays where I want to maximize leverage, and LEAPS for longer-term, buy-and-hold type conviction on a stock I believe will trend up over years.

Have you considered the dividend aspect? If the stock pays a dividend, the short put leg of the synthetic can be less appealing. LEAPS avoid that altogether.

I'm with you on the capital efficiency, especially for high-priced stocks. The gamma can be a wild card, but if you're comfortable managing deltas, synthetics often win out for me.