I am confused as to why traders want to use "bullets". I understand that a bullet is long stock... short synthetic (-C & +P) at higher strike than the stock is currently... I am familiar with reversal/conversions... But I read that bullets were not in exchange traded options. Who benefits from these postions? Is it just a way to sneak around the short-sale rules? Holding the convesion to sell short stock? Anyone have any details on the usage of these?