So you leg in into conversions? I was never able to put any conversion risk free on short term expiration in combo trade. Sure on longer time frames it can be done easily, but these are just interest rate trades.
It is not from conversions (what contra is referring to) but yeah, I have a basket to execute and and sell the synthetic when the loan to ex div is captured by the D1 gain. We were discussing my vol-trades. So obv the conversion trade is D1 long only but I've also done it longer term (multiple div-cycles) short the call side initially (carry achieved -> buy stock, but put) on a bear signal.
The idea on the long basket is that the target is strictly defined by the rate-get. I also have a basket where I just short the bull synthetic straddle in these names.