Synthetically replicating 50 shares of stock with stocks

Options Jive 2-3-2016 Replicating 50 shares of stock using options (Slides)
Odd-lot positions (less than 100 shares) can be created by using the option’s delta. To create a synthetic equivalent of buying 50 shares, we could buy an OTM 25 delta call, and sell an OTM 25 delta put. The example included the deltas, and the breakeven at expiration.
The benefit is lower margin.