EFP- Exchange of Future for Physical, one instrument replaces the other , an exact exchange of equivalent size. SSF contract is equal to 100 shares of stock of that SSF name.

Buying an EFP
Buying the SSF & selling Stock
An example of buying an EFP – buy 10 SSFs AAPL & sell 1000 shares of Stock AAPL, either to offset or close the SSF position or Stock position.

Selling an EFP
Selling the SSF & buying Stock
An example of selling an EFP – sell 10 SSFs AAPL & buy 1000 shares of Stock AAPL, either to offset or close the SSF position or Stock position.

Synthetic EFP
Selling the SSF & buying Stock , while maintaining both the short SSF position & long the Stock position.
An example of a Synthetic EFP- sell 10 SSFs AAPL & buy 1000 shares of Stock AAPL, entering into a short position in the SSF & a long position in the Stock.