A package is a portfolio consisting of standard European calls, standard European puts, forward contracts, cash, and the underlying asset itself. Often a package is structured by traders so that it has zero cost initially.
For example, a range forward contract. It consists of a long call and a short put or a short call and a long put. The call strike price is greater than the put strike price and the strike prices are chosen so that the value of the call equals the value of the put.
Any derivative can be converted into a zero-cost product by deferring payment until maturity.
