LEAPS® or Long-term Equity AnticiPation Securities are options, both calls and puts, with expirations as far as two and one-half years in the future. Conventional options typically offer contracts with expirations up to nine months in the future.
Currently, equity LEAPS® have two series at any time with January expirations. For example, in November 2014, investors would see January 2016 and January 2017 LEAPS listed for eligible stocks and indexes.
For an explanation of LEAPS® cycles, visit our LEAPS® FAQ. For information on various strategies using these versatile instruments, visit our Introduction to LEAPS®.