Long-term Equity Anticipation Securities, also known as long-dated options. Calls and puts with expiration as long as 2-5 years. Only about 10% of equities have LEAPs. Currently, equity LEAPS have two series at any time, always with January expirations. Some indexes also have LEAPs.
Long-term call and put equity options with expirations of up to thirty-nine months.
Stock options with expiration dates that are up to three years in the future. Since conventional puts and calls typically expire within months, LEAPS provide an opportunity for more long-term speculation about market trends.