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Long-Term Equity Anticipation Securities

Stock options with expiration of two to three years following issue. Most stock options expire nine months after issue; an advantage to LEAPS is the fact that there is a longer period of time for a desired price movement to take place, maximizing the possibility of profit. However, LEAPS are more expensive than other stock options.


Long-term equity anticipation securities (LEAPS).

These long-term options on stocks have expiration dates of up to three years rather than the shorter terms of most stock options, which are never longer than nine months.

The benefit of LEAPS, from an investor's perspective, is that there's more time for the price movement you anticipate to occur.

However, LEAPS are available on fewer underlying stocks than standard options, and they are generally more expensive than the shorter term options on the same security.

References in classic literature ?
Now, on the morrow carry me back to my mother, so that I may sleep where the ghost-wolves leap no more.
There is now only the little matter of the run and the leap.
He succeeded in reaching the rostrum, over the dead bodies of two warriors who had turned to join Thar Ban and his companion in repulsing this adventurous red man, just as Hortan Gur was about to leap from it to the back of his thoat.
He listened fearfully, but the cry was not repeated, and at last spurred to desperate means, he gathered himself for the leap across the chasm.
This was the first dog he had seen leap with bared teeth, undismayed, to grapple with the huge unknown.
He did not snarl at her, nor show his teeth, when any leap of hers chanced to put her in advance of him.
Among other things, he said that when he was at Rhodes he had leaped to such a distance that no man of his day could leap anywhere near him as to that, there were in Rhodes many persons who saw him do it and whom he could call as witnesses.
Now she sat upon a high branch, safe out of harm's way, cuddling the little thing close to her hairy breast, the while her savage little eyes bored down upon the contestants in the clearing, and her ferocious voice urged Taug and the other bulls to leap into the melee.
Straight away he raced, with Dolly, panting and frothing, one leap behind; nor could she gain on him, so great was his terror, nor could he leave her, so great was her madness.
Their leaps and bounds increased, their bared fangs dripped saliva, and their lips and breasts were flecked with foam.
With great leaps and bounds he came, straight toward the arena wall directly beneath where we sat, and then accident carried him, in one of his mighty springs, completely over the barrier into the midst of the slaves and Sagoths just in front of us.
Just beyond the ridge he came within sight of the fleeing black, making with headlong leaps for a long war-canoe that was drawn well up upon the beach above the high tide surf.