Long-term Equity Anticipation Securities® (LEAPS®) / long-term stock options provide the owner the right to purchase or sell shares of a stock at a specified price on or before a given date up to three years in the future. As with other options, LEAPS® are available in two types, calls and puts. Like other exchange-traded stock options, LEAPS® are American-style options. LEAPS® calls provide an opportunity to benefit from a stock price increase without making an outright stock purchase for those investors with a longer term view of the stock market. An initial LEAPS® position does not require an investor to manage each position daily. Purchase of LEAPS®.
