In finance, Long-term Equity AnticiPation Securities (LEAPS) are derivatives that track the price of an underlying financial instrument. They are option contracts with a much longer time to expiry than standard options. According to the Options Industry Council, the educational arm of the Options Clearing Corporation, LEAPS are available on stocks and indexes that have an average daily trading volume of at least 1000 contracts. As with standard options, LEAPS are available in two forms, calls and puts.
