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LEAPS® (Long-term Equity Anticipation Securities®) are essentially options with a longer expiration cycle.

Expanded Definition

On October 5, 1990, CBOE designed Equity LEAPS® as a response to investors' desire for options with longer-term expirations. LEAPS are long-term options with an expiration date as far as three years in the future that allow investors to establish long or short positions. You buy and sell them from a broker as you would any other option.

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