Most options that are traded in America expire after a year or less.  Investors that are interested in long-term options are able to buy special ones which expire in up to three years.  These options are called LEAPS – Long-Term Equity Anticipation Securities.

There are LEAPS available on individual stocks – Equity LEAPS – and there are options that are connected to stock indices – Index LEAPS.

LEAPS are traded in the following exchanges:

• Chicago Board Options Exchange.
• AMEX.
• Pacific Exchange.
• Philadelphia Stock Exchange.