Long-term Equity AnticiPation Securities^SM (LEAPS^®) at Cboe

LEAPS Options

For investors with a longer time-horizon, Cboe offers Long-term Equity AnticiPation Securities^SM. LEAPS options have the same characteristics as standard options, but with expiration dates up to three years in the future. Cboe's LEAPS options provide investors different ways to trade, hedge or invest in the broad market for a much longer time frame than standard options with monthly expirations.

Benefits of Equity and Index LEAPS:

Equity LEAPS Benefits:

• Equity LEAPS calls can provide long-term stock market investors an opportunity to benefit from the growth of large capitalization companies without having to make outright stock purchases
• Equity LEAPS puts can provide a hedge for stock investors against substantial declines in underlying equities
• Current equity options users may also find LEAPS appealing if they desire to take a longer term position of up to three years in some of the same options they currently trade

Index LEAPS Benefits

• Index LEAPS let you trade, hedge or invest in the "entire" stock market or select industry sectors for a time that can be measured in years
• Index options let you take a bullish or bearish position on the entire market
• Index options let you hedge your investments against adverse market moves
• Index LEAPS let you do all this over a longer time period

LEAPS Resources:

• 2022 Equity and ETP LEAPS Listing Schedule
• Equity Options & LEAPS Symbol Directory
• Equity LEAPS Product Specifications