LEAPS

LEAPS（長期オプション）。満期までおおむね1年超の長期オプションで、より低コストな株式の代替として使われることが多い。

LEAPS stands for Long-term Equity AnticiPation Securities, which is just a formal name for options that expire far in the future, usually a year or more out rather than in a few weeks. Because they have so much time until expiration, theta decay is slow at first, so you are not fighting the clock the way you do with weekly contracts. Traders often use them to express a longer view on a stock without tying up the full cost of buying the shares outright.

A common use is buying a deep in the money LEAPS call with a high delta as a substitute for owning 100 shares, a setup people call a poor man's covered call when they also sell shorter-dated calls against it. For example, instead of paying 18,000 dollars for 100 shares of a 180 stock, you might buy a call with an 18-month expiry and a 120 strike for a few thousand dollars, capturing most of the upside with less capital.

The main caution is that a LEAPS is still an option, so it will lose value if the stock stalls and time runs out, and you receive no dividends. Long-dated contracts also carry heavy vega, meaning a drop in implied volatility can hurt your position even when the stock barely moves. Cheap out of the money LEAPS look like tempting lottery tickets, but most of them expire worthless.

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