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Investments glossary

Long-Term Equity Anticipation Securities – LEAPS

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Quotes of the day:

Let me tell you something that we Israelis have against Moses. He took us 40 years through the desert in order to bring us to the one spot in the Middle East that has no oil!

— Golda Meir

Long-term equity anticipation securities (LEAPS) are publicly traded options contracts with expiration dates that are longer than one year. As with all options contracts, a LEAPS grant a buyer the advantage, but not the necessity, to purchase or sell—depending on if the option is a call or a put—the underlying asset at the predetermined price on or before its expiration date.


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