Business and Personal Finance Dictionary

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• LONG-TERM EQUITY ANTICIPATION SECURITY (LEAPS)
  
  These long-term stock options expire in two to five years rather than within a year, as most stock options do. The advantage, from an investment perspective, is that you have more time for the price movement you anticipate to actually occur. However, stocks on which LEAPS are available are more limited than those on which there are standard options.
  
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