| Long-term Equity AnticiPation Securities (LEAPS) are put and call options that have expirations of up to three years from the time of their initial listing. LEAPS, which have a unique ticker symbol, meld into their conventional shorter-term options within one year of their expirations.
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| At the American Stock Exchange, Equity LEAPS are traded on certain common stocks, American Depositary Receipts, exchange traded funds and HOLDRS, and Index LEAPS are traded on broad-based, industry sector and international indexes.
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