LEAPS – Long Term Anticipation Securities 
A common strategy for option traders and investors is to simply substitute the stock with an option. LEAP’s are perfect for this strategy. A LEAP is simply an option that expires 9 months or longer in the future. An in the money LEAP has the potential to move dollar for dollar with the underlying stock while the investment can be less than half of the outright purchase of a stock.
Its important to remember that LEAPS, just like any other option do expire. Eventually you will have to exercise or sell the option. Another important aspect of a leap is that it will not allow you to share in any company voting rights or dividends. An option does not infer any equity ownership rights like owning a stock. It is simply a derivative with its value based on the value of some underlying stock. This is something to consider when investing in companies that pay dividends. The loss of the dividend must be calculated into the cost of the trade.