LEAPS: This stands for Long-term Equity AnticiPation Securities, and are also known as long dated options. These options have a minimum expiration of 9 months to as long as 39 months. Currently, equity LEAPS have two series at any time with a January expiration. For example, in October 2004, LEAPS were available with expirations of January 2006 and January 2007.

One would buy LEAPS if you have a long term outlook.