What is the expiration period for a LEAPS contract?

LEAPS, or Long-term Equity Anticipation Securities, are options contracts that have expiration dates significantly longer than standard options. Specifically, LEAPS typically have expiration periods that can extend up to three years from the date they are issued. As a result, they offer investors the ability to leverage their positions over a longer term, which can be beneficial for strategies based on long-term market trends or for hedging purposes.

The correct understanding of LEAPS is important in the context of options trading, as they provide unique opportunities compared to standard options, which generally have expiration periods of less than one year. Thus, the characterization of LEAPS having an expiration of "more than one year" aligns with industry standards and market practices, making this the correct answer.