How Far Out Do LEAPS Go?

LEAPS options can have expirations up to approximately three years in the future, though two to two-and-a-half years is the most common maximum. The exact availability depends on the underlying stock or ETF and the options exchange listing cycle.

The January Expiration Cycle

Most equity LEAPS expire on the third Friday of January. This is not random—it is how the options exchanges structure their listing calendars.

In mid-2025, the typical LEAPS expirations available are:

  • January 2026 (about 6-7 months out, barely qualifies as LEAPS)
  • January 2027 (about 18-19 months out, the sweet spot)
  • January 2028 (about 30-31 months out, the longest available)

    • When January 2026 arrives, those contracts become regular options and new January 2029 LEAPS are listed. This cycle repeats annually.

    Beyond January: June and Other Expirations

    Some high-volume underlyings offer LEAPS with additional expiration months:

  • SPY, QQQ, IWM: Often have March, June, September, and December LEAPS in addition to January
  • AAPL, MSFT, AMZN, GOOGL: May offer June LEAPS in addition to January
  • Most other stocks: January only

    • The availability of non-January LEAPS varies by exchange and tends to favor the most actively traded names. Check your brokerage platform for what is actually available on your target stock.

    The Benefits of Maximum Duration

    Buying the longest-dated LEAPS available (typically 28-30 months) offers several advantages:

    Maximum theta protection. You are at the flattest part of the time decay curve. Daily theta is negligible.

    Flexibility to roll early. With 30 months to start, you can roll after 12-15 months and still get a favorable new LEAPS with 18+ months remaining.

    More room for your thesis. Markets can take longer than expected to move. Extra time is insurance against being right but too early.

    The Trade-offs of Going Very Long

    Higher cost. A 30-month LEAPS costs 15-25% more than an 18-month LEAPS at the same strike. You are paying for those extra months of theta protection.

    Lower leverage. Because you pay more total premium, your return on capital is lower for the same stock move. The 18-month LEAPS produces a higher percentage return if the stock moves quickly.

    Fewer available strikes. The longest-dated LEAPS often have wider strike price intervals. Where a 6-month option might have strikes every $2.50, a 30-month LEAPS might only have strikes every $5 or $10.

    When 2+ Year LEAPS Are Ideal

  • Secular growth stories: A stock you believe will compound for years. Tech companies with multi-year AI tailwinds, for example.
  • Recovery plays: A beaten-down company you believe will turn around, but the timing is uncertain.
  • PMCC strategies: Longer LEAPS give you more cycles of short call income before you need to roll.
  • Tax planning: Starting with 30 months gives you ample time to hold over 12 months for long-term capital gains treatment and still have time to manage the position.

    • Liquidity Considerations

    Longer-dated options generally have wider bid-ask spreads than shorter-dated ones. A January 2027 LEAPS might have a $0.80 spread while a January 2028 LEAPS on the same stock has a $1.50 spread.

    This spread is a real cost. On a $50 LEAPS, a $1.50 spread represents a 3% entry cost. Use limit orders at the mid-price and be patient.

    Highly liquid underlyings (SPY, AAPL, MSFT, QQQ) maintain reasonable spreads even on the longest expirations. Mid-cap stocks with lower options volume may have prohibitively wide spreads on 2+ year LEAPS.

    Checking Available Expirations

    Before planning a LEAPS trade, verify what expirations actually exist. Not every stock has LEAPS listed, and not every LEAPS has the expiration month you want.

    Use your brokerage platform or OptionsPilot to view the complete options chain with all available expirations. Filter for contracts expiring 12+ months out and compare pricing across different dates.

    Key Points

  • Most LEAPS expire in January, roughly 18-30 months out
  • New LEAPS are listed annually as the nearest January expiration approaches
  • High-volume stocks and ETFs may offer additional expiration months
  • Longer duration costs more but provides maximum theta protection and flexibility
  • Always verify actual availability before planning a trade