LEAPS

Options contracts with expiration dates more than a year away.

LEAPS, short for Long-Term Equity AnticiPation Securities, are call or put options with expirations extending a year or more into the future. They let investors take a long-term view on a stock's direction with less capital than buying shares outright, while avoiding the rapid time decay that shorter-dated options experience.

Instead of buying the stock outright, she bought LEAPS calls to bet on its price two years from now.