A passive index investing strategy that is established by using a combination of index funds and long-term equity anticipation securities (LEAPS). The investor must roll over a series of LEAP options in an attempt to gain exposure to a long-term move in an index. The leverage from the options allows the investor to magnify gains and can result in outperforming an index over the long run. Taobiz explains Index Roll This type of investing strategy allows an investor to have the same exposure to a standard benchmark, but often with less capital because of the exposure from the LEAP option. Over time, the position will have similar payoff characteristics to a regular indexing strategy, but returns tend to be slightly magnified because of the exposure from the option in the early stages of the setup.