Recent market data shows that leaps investing in S&P 500 call options for January 2026 is gaining traction as volatility indexes tick higher to 18. It's rolling out a new service aimed at its institutional clients. However, if the S&P 500 were to return 15% over that same period, the ETF investor would enjoy 15% returns (position value of $74,750) while the LEAPS investor would have a 65% return, with an initial $5,900 investment being worth $9,750 on expiration. The leaps investing approach is outperforming traditional buy-and-hold YTD, boosted by upside gamma in long-dated strikes tied to healthcare innovation plays with FDA approvals projected in