You could buy 100 shares of $PEP for roughly $13,400. Or you could buy the $110 call expiring January 2028 for roughly $31 per share. That's $3,100 per contract for leveraged exposure to 100 shares of PepsiCo. About 77% less capital, with 16 months until expiration. The trade: Strike: $110, Expiration: January 21, 2028, Breakeven at expiration: $141. Why the setup is interesting: Pepsi, Lay's, Doritos and Gatorade under one company. Q2 revenue reached $24.2 billion, up 6.4% YoY. International Beverages Franchise organic revenue grew 9%. Management still expects 5–7% core earnings per share growth in 2026. The bet is that North American demand improves while the international business keeps growing. North American beverage volume fell 4% last quarter, so the recovery still has to happen. If the stock's price is $150 at expiration, the LEAP returns roughly 29%. If the stock's price is $160 at expiration, the LEAP returns roughly 61%. If the stock's price is $170 at expiration, the LEAP returns roughly 94%. For comparison, shares at $170 would return roughly 27% before dividends. You don't collect PepsiCo's dividend while holding the call. You're buying this for a recovery in the share price. The max you can lose is the entire $3,100 premium. If $PEP is at or below $110 at expiration, the call expires worthless. If you're not comfortable losing that $3,100, you shouldn't be buying this contract. Not financial advice. I share these for education.