"Super LEAP" was a new term to me, but I've educated myself on options pretty well, so here's my attempt to answer.
[BTW, I've also decided they're generally not for me and have been super careful when I have played around with them. In all honesty, if you can't read an option chain, you probably shouldn't be shopping for 5-year derivatives contracts. That's not meant to be snarky at all, options are like flammable liquids, possibly useful in the right situations, but they'll burn the house down if you don't know what you're doing.]
I can't actually find quotes for options dated beyond December 2017. Not on my brokerage website, or on the CBOE's site. Here's what I found for a couple of strike prices for that date:
For downside protection, you're either talking about buying a put or selling a covered call, lets look at some puts...
SPY Puts for 12/15/2017
Strike: $210 (at the money)
Ask: $27.18
S:$190 (~10% drop from today)
A: $19.80
S: $170 (~20% drop from today)
A: $13.50
S: $145 (~30% drop from today)
A: $8.88
The SPY ETF shares are valued at 10% of the S&P Index. The option price is quoted per-share, but each contract is for 100 shares. So if you bought one contract for the $210 strike, it would cost you $2,718, and it gives you the right to sell 100 shares at the strike.
So, let's say you've got $210,000 invested in the S&P, and you want puts to hedge all of it. You'll need 10 put options, which give you the right to sell 1,000 shares of SPY to someone in December 2017.
If you buy 10 contracts at a strike of $190, that costs you (10 contracts) x (100 shares) x ($19.80) = $19,800
Now skip ahead to expiration date, and look at some possible results:
If the S&P is up 20%, your shares are worth $252,000 ($210,000 x 1.20), and your option is worth nothing. Your net gain is ($252,000) - ($210,000) - ($19,800) = +$22,200
If the S&P is flat, your shares are worth $210,000, and your option is worth nothing. Your net gain is ($210,000) - ($210,000) - ($19,800) = -$19,800
If the S&P is down 20%, your shares are worth $168,000 ($210,000 x 0.80), but your option lets you sell them for $190,000 ($190 strike x 100 shares x 10 contracts). Your net gain is ($190,000) - (210,000) - ($19,800) = -$39,800
If the S&P is down 50%, your shares are worth $105,000, but your option still lets you sell them for $190,000. Your net gain is ($190,000) - ($210,000) - ($19,800) = -$39,800 (note that this is the same as the previous gain)
On the other hand, without the option, these are your gains under the same circumstances:
Up 20% = +42,000
Flat = +$0
Down 20% = -$42,000
Down 50% = -$105,000
So, at the $190 strike price you have capped your losses at about 10% over 2 years but it costs you 10% to do so.
BTW, if you want to learn the basics of options, I recommend the "Blue Collar Investor". His game is covered calls and he wants to sell you his option-picking service, but his basic info is thorough and easy to understands. He's got a book, but most of what he's written is available on his blog if you want to search through it.