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QCAP uses flex options in an effort to moderate losses on the Invesco QQQ Trust over a one-year period, starting each April. The fund foregoes some upside return, including the dividend component of QQQ. Because it utilizes options written on the price (not total) return version of the shares. In return, it prevents the realization of the first 20% of losses in QQQ value. Should QQQs share price decline by more than 20%, investors participate in the downside performance on a $1 for $1 basis. At the end of the target outcome period, the fund will reset for a new outcome period tied to the same index and buffer, but the cap may change based on market rates. Investors who buy at any other time than the annual reset day may have a significantly different protection and buffer zone. The issuer publishes effective interim levels daily on its website. The fund must be held until the end of the period to achieve the intended results. The targeted buffers and caps do not include the funds expense ratio.