XDQQ uses FLEX options, in an effort participate in up to 2x upside price movement of the Invesco QQQ Trust ETF (Ticker: QQQ) over a three-month period. The fund caps its 2x upside participation on the price return of QQQ. The fund does not offer any buffer protection and will experience all subsequent losses of QQQ in a one-to-one basis. Investors who buy at any other time than the quarterly reset day may have very different returns. The issuer publishes effective interim levels daily on its website. The fund must be held to the end of the period to achieve the intended results. The targeted caps do not include the funds expense ratio, which will reduce returns.