A modification of the chooser flexible cap and interest rate cap. With a standard interest rate cap, the notional amount is the same at each reset date. The super flexible cap defines the total cap notional amount that may be exercised over the life of the cap, but the buyer has the right to choose what notional amount will be exercised if any, at each LIBOR reset date. Therefore, where the buyer chooses not to utilise the cap at a particular reset date even though LIBOR is above the strike, they have more notional amount available to utilise at a later date. At each reset date, the buyer can determine the size of the cap they wish to exercise as long as the cumulative amounts of the caps exercised to date do not exceed the notional amount. Of course, as time goes by, there is added pressure to use the cap otherwise it may expire with little or none of the notional amount utilised. A super flexible cap where the notional amount is automatically rolled forward when not utilised is known as a rolling cap.