A modified version of the chooser flexible floor in which the total floor notional amount that may be exercised over the life of the cap is identical on each reset (fixing) date. However, the floor gives the buyer the right to choose the size of the notional amount that will be exercised, if any, at each reset date. As the buyer refrains from using the floor at a specific reset date even though the reference rate (LIBOR) is below the strike, the buyer will have more notional amount at his disposal at a later date. At each reset date, the buyer can determine the size of the floor he wishes to exercise as long as the cumulative amounts of the floor exercised so far don’t exceed the notional amount. However, the buyer may feel time is ticking unfavorably as the floor gets closer to the point where it may expire with little or nothing of the utilizable notional amount.

The super flexible floor allows investors to obtain more flexibly focused downward rate protection, and as such it is a defensive strategy in nature. Nevertheless, this more flexibility comes at a higher cost represented in the higher premium than an ordinary floor.