Abstract: Growth in the accumulation value of an indexed annuity resulting from changes in value of an underlying index is realized for both positive and negative changes in the index's value through an index investment strategy based upon investment in financial instruments that produce returns when the value of the index rises as well as investment in instruments that produce returns when the value of the index falls. Such gains may be limited by two caps, one for returns resulting from growth of the value and the other for returns resulting from contraction of the value.