Hi all, With the equity markets having ripped upward to extreme levels the last year+, I want to invest in some Buffered ETF's in my 401K and IRA accounts. For those not familiar with them, there are varying types that allow for x% downward buffer, with a corollary y% upward cap, for a given year. For example, Allianz ticker AZAL has a 10% downward buffer (you don't get assessed the first 10% of a downward move), and has a corollary 15% upward cap (so, if market rips anther 30%, your gain is capped at 15%). The price action on these ETF's is like any other ETF (in this case goes up/down along with S&P index), and you can buy/sell these ETF's, at any time above/below the initial inception purchase price, with adjustments made to buffers/caps accordingly, based on your purchase price relative to the inception price. I have my 401/IRA's in a TD Ameritrade acct, and want to purchase these instruments in these accts. My question is do brokerages understand the math behind these ETF's, and do they truly calculate the market value (inclusive of caps and buffers) for these instruments at any point in time? If not, when/how is the market value actually calculated when you sell after a purchase? Thanks in advance for anyone who has this figured out.