Fortress Repair Dashboard

FORTRESS REPAIRHP Roll-Down Analysis

Payback gate: 12mo (1.0yr)
SS = Max(LC+ND, (LC+SP+ND)/2)

TOTAL HEDGE (CURRENT)

$455,978/yr

TOTAL HEDGE (REPAIRED)

$87,162/yr

ANNUAL SAVINGS

$368,816/yr

ROLL CREDITS

$94,780

ADDITIONAL MAX LOSS

$-5,500

PORTFOLIO ACTION SUMMARY · 41 positions

9 · ROLL NOW5 · REPAIR PLAN7 · LEAPS-ONLY20 · OK

Click any ticker row below to jump to its analysis section.

What do these actions mean? (legend)

NO HEDGE — No HP leg at all — naked synthetic long, no catastrophic protection.

ROLL IMMEDIATELY — Healthy fortress, HP expires ≤14d — roll the hedge out NOW (theta cliff).

REPAIR NOW — Structurally bad (HP ITM/tight or costly) AND ≤14d — roll HP DOWN today.

REPAIR SOON — Structurally bad AND ≤35d — roll HP DOWN this week.

ROLL NOW — Healthy fortress, HP ≤45d — roll the hedge OUT (maintain/raise strike).

REPAIR PLAN — Structurally bad but >35d runway — plan the roll-down, no rush.

LEAPS-ONLY — CSV-declared SP=0/HP=0 — intentional LC-only structure, no hedge to roll.

OK — Healthy structure with ample HP runway — no action.

REPAIR = roll HP down to a cheaper OTM strike (structure is hurting). ROLL = roll HP out/up to a later expiry (structure is healthy, hedge just expiring).

Fortress Position Overview

FORTRESS	STOCK	LC	SP	HP	SC	BE‑SS	CC‑SS	GAP	RM	HP OTM%	STATUS	CTRS	IC	NOTIONAL	URGENCY
Main (...1299)14 fortress(es) · 4 actionable · IC $1,234,550 · notional $3,284,514
GLD → +320C −450P +330P −409C	$376.02	320	450	330	409	$456.00	$470.01	120	1.88x	12.2%	SAFE	10	$136,000	$376,020	ROLL NOW (44d)
MU (Main) → +880C −1010P +340P −1150C	$1085.40	880	1010	340	1150	$1028.60	$1042.15	670	5.51x	68.7%	SAFE	5	$74,300	$542,701	ROLL NOW (44d)
BMNR (Main) → +25C −18P +45P	$24.50	25	18	45	0	$65.83	$60.11	0	1.00x	-83.6%	ITM	50	$204,150	$122,525	REPAIR PLAN (100d)
IREN (Main) → +25C −47P +35P −49C	$38.59	25	47	35	49	$44.00	$48.72	12	1.75x	9.3%	OK	20	$32,000	$77,190	REPAIR PLAN (100d)
IGV +70C −115C	$109.84	70	0	0	115	$96.50	$87.80	0	1.00x	0.0%	N/A	12	$31,800	$131,814	LEAPS-ONLY
MARA (Main) +13C	$10.36	13	0	0	0	$16.75	$11.53	0	1.00x	0.0%	N/A	400	$150,000	$414,200	LEAPS-ONLY
AMD +410C −550P +470P −685C	$645.61	410	550	470	685	$649.20	$661.41	80	1.33x	27.2%	SAFE	2	$47,840	$129,122	OK
BMNR (Main) +23C −18P +25P	$24.50	23	18	25	0	$53.26	$47.38	0	1.00x	-2.0%	ITM	75	$226,950	$183,788	OK
COIN (Main) +165C −240P +90P −200C	$177.46	165	240	90	200	$210.90	$214.26	150	9.93x	49.3%	SAFE	8	$13,440	$141,964	OK
COIN (Main) +500C −330P +300P −200C	$177.46	500	330	300	200	$563.00	$384.26	30	1.48x	-69.1%	ITM	25	$157,500	$443,638	OK
DELL +310C −400P +320P −650C	$579.80	310	400	320	650	$562.50	$570.67	80	1.32x	44.8%	SAFE	3	$75,750	$173,940	OK
GLXY +38C −38P +18P −23C	$21.29	38	38	18	23	$39.71	$35.72	20	10.05x	17.8%	SAFE	125	$27,625	$266,062	OK
HIMS +10C −20P +5P −32C	$29.62	10	20	5	32	$17.47	$18.66	15	4.04x	83.1%	SAFE	15	$7,395	$44,430	OK
NVDA +215C −225P +200P −250C	$237.12	215	225	200	250	$264.80	$230.43	25	1.50x	15.7%	SAFE	10	$49,800	$237,120	OK
Neville (...0865)10 fortress(es) · 4 actionable · IC $441,025 · notional $2,317,433
CRWV → +105C −120P +40P −100C	$88.52	105	120	40	100	$125.45	$128.65	80	4.91x	54.8%	SAFE	5	$10,225	$44,260	ROLL NOW (44d)
IREN (Neville) → +45C −65P +21P −49C	$38.59	45	65	21	49	$56.50	$57.83	44	15.67x	45.6%	SAFE	20	$6,000	$77,190	ROLL NOW (44d)
MU (Neville) → +970C −1110P +390P −1150C	$1085.40	970	1110	390	1150	$1220.00	$1229.59	720	3.88x	64.1%	SAFE	2	$50,000	$217,080	ROLL NOW (44d)
SNDK → +1200C −1380P +810P −1900C	$1701.01	1200	1380	810	1900	$1620.00	$1623.90	570	2.36x	52.4%	SAFE	1	$42,000	$170,101	ROLL NOW (44d)
SPY +640C −800C	$777.32	640	0	0	800	$764.00	$703.41	0	1.00x	0.0%	N/A	12	$148,800	$932,784	LEAPS-ONLY
CRCL +45C −65P +40P	$80.89	45	65	40	0	$87.00	$93.16	25	1.60x	50.6%	SAFE	5	$21,000	$40,445	OK
GOOG (Neville) +300C −345P +310P −360C	$347.37	300	345	310	360	$373.00	$348.27	35	1.48x	10.8%	SAFE	15	$109,500	$521,055	OK
GOOG (Neville) +340C −405P +360P −360C	$347.37	340	405	360	360	$398.00	$386.27	45	1.88x	-3.6%	ITM	5	$25,500	$173,685	OK
INTC +85C −100P +35P −123C	$113.33	85	100	35	123	$114.00	$115.82	65	3.24x	69.1%	SAFE	5	$14,500	$56,665	OK
SPCX +150C −195P +135P −195C	$168.34	150	195	135	195	$186.00	$190.26	60	3.22x	19.8%	SAFE	5	$13,500	$84,168	OK
Joint (...1782)8 fortress(es) · 3 actionable · IC $490,588 · notional $1,413,100
AMZN → +200C −250P +215P −275C	$259.71	200	250	215	275	$267.92	$271.46	35	1.52x	17.2%	SAFE	5	$33,960	$129,855	REPAIR PLAN (44d)
HOOD → +65C −95P +80P −120C	$109.27	65	95	80	120	$114.95	$119.80	15	1.30x	26.8%	SAFE	10	$49,950	$109,265	REPAIR PLAN (100d)
IREN (Joint) → +25C −47P +35P −49C	$38.59	25	47	35	49	$44.00	$48.72	12	1.75x	9.3%	OK	20	$32,000	$77,190	REPAIR PLAN (100d)
GOOG (Joint) +310C −355C	$347.37	310	0	0	355	$392.50	$350.42	0	1.00x	0.0%	N/A	5	$41,250	$173,685	LEAPS-ONLY
IBIT +75C	$47.18	75	0	0	0	$70.58	$52.83	0	1.00x	0.0%	N/A	50	$22,328	$235,900	LEAPS-ONLY
MSTR (Joint) +180C −200C	$152.63	180	0	0	200	$233.00	$173.56	0	1.00x	0.0%	N/A	10	$53,000	$152,630	LEAPS-ONLY
BMNR (Joint) +23C −18P +25P	$24.50	23	18	25	0	$36.42	$24.94	0	1.00x	-2.0%	ITM	150	$201,300	$367,575	OK
COPX +65C −90P +68P −89C	$83.50	65	90	68	89	$93.40	$96.35	22	1.77x	18.6%	SAFE	20	$56,800	$167,000	OK
RetireInc (...7291)9 fortress(es) · 3 actionable · IC $180,200 · notional $1,046,159
AAPL → +240C −330P +285P −340C	$336.19	240	330	285	340	$334.64	$337.29	45	1.48x	15.2%	SAFE	5	$47,320	$168,095	ROLL NOW (44d)
APP → +460C −540P +185P −300C	$280.48	460	540	185	300	$588.00	$611.15	355	3.77x	34.0%	SAFE	1	$12,800	$28,048	ROLL NOW (44d)
IREN (RetireInc) → +50C −70P +23P −49C	$38.59	50	70	23	49	$63.43	$66.50	47	7.86x	40.4%	SAFE	20	$13,700	$77,190	ROLL NOW (44d)
MARA (RetireInc) +40C	$10.36	40	0	0	0	$41.04	$11.78	0	1.00x	0.0%	N/A	500	$52,000	$517,750	LEAPS-ONLY
CLSK +17C −17P +10P	$11.54	17	17	10	0	$20.74	$18.41	7	2.87x	13.4%	SAFE	25	$9,350	$28,861	OK
ENPH +45C −60P +20P	$33.24	45	60	20	0	$56.15	$58.85	40	6.48x	39.8%	SAFE	10	$7,300	$33,245	OK
MSTR (RetireInc) +125C −185P +55P −170C	$152.63	125	185	55	170	$161.00	$162.72	130	11.83x	64.0%	SAFE	4	$4,800	$61,052	OK
QCOM +190C −210P +100P −220C	$177.10	190	210	100	220	$224.00	$227.35	110	4.24x	43.5%	SAFE	5	$17,000	$88,550	OK
RKLB +115C −135P +45P −90C	$72.28	115	135	45	90	$141.55	$147.77	90	4.39x	37.7%	SAFE	6	$15,930	$43,368	OK

Main (...1299)14 fortress(es) · 4 actionable · overview rows

GLD: HP 330P Maintenance Roll-Out · exp Nov 20 '26, 44d

RELAXED PASS — no candidate met the standard constraints. Widened cost cap 25% → 50% of CC to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $376.02 Current HP: 330P (44d, 12.2% OTM) Current hedge: $7,134/yr Current ML: $256,000 If HP lapses: ML $586,000 (+$330,000) Account: Main (...1299) Contracts: 10 (1,000 sh) CC income: $29,277/yr Cost cap: 50% of CC = $14,639/yr IV: MEDIUM 13 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 330 → 330P (Dec 18 '26, 72d, 12.2% OTM) | Cost: $8,567/yr (29% of CC) | New ML: $256,000 = ML | Roll DEBIT $870 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 330 → 338P (Jan 15 '27, 100d, 10.1% OTM) | Cost: $12,775/yr (44% of CC) | New ML: $248,000 ↓ $8,000 | Roll DEBIT $2,680 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	330 CHEAP	Dec 18	72d	12.2%	$1.63	$1.69	$8,567	29%	$256,000	=	D $870
2	330	Dec 31	85d	12.2%	$1.94	$2.03	$8,717	30%	$256,000	=	D $1,210
3	330	Jan 15	100d	12.2%	$2.41	$2.52	$9,198	31%	$256,000	=	D $1,700
4	331	Jan 15	100d	12.0%	$2.52	$2.63	$9,600	33%	$255,000	-$1,000	D $1,810
5	332	Jan 15	100d	11.7%	$2.62	$2.73	$9,964	34%	$254,000	-$2,000	D $1,910
6	333	Jan 15	100d	11.4%	$2.72	$2.84	$10,366	35%	$253,000	-$3,000	D $2,020
7	335	Dec 18	72d	10.9%	$1.95	$2.09	$10,595	36%	$251,000	-$5,000	D $1,270
8	335	Dec 31	85d	10.9%	$2.40	$2.50	$10,735	37%	$251,000	-$5,000	D $1,680
9	334	Jan 15	100d	11.2%	$2.83	$2.95	$10,768	37%	$252,000	-$4,000	D $2,130
10	335	Jan 15	100d	10.9%	$2.95	$3.10	$11,315	39%	$251,000	-$5,000	D $2,280
11	336	Jan 15	100d	10.6%	$3.05	$3.20	$11,680	40%	$250,000	-$6,000	D $2,380
12	337	Jan 15	100d	10.4%	$3.20	$3.35	$12,228	42%	$249,000	-$7,000	D $2,530
▶ 13	338 PROT	Jan 15	100d	10.1%	$3.30	$3.50	$12,775	44%	$248,000	-$8,000	D $2,680

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $470 — assignment locks a loss · $388, B $4.95	$59,400/yr	$8,567/yr	SELF-FUNDING
CC at MID $388 0.5σ, B $4.95	$59,400/yr	$8,567/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($388, bid $4.95). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Main): HP 340P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $1085.40 Current HP: 340P (44d, 68.7% OTM) Current hedge: $830/yr Current ML: $409,300 If HP lapses: ML $579,300 (+$170,000) Account: Main (...1299) Contracts: 5 (500 sh) CC income: $708,919/yr Cost cap: 25% of CC = $177,230/yr IV: HIGH 132 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 340 → 350P (Dec 18 '26, 72d, 67.8% OTM) | Cost: $811/yr (0% of CC) | New ML: $404,300 ↓ $5,000 | Roll DEBIT $155 | Margin (TIMS): $70,061

PROTECTIVE PICK (lowest ML within cost cap): HP 340 → 990P (Jan 15 '27, 100d, 8.8% OTM) | Cost: $109,865/yr (15% of CC) | New ML: $84,300 ↓ $325,000 | Roll DEBIT $30,095 | Margin (TIMS): $23,519

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	350 CHEAP	Dec 18	72d	67.8%	$0.25	$0.32	$811	0%	$404,300	-$5,000	D $155
2	360	Jan 15	100d	66.8%	$0.28	$0.70	$1,278	0%	$399,300	-$10,000	D $345
3	400	Dec 18	72d	63.1%	$0.31	$0.52	$1,318	0%	$379,300	-$30,000	D $255
4	350	Jan 15	100d	67.8%	$0.30	$0.77	$1,405	0%	$404,300	-$5,000	D $380
5	360	Dec 18	72d	66.8%	$0.27	$0.60	$1,521	0%	$399,300	-$10,000	D $295
6	380	Dec 18	72d	65.0%	$0.25	$0.60	$1,521	0%	$389,300	-$20,000	D $295
7	420	Dec 18	72d	61.3%	$0.29	$0.65	$1,648	0%	$369,300	-$40,000	D $320
8	340	Dec 18	72d	68.7%	$0.19	$0.66	$1,673	0%	$409,300	=	D $325
9	380	Jan 15	100d	65.0%	$0.51	$0.92	$1,679	0%	$389,300	-$20,000	D $455
10	340	Jan 15	100d	68.7%	$0.17	$0.98	$1,788	0%	$409,300	=	D $485
11	390	Jan 15	100d	64.1%	$0.42	$0.99	$1,807	0%	$384,300	-$25,000	D $490
12	370	Dec 18	72d	65.9%	$0.12	$0.73	$1,850	0%	$394,300	-$15,000	D $360
▶ 13	990 PROT	Jan 15	100d	8.8%	$58.85	$60.20	$109,865	15%	$84,300	-$325,000	D $30,095

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1065, B $69.50	$417,000/yr	$811/yr	SELF-FUNDING
CC at MID $1170 0.6σ, B $27.70	$166,200/yr	$811/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1065, bid $69.50). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

BMNR (Main): HP 45P Roll-Down · exp Jan 15 '27, 100d

Stock: $24.50 HP: ITM Current hedge: $382,338/yr Baseline: current hedge (no same-strike quote) SS: $65.83 (unchanged) Account: Main (...1299) Contracts: 50 (5,000 sh) CC income: $78,648/yr IV: HIGH OTM floor: 8% Stress: 23% DD Payback gate: 12mo (1.0yr) 5 PASS ⚠ ER 2026-11-20 INTRADAY (44d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	22	Jan 15	100d	8.2%	$2.30	$18.10	$90,500	$41,975	$33,854	$340,362	-4	$-22,500	N/A	N/A	0.89x	PASS
2	21	Jan 15	100d	14.3%	$1.69	$18.71	$93,550	$30,842	$43,891	$351,495	-3	$-15,000	N/A	N/A	0.93x	PASS
3	20	Jan 15	100d	18.4%	$1.34	$19.06	$95,300	$24,455	$50,279	$357,882	-2	$-10,000	N/A	N/A	0.95x	PASS
4	19	Jan 15	100d	22.5%	$1.06	$19.34	$96,700	$19,345	$56,666	$362,992	-1	$-5,000	N/A	N/A	0.98x	PASS
5	18	Jan 15	100d	26.5%	$0.80	$19.60	$98,000	$14,600	$55,662	$367,738	0	$0	N/A	N/A	1.00x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $60 — assignment locks a loss · $35, B $0.16	$9,600/yr	$41,975/yr	DEFICIT $2,698/mo
CC at MID $28 0.6σ, B $0.87	$52,200/yr	$41,975/yr	SELF-FUNDING
AT 23% DRAWDOWN (stock $24.50 → $18.82, hedge $33,854/yr)
CC at SS income stress-adjusted	$9,600/yr	$33,854/yr	DEFICIT $2,021/mo
CC at MID income stress-adjusted	$9,600/yr	$33,854/yr	DEFICIT $2,021/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($28, bid $0.87) in NORMAL markets. Self-funds today.
In 23% drawdown, even MID is short ~$2,021/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

IREN (Main): HP 35P Roll-Down · exp Jan 15 '27, 100d

Stock: $38.59 HP: 9.3% OTM Current hedge: $29,930/yr Baseline (roll-fwd, savings vs this): $29,930/yr SS: $44.00 (unchanged) Account: Main (...1299) Contracts: 20 (2,000 sh) CC income: $58,745/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (29d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	32	Jan 15	100d	17.1%	$2.83	$1.17	$2,340	$20,659	$31,718	$9,271	15	$6,000	8mo	1mo	1.94x	PASS
2	30	Jan 15	100d	22.3%	$2.15	$1.85	$3,700	$15,695	$37,558	$14,235	17	$10,000	8mo	2mo	2.06x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.70	$16,800/yr	$20,659/yr	DEFICIT $322/mo
CC at MID $44 0.6σ, B $1.50	$36,000/yr	$20,659/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $38.59 → $30.04, hedge $31,718/yr)
CC at SS income stress-adjusted	$3,840/yr	$31,718/yr	DEFICIT $2,323/mo
CC at MID income stress-adjusted	$3,840/yr	$31,718/yr	DEFICIT $2,323/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($44, bid $1.50) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$2,323/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

CRWV: HP 40P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $88.52 Current HP: 40P (44d, 54.8% OTM) Current hedge: $456/yr Current ML: $50,225 If HP lapses: ML $70,225 (+$20,000) Account: Neville (...0865) Contracts: 5 (500 sh) CC income: $33,136/yr Cost cap: 25% of CC = $8,284/yr IV: HIGH 23 qualifying ⚠ ER 2026-11-11 INTRADAY (35d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 40 → 40P (Dec 18 '26, 72d, 54.8% OTM) | Cost: $507/yr (2% of CC) | New ML: $50,225 = ML | Roll DEBIT $80 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 40 → 70P (Jan 15 '27, 100d, 20.9% OTM) | Cost: $8,121/yr (25% of CC) | New ML: $35,225 ↓ $15,000 | Roll DEBIT $2,205 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	40 CHEAP	Dec 18	72d	54.8%	$0.08	$0.20	$507	2%	$50,225	=	D $80
2	40	Jan 15	100d	54.8%	$0.16	$0.30	$548	2%	$50,225	=	D $130
3	45	Dec 18	72d	49.2%	$0.18	$0.29	$735	2%	$47,725	-$2,500	D $125
4	42	Dec 18	72d	52.0%	$0.05	$0.32	$811	2%	$48,975	-$1,250	D $140
5	42	Jan 15	100d	52.0%	$0.24	$0.49	$894	3%	$48,975	-$1,250	D $225
6	48	Dec 18	72d	46.3%	$0.24	$0.42	$1,065	3%	$46,475	-$3,750	D $190
7	45	Jan 15	100d	49.2%	$0.35	$0.61	$1,113	3%	$47,725	-$2,500	D $285
8	48	Jan 15	100d	46.3%	$0.52	$0.78	$1,424	4%	$46,475	-$3,750	D $370
9	50	Dec 18	72d	43.5%	$0.33	$0.59	$1,495	5%	$45,225	-$5,000	D $275
10	50	Jan 15	100d	43.5%	$0.75	$0.95	$1,734	5%	$45,225	-$5,000	D $455
11	52	Jan 15	100d	40.7%	$0.88	$1.18	$2,154	6%	$43,975	-$6,250	D $570
12	55	Dec 18	72d	37.9%	$0.74	$0.89	$2,256	7%	$42,725	-$7,500	D $425
▶ 13	70 PROT	Jan 15	100d	20.9%	$4.30	$4.45	$8,121	25%	$35,225	-$15,000	D $2,205

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $130, B $0.35	$2,100/yr	$507/yr	SELF-FUNDING
CC at MID $100 0.6σ, B $3.15	$18,900/yr	$507/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($130, bid $0.35). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

IREN (Neville): HP 21P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $38.59 Current HP: 21P (44d, 45.6% OTM) Current hedge: $1,659/yr Current ML: $94,000 If HP lapses: ML $136,000 (+$42,000) Account: Neville (...0865) Contracts: 20 (2,000 sh) CC income: $58,745/yr Cost cap: 25% of CC = $14,686/yr IV: HIGH 6 qualifying ⚠ ER 2026-11-05 INTRADAY (29d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 21 → 22P (Dec 18 '26, 72d, 43.0% OTM) | Cost: $3,244/yr (6% of CC) | New ML: $92,000 ↓ $2,000 | Roll DEBIT $520 | Margin: n/a (RTH)

PROTECTIVE PICK (lowest ML within cost cap): HP 21 → 27P (Dec 18 '26, 72d, 30.0% OTM) | Cost: $8,821/yr (15% of CC) | New ML: $82,000 ↓ $12,000 | Roll DEBIT $1,620 | Margin: n/a (RTH)

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	22 CHEAP	Dec 18	72d	43.0%	$0.26	$0.32	$3,244	6%	$92,000	-$2,000	D $520
2	22	Jan 15	100d	43.0%	$0.32	$0.58	$4,234	7%	$92,000	-$2,000	D $1,040
3	25	Dec 18	72d	35.2%	$0.53	$0.58	$5,881	10%	$86,000	-$8,000	D $1,040
4	25	Jan 15	100d	35.2%	$0.90	$0.93	$6,789	12%	$86,000	-$8,000	D $1,740
▶ 5	27 PROT	Dec 18	72d	30.0%	$0.78	$0.87	$8,821	15%	$82,000	-$12,000	D $1,620
6	27	Jan 15	100d	30.0%	$1.29	$1.65	$12,045	21%	$82,000	-$12,000	D $3,180

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $58 — assignment locks a loss · $57, B $0.16	$3,840/yr	$3,244/yr	SELF-FUNDING
CC at MID $44 0.6σ, B $1.50	$36,000/yr	$3,244/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($57, bid $0.16). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

MU (Neville): HP 390P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $1085.40 Current HP: 390P (44d, 64.1% OTM) Current hedge: $747/yr Current ML: $194,000 If HP lapses: ML $272,000 (+$78,000) Account: Neville (...0865) Contracts: 2 (200 sh) CC income: $84,941/yr Cost cap: 25% of CC = $21,235/yr IV: HIGH 101 qualifying

CHEAPEST PICK (lowest annual cost, ML preserved): HP 390 → 400P (Dec 18 '26, 72d, 63.1% OTM) | Cost: $527/yr (1% of CC) | New ML: $192,000 ↓ $2,000 | Roll DEBIT $102 | Margin (TIMS): $68,443

PROTECTIVE PICK (lowest ML within cost cap): HP 390 → 890P (Dec 18 '26, 72d, 18.0% OTM) | Cost: $20,176/yr (24% of CC) | New ML: $94,000 ↓ $100,000 | Roll DEBIT $3,978 | Margin (TIMS): $29,828

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	400 CHEAP	Dec 18	72d	63.1%	$0.31	$0.52	$527	1%	$192,000	-$2,000	D $102
2	420	Dec 18	72d	61.3%	$0.29	$0.65	$659	1%	$188,000	-$6,000	D $128
3	390	Jan 15	100d	64.1%	$0.42	$0.99	$723	1%	$194,000	=	D $196
4	410	Dec 18	72d	62.2%	$0.24	$0.78	$791	1%	$190,000	-$4,000	D $154
5	400	Jan 15	100d	63.1%	$0.50	$1.11	$810	1%	$192,000	-$2,000	D $220
6	430	Dec 18	72d	60.4%	$0.33	$0.80	$811	1%	$186,000	-$8,000	D $158
7	440	Dec 18	72d	59.5%	$0.22	$0.85	$862	1%	$184,000	-$10,000	D $168
8	450	Dec 18	72d	58.5%	$0.25	$0.86	$872	1%	$182,000	-$12,000	D $170
9	390	Dec 18	72d	64.1%	$0.14	$0.91	$923	1%	$194,000	=	D $180
10	410	Jan 15	100d	62.2%	$0.41	$1.31	$956	1%	$190,000	-$4,000	D $260
11	490	Dec 18	72d	54.9%	$0.50	$1.00	$1,014	1%	$174,000	-$20,000	D $198
12	430	Jan 15	100d	60.4%	$0.50	$1.41	$1,029	1%	$186,000	-$8,000	D $280
▶ 13	890 PROT	Dec 18	72d	18.0%	$17.95	$19.90	$20,176	24%	$94,000	-$100,000	D $3,978

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $1,230 — assignment locks a loss · $1170, B $27.70	$66,480/yr	$527/yr	SELF-FUNDING
CC at MID $1170 0.6σ, B $27.70	$66,480/yr	$527/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1170, bid $27.70). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

SNDK: HP 810P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $1701.01 Current HP: 810P (44d, 52.4% OTM) Current hedge: $3,567/yr Current ML: $99,000 If HP lapses: ML $180,000 (+$81,000) Account: Neville (...0865) Contracts: 1 (100 sh) CC income: $252,822/yr Cost cap: 25% of CC = $63,205/yr IV: HIGH 147 qualifying ⚠ ER 2026-10-29 AMC (22d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 810 → 850P (Dec 18 '26, 72d, 50.0% OTM) | Cost: $1,267/yr (1% of CC) | New ML: $95,000 ↓ $4,000 | Roll DEBIT $250 | Margin (TIMS): $99,840

PROTECTIVE PICK (lowest ML within cost cap): HP 810 → 1380P (Jan 15 '27, 100d, 18.9% OTM) | Cost: $25,586/yr (10% of CC) | New ML: $42,000 ↓ $57,000 | Roll DEBIT $7,010 | Margin (TIMS): $54,128

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	850 CHEAP	Dec 18	72d	50.0%	$1.60	$2.50	$1,267	1%	$95,000	-$4,000	D $250
2	820	Jan 15	100d	51.8%	$1.65	$4.80	$1,752	1%	$98,000	-$1,000	D $480
3	830	Jan 15	100d	51.2%	$1.80	$4.90	$1,789	1%	$97,000	-$2,000	D $490
4	840	Jan 15	100d	50.6%	$2.60	$4.90	$1,789	1%	$96,000	-$3,000	D $490
5	850	Jan 15	100d	50.0%	$3.10	$5.10	$1,861	1%	$95,000	-$4,000	D $510
6	880	Dec 18	72d	48.3%	$1.00	$3.70	$1,876	1%	$92,000	-$7,000	D $370
7	950	Dec 18	72d	44.2%	$2.10	$4.00	$2,028	1%	$85,000	-$14,000	D $400
8	860	Jan 15	100d	49.4%	$3.10	$5.60	$2,044	1%	$94,000	-$5,000	D $560
9	870	Jan 15	100d	48.9%	$3.20	$5.60	$2,044	1%	$93,000	-$6,000	D $560
10	900	Jan 15	100d	47.1%	$4.30	$5.80	$2,117	1%	$90,000	-$9,000	D $580
11	900	Dec 18	72d	47.1%	$1.10	$4.30	$2,180	1%	$90,000	-$9,000	D $430
12	880	Jan 15	100d	48.3%	$3.00	$6.00	$2,190	1%	$92,000	-$7,000	D $600
▶ 13	1380 PROT	Jan 15	100d	18.9%	$64.70	$70.10	$25,586	10%	$42,000	-$57,000	D $7,010

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $1670, B $139.60	$167,520/yr	$1,267/yr	SELF-FUNDING
CC at MID $1765 0.2σ, B $99.70	$119,640/yr	$1,267/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($1670, bid $139.60). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

AMZN: HP 215P Roll-Down · exp Nov 20 '26, 44d

RELAXED PASS — no candidate met the standard constraints. Widened gap-mult 2.0x → 8.0x; payback gate 1.0yr → 3.0yr to surface the best available option below. Treat as a guideline breach, not a clean repair.

Stock: $259.71 HP: 17.2% OTM Current hedge: $5,641/yr Baseline (roll-fwd, savings vs this): $5,840/yr SS: $267.92 (unchanged) Account: Joint (...1782) Contracts: 5 (500 sh) CC income: $22,756/yr IV: MEDIUM OTM floor: 10% Stress: 12% DD Payback gate: 12mo (1.0yr) 3 PASS ⚠ ER 2026-10-29 AMC (22d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	205	Jan 15	100d	21.1%	$2.12	$-0.80	$-400	$3,869	$8,395	$1,971	45	$5,000	30mo	2mo	1.66x	PASS
2	210	Jan 15	100d	19.1%	$2.66	$-1.34	$-670	$4,854	$13,231	$986	40	$2,500	30mo	1mo	1.59x	PASS
3	200	Jan 15	100d	23.0%	$1.75	$-0.43	$-215	$3,194	$6,752	$2,646	50	$7,500	34mo	4mo	1.74x	PASS
4	185	Jan 15	100d	28.8%	$1.04	$0.28	$140	$1,898	$3,303	$3,942	65	$15,000	46mo	7mo	1.96x	FAIL
5	190	Jan 15	100d	26.8%	$1.19	$0.13	$65	$2,172	$4,307	$3,668	60	$12,500	41mo	6mo	1.88x	FAIL
6	195	Jan 15	100d	24.9%	$1.45	$-0.13	$-65	$2,646	$5,311	$3,194	55	$10,000	38mo	5mo	1.81x	FAIL

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $275, B $6.15	$36,900/yr	$3,869/yr	SELF-FUNDING
CC at MID $280 0.7σ, B $4.90	$29,400/yr	$3,869/yr	SELF-FUNDING
AT 12% DRAWDOWN (stock $259.71 → $229.20, hedge $8,395/yr)
CC at SS income stress-adjusted	$5,280/yr	$8,395/yr	DEFICIT $260/mo
CC at MID income stress-adjusted	$3,720/yr	$8,395/yr	DEFICIT $390/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($280, bid $4.90) in NORMAL markets. Self-funds today.
In 12% drawdown, even MID is short ~$390/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

HOOD: HP 80P Roll-Down · exp Jan 15 '27, 100d (no viable candidates)

Stock: $109.27 Current HP: 80P (100d, 26.8% OTM) Current hedge: $8,140/yr Gap: 15 Account: Joint (...1782) Contracts: 10 (1,000 sh) IV: HIGH

No HP candidates passed all filters. Reasons:

12 candidate(s) priced

IREN (Joint): HP 35P Roll-Down · exp Jan 15 '27, 100d

Stock: $38.59 HP: 9.3% OTM Current hedge: $29,930/yr Baseline (roll-fwd, savings vs this): $29,930/yr SS: $44.00 (unchanged) Account: Joint (...1782) Contracts: 20 (2,000 sh) CC income: $58,745/yr IV: HIGH OTM floor: 8% Stress: 22% DD Payback gate: 12mo (1.0yr) 2 PASS ⚠ ER 2026-11-05 INTRADAY (29d) inside new HP tenor

#	NEW HP	EXPIRY	DTE	OTM%	ASK	ROLL CR/SH	ROLL TOTAL	HEDGE/YR	STRESS/YR	SAVED/YR	GAP	ML+	PAYBACK	PB+INC	NEW RM
1	32	Jan 15	100d	17.1%	$2.83	$1.17	$2,340	$20,659	$31,718	$9,271	15	$6,000	8mo	1mo	1.94x	PASS
2	30	Jan 15	100d	22.3%	$2.15	$1.85	$3,700	$15,695	$37,558	$14,235	17	$10,000	8mo	2mo	2.06x	PASS

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $49, B $0.70	$16,800/yr	$20,659/yr	DEFICIT $322/mo
CC at MID $44 0.6σ, B $1.50	$36,000/yr	$20,659/yr	SELF-FUNDING
AT 22% DRAWDOWN (stock $38.59 → $30.04, hedge $31,718/yr)
CC at SS income stress-adjusted	$3,840/yr	$31,718/yr	DEFICIT $2,323/mo
CC at MID income stress-adjusted	$3,840/yr	$31,718/yr	DEFICIT $2,323/mo

SUSTAINABLE (NORMAL) Stress requires MID+ CC or capital

CC WRITING STRATEGY

WRITE CCs at MID ($44, bid $1.50) in NORMAL markets. Self-funds today.
In 22% drawdown, even MID is short ~$2,323/mo — tighten CCs above MID (closer to ATM) OR plan to inject capital.

AAPL: HP 285P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $336.19 Current HP: 285P (44d, 15.2% OTM) Current hedge: $4,231/yr Current ML: $69,820 If HP lapses: ML $212,320 (+$142,500) Account: RetireInc (...7291) Contracts: 5 (500 sh) CC income: $51,372/yr Cost cap: 25% of CC = $12,843/yr IV: MEDIUM 8 qualifying ⚠ ER 2026-11-02 INTRADAY (26d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 285 → 285P (Dec 18 '26, 72d, 15.2% OTM) | Cost: $4,841/yr (9% of CC) | New ML: $69,820 = ML | Roll DEBIT $550 | Margin (TIMS): $5,947

PROTECTIVE PICK (lowest ML within cost cap): HP 285 → 300P (Jan 15 '27, 100d, 10.8% OTM) | Cost: $8,760/yr (17% of CC) | New ML: $62,320 ↓ $7,500 | Roll DEBIT $1,995 | Margin (TIMS): $5,216

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	285 CHEAP	Dec 18	72d	15.2%	$1.75	$1.91	$4,841	9%	$69,820	=	D $550
2	285	Jan 15	100d	15.2%	$2.63	$2.88	$5,256	10%	$69,820	=	D $1,035
3	290	Dec 18	72d	13.7%	$2.19	$2.36	$5,982	12%	$67,320	-$2,500	D $775
4	290	Jan 15	100d	13.7%	$3.10	$3.45	$6,296	12%	$67,320	-$2,500	D $1,320
5	295	Dec 18	72d	12.3%	$2.73	$2.94	$7,452	15%	$64,820	-$5,000	D $1,065
6	295	Jan 15	100d	12.3%	$3.75	$4.15	$7,574	15%	$64,820	-$5,000	D $1,670
▶ 7	300 PROT	Jan 15	100d	10.8%	$4.55	$4.80	$8,760	17%	$62,320	-$7,500	D $1,995
8	300	Dec 18	72d	10.8%	$3.30	$3.60	$9,125	18%	$62,320	-$7,500	D $1,395

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS $340, B $8.85	$53,100/yr	$4,841/yr	SELF-FUNDING
CC at MID $355 0.7σ, B $3.50	$21,000/yr	$4,841/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at SS ($340, bid $8.85). Conservative far-OTM strike covers the hedge in BOTH normal and 0% drawdown — minimal assignment risk.

APP: HP 185P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $280.48 Current HP: 185P (44d, 34.0% OTM) Current hedge: $1,535/yr Current ML: $48,300 If HP lapses: ML $66,800 (+$18,500) Account: RetireInc (...7291) Contracts: 1 (100 sh) CC income: $17,439/yr Cost cap: 25% of CC = $4,360/yr IV: HIGH 11 qualifying ⚠ ER 2026-11-04 INTRADAY (28d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 185 → 185P (Dec 18 '26, 72d, 34.0% OTM) | Cost: $1,673/yr (10% of CC) | New ML: $48,300 = ML | Roll DEBIT $240 | Margin (TIMS): $9,627

PROTECTIVE PICK (lowest ML within cost cap): HP 185 → 220P (Jan 15 '27, 100d, 21.6% OTM) | Cost: $4,052/yr (23% of CC) | New ML: $44,800 ↓ $3,500 | Roll DEBIT $1,020 | Margin (TIMS): $8,686

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	185 CHEAP	Dec 18	72d	34.0%	$1.70	$3.30	$1,673	10%	$48,300	=	D $240
2	185	Jan 15	100d	34.0%	$2.75	$5.50	$2,008	12%	$48,300	=	D $460
3	190	Dec 18	72d	32.3%	$2.10	$4.10	$2,078	12%	$47,800	-$500	D $320
4	190	Jan 15	100d	32.3%	$3.40	$6.10	$2,226	13%	$47,800	-$500	D $520
5	195	Dec 18	72d	30.5%	$2.65	$4.50	$2,281	13%	$47,300	-$1,000	D $360
6	200	Dec 18	72d	28.7%	$4.00	$4.70	$2,383	14%	$46,800	-$1,500	D $380
7	200	Jan 15	100d	28.7%	$5.60	$6.70	$2,446	14%	$46,800	-$1,500	D $580
8	195	Jan 15	100d	30.5%	$4.20	$6.90	$2,518	14%	$47,300	-$1,000	D $600
9	210	Jan 15	100d	25.1%	$6.80	$10.00	$3,650	21%	$45,800	-$2,500	D $910
10	210	Dec 18	72d	25.1%	$5.00	$7.20	$3,650	21%	$45,800	-$2,500	D $630
▶ 11	220 PROT	Jan 15	100d	21.6%	$9.40	$11.10	$4,052	23%	$44,800	-$3,500	D $1,020

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $611 — assignment locks a loss · $370, B $0.45	$540/yr	$1,673/yr	DEFICIT $94/mo
CC at MID $315 0.6σ, B $10.70	$12,840/yr	$1,673/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($315, bid $10.70). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

IREN (RetireInc): HP 23P Maintenance Roll-Out · exp Nov 20 '26, 44d

Stock: $38.59 Current HP: 23P (44d, 40.4% OTM) Current hedge: $2,820/yr Current ML: $107,700 If HP lapses: ML $153,700 (+$46,000) Account: RetireInc (...7291) Contracts: 20 (2,000 sh) CC income: $58,745/yr Cost cap: 25% of CC = $14,686/yr IV: HIGH 4 qualifying ⚠ ER 2026-11-05 INTRADAY (29d) inside new HP tenor

CHEAPEST PICK (lowest annual cost, ML preserved): HP 23 → 25P (Dec 18 '26, 72d, 35.2% OTM) | Cost: $5,881/yr (10% of CC) | New ML: $103,700 ↓ $4,000 | Roll DEBIT $940 | Margin (TIMS): $1,841

PROTECTIVE PICK (lowest ML within cost cap): HP 23 → 27P (Dec 18 '26, 72d, 30.0% OTM) | Cost: $8,821/yr (15% of CC) | New ML: $99,700 ↓ $8,000 | Roll DEBIT $1,520 | Margin (TIMS): $1,727

#	NEW HP	EXPIRY	DTE	OTM%	BID	ASK	HEDGE/YR	%CC	NEW ML	ΔML	ROLL
▶ 1	25 CHEAP	Dec 18	72d	35.2%	$0.53	$0.58	$5,881	10%	$103,700	-$4,000	D $940
2	25	Jan 15	100d	35.2%	$0.90	$0.93	$6,789	12%	$103,700	-$4,000	D $1,640
▶ 3	27 PROT	Dec 18	72d	30.0%	$0.78	$0.87	$8,821	15%	$99,700	-$8,000	D $1,520
4	27	Jan 15	100d	30.0%	$1.29	$1.65	$12,045	21%	$99,700	-$8,000	D $3,080

POST-REPAIR SUSTAINABILITY CC chain Nov 06 (30d)

SCENARIO	CC INCOME	HEDGE COST	VERDICT
CC at SS BELOW SS $66 — assignment locks a loss · $57, B $0.16	$3,840/yr	$5,881/yr	DEFICIT $170/mo
CC at MID $44 0.6σ, B $1.50	$36,000/yr	$5,881/yr	SELF-FUNDING

FULLY SUSTAINABLE CC at MID covers hedge in normal + stress

CC WRITING STRATEGY

WRITE CCs at MID ($44, bid $1.50). Self-funds in BOTH normal and 0% drawdown. At SS the position bleeds, so don't drift too far OTM.

HP roll-downs do not change Safe Strike. SS = Max(LC+ND, (LC+SP+ND)/2). HP is not in the formula.

Monthly hedge cost prorated: (30/DTE) × (Ask × Shares). Payback = ML increase / Annual savings.

EST = ask price estimated as mid × 1.10 (10% safety buffer). Verify with live prices before executing.

Always prefer longest viable DTE for repair rolls (fewer rolls/yr = lower annual cost).