{
 "id":"PMCC-001", "version":"1.0", "frozenBeforeExecution":true,
 "question":"Does a recurring short-call overlay increase terminal wealth relative to the identical LEAPS-and-cash position under this historical model?",
 "symbols":["SPY","QQQ"],"startYears":[2005,2010,2015,2020],
 "shortDte":[21,30,45],"shortDelta":[0.15,0.20,0.25,0.30],
 "ivPremiumSensitivity":[0,0.10,0.15,0.25,0.40],"primaryIvPremium":0.15,
 "fixed":{"capital":15000,"startingSpot":100,"contracts":1,"longDte":545,"longDelta":0.8,"longRoll":90,"r":0.04,"borrow":0.07,"fee":0.65},
 "dividendYield":{"SPY":0.013,"QQQ":0.006},
 "primaryOutcome":"Terminal PMCC wealth minus terminal long-call-only wealth, dollars",
 "secondaryOutcomes":["CAGR difference","maximum drawdown difference","net short-option P/L","financing difference","time-only LEAPS repricing diagnostic"],
 "aggregation":"Report all 96 baseline configurations and all 480 IV-sensitivity configurations. No best-setting selection or inferential p-values. Overlapping historical windows are dependent, not independent trials.",
 "limits":["Historical adjusted-return record ending 2026-08-14; option price path is a constant-yield-adjusted synthetic proxy normalized to 100 at each start.","One contract maintained; exposure is not rebalanced to the all-stock comparator. Long-only is the causal control within the model.","Black-Scholes European-style prices, no archived quotes, skew, slippage, early assignment, taxes or broker margin constraints.","Expiration uses last observed session on or before target calendar date; daily closes cannot reproduce intraday fills.","Borrowing is charged and disclosed; any nonpositive strategy equity rejects a configuration.","Annual cash, borrowing and dividend assumptions are constant scenarios, not historical rate estimates.","The theta diagnostic holds prior spot and volatility fixed. It is not an independently earned return or exact additive attribution."]
}