diff --git a/src/commands/projections.zig b/src/commands/projections.zig
index 2b47f8d..3e97dc0 100644
--- a/src/commands/projections.zig
+++ b/src/commands/projections.zig
@@ -11,6 +11,7 @@
 const std = @import("std");
 const zfin = @import("../root.zig");
 const cli = @import("common.zig");
+const framework = @import("framework.zig");
 const fmt = cli.fmt;
 const Date = zfin.Date;
 const Money = @import("../Money.zig");
@@ -30,6 +31,235 @@ const shiller = @import("../data/shiller.zig");
 const stock_benchmark = "SPY";
 const bond_benchmark = "AGG";
 
+/// Tagged-union args for the four projection sub-modes. Mutually-
+/// exclusive flag combos (--convergence with --vs, --real with
+/// non-backtest, etc.) are rejected at parse time so each variant
+/// here is a self-contained mode.
+pub const ParsedArgs = union(enum) {
+    /// Default: percentile bands view. `as_of` selects the snapshot
+    /// (or today for live). `overlay_actuals` plots realized
+    /// trajectory on top.
+    bands: BandsArgs,
+    /// `--vs <DATE>`: side-by-side compare of two projections.
+    compare: CompareArgs,
+    /// `--convergence`: plot the spreadsheet's predicted retirement
+    /// date over time. No knobs.
+    convergence,
+    /// `--return-backtest [--real]`: plot expected_return vs realized
+    /// forward-CAGR.
+    return_backtest: struct { real: bool },
+};
+
+pub const BandsArgs = struct {
+    events_enabled: bool = true,
+    /// `null` means live (today). Non-null = historical snapshot.
+    as_of: ?Date = null,
+    overlay_actuals: bool = false,
+};
+
+pub const CompareArgs = struct {
+    events_enabled: bool = true,
+    vs_date: Date,
+    /// "Now" side. Null = today (live); non-null = the `--as-of`
+    /// date the user paired with `--vs`.
+    as_of: ?Date = null,
+};
+
+pub const meta = struct {
+    pub const name: []const u8 = "projections";
+    pub const group: framework.Group = .portfolio;
+    pub const synopsis: []const u8 = "Retirement projections, benchmark comparison, percentile bands";
+    pub const help: []const u8 =
+        \\Usage: zfin projections [opts]
+        \\
+        \\Default mode: percentile-bands view of the portfolio's
+        \\projected value over the configured horizon (`projections.srf`),
+        \\plus benchmark comparison (SPY/AGG) and safe-withdrawal
+        \\dollars at multiple horizons / confidence levels.
+        \\
+        \\Three alternate sub-modes (mutually exclusive):
+        \\  --vs <DATE>            Side-by-side compare with a
+        \\                         historical snapshot's projection.
+        \\  --convergence          Plot the model's predicted
+        \\                         retirement date over time as data
+        \\                         accumulated.
+        \\  --return-backtest      Plot expected_return claim over
+        \\                         time alongside realized forward
+        \\                         CAGR. Pair with `--real` for
+        \\                         CPI-adjusted dollars.
+        \\
+        \\Options:
+        \\  --no-events            Exclude life events from the
+        \\                         simulation (baseline view).
+        \\  --as-of <DATE>         Compute against a historical
+        \\                         snapshot. Auto-snaps to the
+        \\                         nearest-earlier snapshot.
+        \\  --overlay-actuals      Plot realized portfolio trajectory
+        \\                         from --as-of through today on top
+        \\                         of the percentile bands. Requires
+        \\                         --as-of. Ignored under --vs.
+        \\  --vs <DATE>            (see above)
+        \\  --convergence          (see above)
+        \\  --return-backtest      (see above)
+        \\  --real                 With --return-backtest, render in
+        \\                         CPI-adjusted dollars.
+        \\
+        \\Date forms: YYYY-MM-DD or relative (1W/1M/1Q/1Y).
+        \\
+    ;
+};
+
+comptime {
+    framework.validateCommandModule(@This());
+}
+
+pub fn parseArgs(ctx: *framework.RunCtx, cmd_args: []const []const u8) !ParsedArgs {
+    const io = ctx.io;
+    const today = ctx.today;
+
+    var events_enabled = true;
+    var as_of: ?Date = null;
+    var vs_date: ?Date = null;
+    var overlay_actuals = false;
+    var convergence = false;
+    var return_backtest = false;
+    var real_mode = false;
+
+    var i: usize = 0;
+    while (i < cmd_args.len) : (i += 1) {
+        const a = cmd_args[i];
+        if (std.mem.eql(u8, a, "--no-events")) {
+            events_enabled = false;
+        } else if (std.mem.eql(u8, a, "--overlay-actuals")) {
+            overlay_actuals = true;
+        } else if (std.mem.eql(u8, a, "--convergence")) {
+            convergence = true;
+        } else if (std.mem.eql(u8, a, "--return-backtest")) {
+            return_backtest = true;
+        } else if (std.mem.eql(u8, a, "--real")) {
+            real_mode = true;
+        } else if (std.mem.eql(u8, a, "--as-of") or std.mem.eql(u8, a, "--vs")) {
+            if (i + 1 >= cmd_args.len) {
+                try cli.stderrPrint(io, "Error: ");
+                try cli.stderrPrint(io, a);
+                try cli.stderrPrint(io, " requires a value (YYYY-MM-DD, N[WMQY], or 'live').\n");
+                return error.MissingFlagValue;
+            }
+            const value = cmd_args[i + 1];
+            const parsed_date = cli.parseAsOfDate(value, today) catch |err| {
+                var buf: [256]u8 = undefined;
+                const msg = cli.fmtAsOfParseError(&buf, value, err);
+                try cli.stderrPrint(io, msg);
+                try cli.stderrPrint(io, "\n");
+                return error.InvalidFlagValue;
+            };
+            if (parsed_date) |d| {
+                if (d.days > today.days) {
+                    try cli.stderrPrint(io, "Error: date is in the future.\n");
+                    return error.InvalidFlagValue;
+                }
+                if (std.mem.eql(u8, a, "--as-of")) {
+                    as_of = d;
+                } else {
+                    vs_date = d;
+                }
+            }
+            // null (= "live") is ignored — leaves flag unset, same
+            // as not passing the flag at all.
+            i += 1;
+        } else {
+            try cli.stderrPrint(io, "Error: unexpected argument to 'projections': ");
+            try cli.stderrPrint(io, a);
+            try cli.stderrPrint(io, "\n");
+            return error.UnexpectedArg;
+        }
+    }
+
+    // Mutually-exclusive view flags. Forecast-evaluation flags
+    // (`--convergence`, `--return-backtest`) replace the default
+    // bands view entirely; combining them with each other,
+    // `--vs`, or `--overlay-actuals` is rejected.
+    if (convergence and return_backtest) {
+        try cli.stderrPrint(io, "Error: --convergence and --return-backtest are mutually exclusive.\n");
+        return error.MutuallyExclusive;
+    }
+    if ((convergence or return_backtest) and vs_date != null) {
+        try cli.stderrPrint(io, "Error: --convergence/--return-backtest cannot be combined with --vs.\n");
+        return error.MutuallyExclusive;
+    }
+    if ((convergence or return_backtest) and overlay_actuals) {
+        try cli.stderrPrint(io, "Error: --convergence/--return-backtest cannot be combined with --overlay-actuals.\n");
+        return error.MutuallyExclusive;
+    }
+    if (real_mode and !return_backtest) {
+        try cli.stderrPrint(io, "Error: --real only applies to --return-backtest.\n");
+        return error.MutuallyExclusive;
+    }
+
+    if (convergence) return ParsedArgs{ .convergence = {} };
+    if (return_backtest) return ParsedArgs{ .return_backtest = .{ .real = real_mode } };
+    if (vs_date) |d| {
+        return ParsedArgs{ .compare = .{
+            .events_enabled = events_enabled,
+            .vs_date = d,
+            .as_of = as_of,
+        } };
+    }
+    return ParsedArgs{ .bands = .{
+        .events_enabled = events_enabled,
+        .as_of = as_of,
+        .overlay_actuals = overlay_actuals,
+    } };
+}
+
+pub fn run(ctx: *framework.RunCtx, parsed: ParsedArgs) !void {
+    const io = ctx.io;
+    const allocator = ctx.allocator;
+    const out = ctx.out;
+    const color = ctx.color;
+    const today = ctx.today;
+
+    const pf = ctx.resolvePortfolioPath();
+    defer pf.deinit(allocator);
+    const file_path = pf.path;
+
+    switch (parsed) {
+        .convergence => try runConvergence(io, allocator, file_path, color, out),
+        .return_backtest => |args| try runReturnBacktest(io, allocator, file_path, args.real, color, out),
+        .compare => |args| {
+            const svc = ctx.svc orelse return error.MissingDataService;
+            try runCompare(
+                io,
+                allocator,
+                svc,
+                file_path,
+                args.events_enabled,
+                args.vs_date,
+                args.as_of orelse today,
+                args.as_of != null,
+                color,
+                out,
+            );
+        },
+        .bands => |args| {
+            const svc = ctx.svc orelse return error.MissingDataService;
+            try runBands(
+                io,
+                allocator,
+                svc,
+                file_path,
+                args.events_enabled,
+                args.as_of orelse today,
+                args.as_of != null,
+                today,
+                args.overlay_actuals,
+                color,
+                out,
+            );
+        },
+    }
+}
+
 /// How an as-of date resolved against the history directory. The CLI
 /// uses this to render a single header that tells the user what
 /// actually got loaded (exact hit, nearest-earlier, or straight-up
@@ -50,7 +280,7 @@ const AsOfResolution = struct {
     liquid: f64 = 0,
 };
 
-/// Run projections.
+/// Run percentile-bands projection (the default mode).
 ///
 /// `as_of` is the reference date for ages, horizons, and snapshot
 /// windows. `from_snapshot` selects the data source:
@@ -58,7 +288,7 @@ const AsOfResolution = struct {
 ///     today as `as_of`.
 ///   - `true`: historical mode. Load the snapshot at-or-before
 ///     `as_of` from the history dir.
-pub fn run(
+pub fn runBands(
     io: std.Io,
     allocator: std.mem.Allocator,
     svc: *zfin.DataService,
@@ -1106,14 +1336,149 @@ fn renderEarliestBlock(out: *std.Io.Writer, color: bool, va: std.mem.Allocator,
 }
 
 // ── Tests ────────────────────────────────────────────────────
-//
-// The projections simulation and rendering are covered by the
-// view-model tests in `src/views/projections.zig` and the analytics
-// tests in `src/analytics/`. These tests focus on the CLI-surface
-// behaviour that `run` is responsible for: as-of snapshot resolution,
-// exact/nearest/miss branching, and error reporting.
 
 const testing = std.testing;
+
+fn parseArgsForTest(today: Date, args: []const []const u8) !ParsedArgs {
+    var ctx: framework.RunCtx = .{
+        .io = std.testing.io,
+        .allocator = std.testing.allocator,
+        .gpa = std.testing.allocator,
+        .environ_map = undefined,
+        .config = .{ .cache_dir = "" },
+        .svc = null,
+        .globals = .{},
+        .today = today,
+        .now_s = 0,
+        .color = false,
+        .out = undefined,
+    };
+    return parseArgs(&ctx, args);
+}
+
+test "parseArgs: empty → bands variant with defaults" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const parsed = try parseArgsForTest(today, &.{});
+    switch (parsed) {
+        .bands => |b| {
+            try testing.expect(b.events_enabled);
+            try testing.expect(b.as_of == null);
+            try testing.expect(!b.overlay_actuals);
+        },
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --as-of populates bands.as_of" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--as-of", "2026-04-01" };
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .bands => |b| try testing.expect(b.as_of.?.eql(Date.fromYmd(2026, 4, 1))),
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --no-events disables events on bands" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{"--no-events"};
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .bands => |b| try testing.expect(!b.events_enabled),
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --vs produces compare variant" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--vs", "2026-04-01" };
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .compare => |c| try testing.expect(c.vs_date.eql(Date.fromYmd(2026, 4, 1))),
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --vs + --as-of carries both into compare variant" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--vs", "2026-03-01", "--as-of", "2026-04-01" };
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .compare => |c| {
+            try testing.expect(c.vs_date.eql(Date.fromYmd(2026, 3, 1)));
+            try testing.expect(c.as_of.?.eql(Date.fromYmd(2026, 4, 1)));
+        },
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --convergence produces convergence variant" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{"--convergence"};
+    const parsed = try parseArgsForTest(today, &args);
+    try testing.expectEqual(std.meta.Tag(ParsedArgs).convergence, std.meta.activeTag(parsed));
+}
+
+test "parseArgs: --return-backtest produces return_backtest variant" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{"--return-backtest"};
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .return_backtest => |rb| try testing.expect(!rb.real),
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --return-backtest --real" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--return-backtest", "--real" };
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .return_backtest => |rb| try testing.expect(rb.real),
+        else => try testing.expect(false),
+    }
+}
+
+test "parseArgs: --convergence + --return-backtest mutually exclusive" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--convergence", "--return-backtest" };
+    try testing.expectError(error.MutuallyExclusive, parseArgsForTest(today, &args));
+}
+
+test "parseArgs: --convergence + --vs rejected" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--convergence", "--vs", "2026-04-01" };
+    try testing.expectError(error.MutuallyExclusive, parseArgsForTest(today, &args));
+}
+
+test "parseArgs: --real without --return-backtest rejected" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{"--real"};
+    try testing.expectError(error.MutuallyExclusive, parseArgsForTest(today, &args));
+}
+
+test "parseArgs: future --as-of rejected" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--as-of", "2027-01-01" };
+    try testing.expectError(error.InvalidFlagValue, parseArgsForTest(today, &args));
+}
+
+test "parseArgs: unknown flag errors" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{"--bogus"};
+    try testing.expectError(error.UnexpectedArg, parseArgsForTest(today, &args));
+}
+
+test "parseArgs: --overlay-actuals carries into bands" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{ "--as-of", "2026-04-01", "--overlay-actuals" };
+    const parsed = try parseArgsForTest(today, &args);
+    switch (parsed) {
+        .bands => |b| try testing.expect(b.overlay_actuals),
+        else => try testing.expect(false),
+    }
+}
+
 const snapshot_model = @import("../models/snapshot.zig");
 const snapshot = @import("snapshot.zig");
 
@@ -1280,7 +1645,7 @@ test "run: as_of with no snapshots returns without error (stderr-only)" {
     var stream = std.Io.Writer.fixed(&buf);
 
     const d = Date.fromYmd(2026, 3, 13);
-    try run(io, testing.allocator, &svc, pf, false, d, true, d, false, false, &stream);
+    try runBands(io, testing.allocator, &svc, pf, false, d, true, d, false, false, &stream);
 
     // No body output because the resolution failed — the stderr
     // message is swallowed by `cli.stderrPrint` and doesn't land in
@@ -1312,7 +1677,7 @@ test "run: as_of with matching snapshot produces body output" {
 
     var buf: [32_768]u8 = undefined;
     var stream = std.Io.Writer.fixed(&buf);
-    try run(io, testing.allocator, &svc, pf, false, d, true, d, false, false, &stream);
+    try runBands(io, testing.allocator, &svc, pf, false, d, true, d, false, false, &stream);
 
     const out = stream.buffered();
     // Header should call out the as-of date explicitly.
@@ -1343,7 +1708,7 @@ test "run: as_of auto-snap surfaces muted 'nearest' note" {
     var stream = std.Io.Writer.fixed(&buf);
 
     const requested = Date.fromYmd(2026, 3, 13);
-    try run(io, testing.allocator, &svc, pf, false, requested, true, requested, false, false, &stream);
+    try runBands(io, testing.allocator, &svc, pf, false, requested, true, requested, false, false, &stream);
 
     const out = stream.buffered();
     try testing.expect(std.mem.indexOf(u8, out, "as of 2026-03-12") != null);
diff --git a/src/main.zig b/src/main.zig
index b0be489..036654a 100644
--- a/src/main.zig
+++ b/src/main.zig
@@ -25,6 +25,7 @@ const command_modules = .{
     // Portfolio analysis
     .portfolio = @import("commands/portfolio.zig"),
     .analysis = @import("commands/analysis.zig"),
+    .projections = @import("commands/projections.zig"),
     .milestones = @import("commands/milestones.zig"),
 
     // Time-series & journaling
@@ -33,6 +34,7 @@ const command_modules = .{
     .contributions = @import("commands/contributions.zig"),
 
     // Data hygiene
+    .audit = @import("commands/audit.zig"),
     .enrich = @import("commands/enrich.zig"),
     .lookup = @import("commands/lookup.zig"),
 
@@ -482,105 +484,6 @@ fn runCli(init: std.process.Init) !u8 {
     if (std.mem.eql(u8, command, "portfolio")) {
         // Parse --refresh flag; reject any other token (including old
         // positional FILE, which is now a global -p).
-    } else if (std.mem.eql(u8, command, "projections")) {
-        var events_enabled = true;
-        var as_of: ?zfin.Date = null;
-        var vs_date: ?zfin.Date = null;
-        var overlay_actuals = false;
-        var convergence = false;
-        var return_backtest = false;
-        var real_mode = false;
-        var i: usize = 0;
-        while (i < cmd_args.len) : (i += 1) {
-            const a = cmd_args[i];
-            if (std.mem.eql(u8, a, "--no-events")) {
-                events_enabled = false;
-            } else if (std.mem.eql(u8, a, "--overlay-actuals")) {
-                overlay_actuals = true;
-            } else if (std.mem.eql(u8, a, "--convergence")) {
-                convergence = true;
-            } else if (std.mem.eql(u8, a, "--return-backtest")) {
-                return_backtest = true;
-            } else if (std.mem.eql(u8, a, "--real")) {
-                real_mode = true;
-            } else if (std.mem.eql(u8, a, "--as-of") or std.mem.eql(u8, a, "--vs")) {
-                if (i + 1 >= cmd_args.len) {
-                    try cli.stderrPrint(io, "Error: ");
-                    try cli.stderrPrint(io, a);
-                    try cli.stderrPrint(io, " requires a value (YYYY-MM-DD, N[WMQY], or 'live').\n");
-                    return 1;
-                }
-                const value = cmd_args[i + 1];
-                const parsed = cli.parseAsOfDate(value, today) catch |err| {
-                    var buf: [256]u8 = undefined;
-                    const msg = cli.fmtAsOfParseError(&buf, value, err);
-                    try cli.stderrPrint(io, msg);
-                    try cli.stderrPrint(io, "\n");
-                    return 1;
-                };
-                if (parsed) |d| {
-                    if (d.days > today.days) {
-                        try cli.stderrPrint(io, "Error: date is in the future.\n");
-                        return 1;
-                    }
-                    if (std.mem.eql(u8, a, "--as-of")) {
-                        as_of = d;
-                    } else {
-                        vs_date = d;
-                    }
-                }
-                // null (= "live") is ignored — leaves flag unset, same
-                // as not passing the flag at all.
-                i += 1; // consume the value
-            } else {
-                try reportUnexpectedArg(io, "projections", a);
-                return 1;
-            }
-        }
-
-        // Mutually-exclusive view flags. Forecast-evaluation flags
-        // (`--convergence`, `--return-backtest`) replace the default
-        // bands view entirely; combining them with each other,
-        // `--vs`, or `--overlay-actuals` is rejected.
-        if (convergence and return_backtest) {
-            try cli.stderrPrint(io, "Error: --convergence and --return-backtest are mutually exclusive.\n");
-            return 1;
-        }
-        if ((convergence or return_backtest) and vs_date != null) {
-            try cli.stderrPrint(io, "Error: --convergence/--return-backtest cannot be combined with --vs.\n");
-            return 1;
-        }
-        if ((convergence or return_backtest) and overlay_actuals) {
-            try cli.stderrPrint(io, "Error: --convergence/--return-backtest cannot be combined with --overlay-actuals.\n");
-            return 1;
-        }
-        if (real_mode and !return_backtest) {
-            try cli.stderrPrint(io, "Error: --real only applies to --return-backtest.\n");
-            return 1;
-        }
-
-        if (as_of != null and vs_date == null) {
-            // Single-date mode: view that snapshot only.
-        }
-        const pf = resolveUserPath(io, allocator, config, globals.portfolio_path, zfin.Config.default_portfolio_filename);
-        defer if (pf.resolved) |r| r.deinit(allocator);
-        if (convergence) {
-            try commands.projections.runConvergence(io, allocator, pf.path, color, out);
-        } else if (return_backtest) {
-            try commands.projections.runReturnBacktest(io, allocator, pf.path, real_mode, color, out);
-        } else if (vs_date) |d| {
-            // Compare mode. `as_of` (if set) designates the "now"
-            // side — otherwise now is live. `--vs` alone compares
-            // live against a historical date; `--vs X --as-of Y`
-            // compares two historical dates with Y being the later
-            // one.
-            if (overlay_actuals) {
-                try cli.stderrPrint(io, "Note: --overlay-actuals is ignored in --vs compare mode.\n");
-            }
-            try commands.projections.runCompare(io, allocator, &svc, pf.path, events_enabled, d, as_of orelse today, as_of != null, color, out);
-        } else {
-            try commands.projections.run(io, allocator, &svc, pf.path, events_enabled, as_of orelse today, as_of != null, today, overlay_actuals, color, out);
-        }
     } else {
         try cli.stderrPrint(io, "Unknown command. Run 'zfin help' for usage.\n");
         return 1;