A risk‑managed, tactical take on HFEA: it runs a 55% 3x S&P / 45% 3x long‑Treasury mix only when rates are falling and no fresh plunge; otherwise it rotates to dollar strength, short stock/bond hedges, or select 3x bull funds, with a panic override.

Decisions, in order: 1) Panic? If a volatility ETF’s 0–100 heat score is high, switch to a fund that rises when the S&P 500 falls. 2) If bonds beat cash lately, buy three 3x bull funds (tech, semis, financials, Nasdaq, S&P) that look least hot. 3) If bonds don’t beat cash and long Treasuries are falling (rates up), hold a strong‑dollar fund plus either short‑Nasdaq or short‑Treasury. 4) Otherwise (rates down), run 55% S&P 500 3x / 45% long‑Treasury 3x—unless the S&P fell ~5%, then use T‑bills ~1 month.

Out-of-sample annualized return ~27% vs ~23.7% for the S&P, with macro regime tilts and crash hedges for higher upside. Expect more drawdown and a lower risk-adjusted Sharpe, but potential for outsized gains.