A rules-based, “safer” HFEA: only runs the 55/45 leveraged S&P/long‑Treasury barbell when rates fall, rotates leveraged stock funds in normal times, holds dollars/hedges when rates rise, and flips short in crashes—while avoiding K‑1 ETFs.

It follows a few simple steps: 1) If a fear/volatility gauge is running hot, it flips into a fund that rises when the S&P 500 falls. 2) Otherwise, if regular bonds beat cash, it buys about two‑thirds in rotating 3x stock funds after pullbacks. 3) If bonds lag cash, it asks: are rates rising? If yes, it holds US dollars plus a hedge that goes up when tech or long bonds fall. If no (rates falling), it runs HFEA (≈55% 3x S&P + 45% 3x long Treasuries) unless stocks just plunged, then it parks in T‑Bills.

Out-of-sample annualized return ~30.5% vs SPY ~23.7%, with a dynamic rate-focused HFEA that seeks higher upside in falling-rate regimes and crash hedges. Potential for stronger long-run gains, but higher drawdown risk than the S&P 500.