All-in SVXY for calm markets, but if SVXY falls more than 20% over two days, move to BIL (cash‑like T‑bills) until things settle. A simple, daily-checked circuit breaker for a risky volatility ETF; not tied to any stock sector.

It’s a simple crash guard for a very risky ETF. - SVXY: an ETF that benefits when market “fear” (VIX futures) falls, but can crash in panics. - BIL: a cash‑like fund of 1–3 month U.S. Treasury bills. Each day, if SVXY has fallen more than 20% over the last 2 trading days, the strategy holds BIL. Otherwise it holds SVXY. It switches back once the 2‑day drop is no longer worse than −20%.

Crash-guard strategy: switches to cash-like Treasuries when volatility spikes to limit losses. Out-of-sample data show potential diversification benefits during shocks versus the S&P 500, with upside modest in calm markets.