A regime-switching, ETF-based strategy that either (a) pairs income-focused JEPI with leveraged equity exposure HIBL when bond momentum is favorable, or (b) buys two hedged assets (one from BTAL/UGL and one from DBMF/PST) chosen by weaker momentum, aiming to balance income, upside, and downside protection without fixed rebalancing.

In plain terms: - There are two possible ways the portfolio can be built. - Step 1: A quick bond-market check compares the 10-day momentum of BND (broad bonds) to TBX (a Treasury-related instrument). - Step 2: If BND looks stronger (its 10-day momentum is higher), the strategy puts equal weight on two funds: JEPI (an income-focused ETF that aims to generate income from big US stocks) and HIBL (a levered bet on stocks that can move up more when markets rise). This gives a blend of income and more aggressive upside exposure. - Step 3: If BND does not beat TBX on that test, the strategy shifts to hedges. - From the BTAL (anti-beta) vs UGL (gold) pair, pick the asset with weaker momentum over the last 12 days (lower RSI) and include it. - From the DBMF (managed futures) vs PST (ultra-short Treasuries) pair, pick the asset with weaker momentum over the last 12 days (lower RSI) and include it. - Hold those two selected hedges in equal weight. - Step 4: There is no regular, calendar-based rebalancing. A small 2% drift allowance (corridor) lets positions move a bit before a change is considered. - What you’re buying: a mix of JEPI, HIBL, BTAL, UGL, DBMF, PST depending on the regime, with equal weights within the chosen pair or duo. - Conceptually, the approach aims for income and potential upside in favorable markets while using hedges to help limit losses when momentum signals turn negative. RSI refers to a momentum indicator; a lower RSI implies weaker recent momentum, which is used here contrarian-style to pick the hedge assets.

Out-of-sample, this regime-switching ETF strategy targets ~40% annualized returns vs ~23% for the S&P, with solid risk-adjusted metrics (Calmar ~1.18) and built-in hedges to limit losses. Upside is compelling, but drawdowns can be larger in stress.