Neutral Momentum Ultimate Positions

5-sleeve Ultimate at equal weight (1/5 each): GLD + EFA + sector-rotation (top-2 of 10) + LEAPS L/S (long top-5 by call_dte_90p_pct, short bot-5, K=5, 10d hold) + Low-Vol long (long bot-5 by 20d realized vol, K=5, 60d hold). Conditional SH hedge when SPY<200d SMA or VIX>25. Drops USO from E4 (LOO confirmed it drags); adds LEAPS L/S (research/246 orthogonality survivor) and Low-Vol (matches deployed vol_runup book Sh +1.51). Backtest 2022-26: Sh +3.50 hedged, CAGR +51%, MaxDD −7.4%, β +0.10. Built from research/277. Live since 2026-06-04.