You couldn't make it weigh any less and still have it functional. That said it will do the job... but I wouldn't expect it to endure many travails... like a lot of in and out of the car.
I have about 10 of these portable file totes. I have 1 for each organization that I volunteer with. I also have several with bills and other things that I take with me when I travel. I keep finding more uses for them so I keep buying more. They travel well and are holding up great even when I put my cat’s crate on top of some so she can look out of the car windows.