The ETF has created an investment vehicle for price insensitive investors. A price insensitive buyer cares little about price, so when they enter a market they tend to push prices higher. One of those price insensitive buyers is the Swiss National Bank (SNB). The SNB is responsible for monetary policy, and most importantly: issuing Swiss franc banknotes. While you will never see it stated in their mission statement, the SNB’s prime objective seems to be to keep their currency