That is fair. Sorry, colored by the fact that I actually live in Switzerland and so investing them in Swiss treasuries is like keeping the cash for me.

That's an easy mistake to make. When you're looking internationally you always have to take the rates into account. For you it doesn't matter, but a lot of parties are investing in Swiss treasuries exactly because it is like keeping CHF. which tends to do well relative to their own. The long term USD vs CHF rate works out strongly in favor of holding CHF.