Yes, but that’s why there is the treaty. The treaty says that if you are a Swiss national, or if you’re domiciled in Switzerland at the time of death, you will be treated as domiciled in US.
Here the actual Swiss-US treaty:
In imposing the tax in the case of a decedent who at the time of death was not a citizen of the United States and was not domiciled therein, but who was at the time of his death a citizen of or domiciled in Switzerland, the United States shall allow a specific exemption which would be allowable under its law if the decedent had been domiciled in the United States in an amount not less than the proportion thereof which the value of the total property (both movable and immovable) subjected to its tax bears to the value of the total property (both movable and immovable) which would have been subjected to its tax if the decedent had been domiciled in the United States.
This sentence is just so terribly written. Who writes such long sentences anyway? Thank you lawyers…
But any, translating from lawyerspeak to human language: if you are domiciled in Switzerland at the time of death, you will be eligible for the same exemption (11 million) as US domiciled persons.
In case of doubt, consult a lawyer or buy European ETFs.
And again, I have already written exactly the same thing somewhere else on this forum.