I'm sorry, but I'm not seeing where in that list says it is looking for arbitrage opportunities. What you quoted is just the list of restrictions on the kinds o

I'm sorry, but I'm not seeing where in that list says it is looking for arbitrage opportunities. What you quoted is just the list of restrictions on the kinds of investments the fund can make. The "targets" part, which you didn't quote, says the returns should attempt to follow the USD. And it seems to be working: the total return over 5 years was 73.92%, while the USD over 5 years increased 73.95%. That is, had I bought USD 5 years ago and sold it now, the return should be about the same as that fund. Which is the point: it's simpler to invest on that fund (or others like it) than to buy USD directly.