That is precisely the point of my argument. You as a non experienced finance professional can see the fallacy in their methods (ie, they may as well have bought

That is precisely the point of my argument. You as a non experienced finance professional can see the fallacy in their methods (ie, they may as well have bought the gold in the first place, which is illegal), but they found a little loop hole to circumvent the rules and do whatever the hell they want with their fund, all while marketing it as UCITS compliant.