Unitisation cannot solve the dilemma. It can do away with default risk and default/recovery costs, but it cannot do away with the liquidity/speculation dilemma.

What this statement misses is that redeemability of Units massively increases liquidity.

Conventional Units can only be sold to Investors, and Unit prices therefore diverge from the underlying.

REITs and Investment Trusts invested in relatively illiquid investments are cases in point and the Unit prices therefore usually trade at a discount to the underlying pool of assets.

But when the price of the redeemable Units I advocate drops below the "physical" price, it will be in consumers' interests to buy them and redeem them against physical consumption, either immediately (or if at a discount to the spot price) in the future.

That is why the "unitisation" I advocate is in fact "monetisation".

"The future is already here -- it's just not very evenly distributed" William Gibson