It's often said that according to deflationary theories of truth, truth is not a ‘substantial’ property. While this is a fine slogan, it is far from transparent what deflationists mean (or ought to mean) in saying that truth is ‘insubstantial’. Focusing so intently upon the concept of truth and the word ‘true’, I argue, deflationists and their critics have been insufficiently attentive to a host of metaphysical complexities that arise for deflationists in connection with the property of truth. My aim (...) is to correct several misunderstandings as to what deflationists are after here—including some harboured by deflationists themselves—and to offer an account of the commitments about truth's nature that they ought to undertake. In developing this account, I focus particularly upon the issue of what metaphysics of truth a Horwichian minimalist ought to adopt. (shrink)