This isn’t something in which I’m an expert on any of the current details.
You can borrow a million dollars and use it to buy gold. An asset and a liability on the balance sheet each ba million dollars.
You can buy futures contracts with an underlying value of a million dollars. Nothing on the balance sheet. Zero dollars on both assets and liabilities.
The two are economically indistinguishable.
There are regulations around leases, for example, about what you have to capitalise on the balance sheet and when. Then there are workarounds for those rules. New rules cause the investment bankers to go to work. For a fee.