What is the truth to Santa Claus?

I just answered a question about an adult telling kids (who were not hers) the “truth” about Santa Claus. In this case, the teacher (and most others) seem to think that the truth has to do with the character’s physical reality… or lack thereof.

Frankly, I think that is a pretty shallow understanding of truth. I think the truth to Santa Claus is so much deeper than that. But maybe I’m in the minority.

What do you think the truth to Santa Claus is?