An appropriate final track to an album filled with melancholy and darkness, “hoax” narrates the struggles Taylor endures in a toxic relationship. Although she has been driven to the edge of hopelessness by her lover, Taylor is unable to let go of her doomed relationship.

According to an interview with co-writer Aaron Dessner, “hoax” and “the 1” were the final songs written after the rest of the album was completed, and the two agreed that they should be added to the record as “bookends”. Musically, the song shares some similarities to “cardigan,” the second track of folklore.

Additionally, in conversation with Dessner during folklore: the long pond studio sessions, Swift stated that the song was her first time exploring multiple themes in one piece:

I think I said, “What if not all of these feelings are about the same person? What if I’m writing about several different, very fractured situations? Like one is about love, and one is about a business thing that really hurt, and one is about a sort of relationship that I considered family, but that really hurt.” […] I definitely had the moment of doubt. I had the moment of like, “I don’t usually do this, I usually know exactly what I’m writing about,” and I was really happy when you kind of pushed me forward, like, “Nope, do the thing that makes you uncomfortable.”