No Skol i am not wrong, ETF merely gives you exposure to the physical asset not the actual right to the asset.
When you redeem your investment in an ETF what are you receiving?? You don't receive a portion of the physical commodity or shares the ETF invested in, you receive your share of cash back which may be more than your initial investment if the commodity the ETF purchased has increased in value. Otherwise you get less if the commodity or shares it invested in had decreased.
Investing in ETF's that are purchasing a certain commodity is a financial product that enables you to be exposed to the commodity without having to worry about storing and insuring the commodity.
Alternatively the only way to have the physical is to go and purchase the commodity or shares yourself.
