[Phillipharryt]

There are many options backed ETFs, these are essentially tracking the right to buy x product at y price. Sure if you trace it down long enough there is an asset there, but realistically you're buying an ETF tracking a number of contracts. The ETFs tracking oil futures aren't going to cash in on these options and collect the oil, so the assets are never going to change hands. They'll sell them at a determined date. Making them essentially contract ETFS. Is a contract for a good you're never going to buy in any other way more 'imaginary' than an electronic currency when compared to hard assets? I guess that's up to the consumer to decide.