Which of the following does not typically serve as a role of ETFs?

The role of ETFs, or Exchange-Traded Funds, is primarily to provide investors with a way to gain exposure to various assets, including commodities, without directly owning those assets. In the context of commodities, ETFs often track the performance of a commodity index or hold futures contracts, rather than the physical commodities themselves. Therefore, they do not offer direct ownership of commodities.

For instance, when an investor purchases an ETF that tracks gold, they are not buying gold directly; instead, they are buying shares in a fund that may hold gold futures or other investments correlated with the price of gold. This structure allows investors to participate in the commodity market and its price movements without the complexities and responsibilities that come with holding physical commodities.

The other roles of ETFs, such as providing exposure to commodity markets, allowing investment diversification, and facilitating lower expense ratios, highlight their strengths. ETFs can serve a wide array of investors seeking to diversify their portfolios and gain efficient access to various markets with comparatively lower costs relative to mutual funds.