Goldman Sachs (NYSE: GS) was left with some egg on its face after it issued a report on BlackRock's planned copper ETF, which requires the physical storage of copper. The twist here is that BlackRock is a business partner with Goldman on the ETF, as the latter is storing the copper via its warehousing unit. That's right, Goldman Sachs has a warehousing unit. JPMorgan does too, according to The Source.

"We believe such a product would have to assume a large degree of irrational investor bias to ultimately disrupt the market and create significant 'new demand.' ... Fundamentally, we don't see a physical ETF as anything different than the contango in a futures curve, and not 'new demand,' but just another player in the fundamental role of financing the storage of a commodity needed in the future," said Goldman's report.

But the fact is we will likely see more of these sorts of ETFs, as more firms chase the success others have found with gold ETFs. JPMorgan Chase (NYSE: JPM) is jumping in on the act. Deutsche Bank (NYSE: DB) and a partner will launch a series of copper, aluminum, lead, nickel, tin and zinc ETFs.

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