When you open a non-leveraged BUY (long) position on an ETF, you are investing in the underlying asset.*
eToro also offers additional functions using CFD trading. With CFDs, you can open SELL (short) positions and use leverage. Keep in mind that if you hold a CFD ETF position, you don't own the ETF. Any CFD trade will be marked 'CFD' in the trade line.
* All US ETF positions opened by clients of eToro (Europe) Ltd and eToro (UK) Ltd who are residents of the EEA or the UK are only available as CFDs. To find out which regulation your account is under, click here.