Although investors are very satisfied with most exchange traded products, funds that track alternative investment strategies remain unloved.

A recent survey by French business school Edhec shows that less than 30 percent of money managers are happy with their purchases of hedge fund and real estate ETFs. That compares with 94% for equities, 79% for commodities, and 78% for funds that track bonds.

The dissatisfaction most likely comes from the fact that alternative investment strategies are difficult to replicate with a transparent index. Liquidity has also been a concern for the new class of product, and hedge fund strategies themselves have been largely discredited by their failure to protect investors from the credit crisis.

The report comes on the heels of the recent Wall Street Journal’s article that detailed how active ETFs have been slow to attract investment, despite the industry’s passion for their introduction.

Perhaps investors know something the industry doesn’t?