I agree that ETFs in real estate may be of interest to some investors. A bit of real estate probably doesn’t hurt, but in my own portfolio, I already have a large real estate investment (my house) so I don’t want more.

They have low correlations because they are not priced daily in the market. Their pricing comes from the fund manager. As such, they tend to appear less volatile. In the same way that my house price seems to have low volatility - it doesn’t trade constantly and all the valuations of it for the past 15 years have been…

The correct percentage of alternatives is zero. 0%.