A decade ago, investors looking for diversified exposure to the market would have turned to unit trusts, purchasing them through their banks, financial advisors or other middlemen. Today, unit trusts (also known as mutual funds) are fast losing their appeal especially when compared to the more affordable and accessible exchange-traded funds (ETFs). Investors are certainly making their preferences known. Global net inflows into ETFs for the first six months of 2021 totalled US$659 billion compared with US$767 billion for all of 2020, according to research and consultancy firm ETFGI.   Globally, ETF assets under management hit a record US$8.66 trillion at the end of June, just a hair’s breadth away from those in mutual funds. The gap between ETFs and mutual funds has been rapidly narrowing since 2016, a key indicator of the surging popularity of ETFs and their function as a low-cost investment vehicle.  Image: Financial Times...