Despite the current situation in Ukraine, Q1 2022 was another positive quarter for the European ETF industry since promoters enjoyed inflows. These inflows occurred in a volatile and negative market environment in which investor sentiment was impacted by increasing inflation rates, geopolitical tensions and the still ongoing COVID-19 pandemic in Europe and other parts of the world. The performance of the underlying markets led in combination with the estimated net inflows to increasing assets under management (from €1,330.5 bn as of December 31, 2021, to €1,334.1 bn at the end of March 2022). The increase of €3.6 bn for Q1-2022