November 2021 marked the twentieth consecutive month with inflows into ETFs after the outflows caused by the outbreak of the COVID-19 pandemic in March 2020. These inflows occurred in a volatile but still somewhat positive market environment in which investor sentiment was still impacted by the dynamics of the COVID-19 pandemic on the economies around the globe and the resulting actions taken by central banks and governments in Europe and other parts of the world. The positive performance of the underlying markets led to increasing assets under management (from €1,276.8 bn as of October 31, 2021, to €1,290.4 bn at