A view on the market movements between April 1, 2023, and March 31, 2024, shows that it is fair to say that this period was a period in which active fund managers could have shown their asset selection and timing skills since the markets were driven by a number of different factors. Each of these factors could have caused a major market downturn on their own. There were a lot of geopolitical tensions around the globe beside the war in Ukraine, which showed that democratic states are more vulnerable than one may think. Also, there were economic factors which burdened

The European ETF industry enjoyed inflows over the course of December 2022. These inflows occurred in a volatile market environment. The market sentiment is driven by concerns about high inflation rates, increasing interest rates, the late effects from the market turmoil in UK government bonds, geopolitical tensions, and disrupted delivery chains caused by the still ongoing COVID-19 pandemic. The performance of the underlying markets led in conjunction with the estimated net inflows to decreasing assets under management (from €1,309.7 bn as of November 30, 2022, to €1,242.5 bn at the end of December). At a closer look, the decrease of