As we approach the end of 2012, the time has come to take stock of the last 12 months. 2012 has proved a fertile year for the European exchange-traded fund (ETF) and exchange-traded product (ETP) industry, with growth in assets under management (AUM) well into double digits. Specifically, we’ve seen around 20% year-on-year growth in AUM based on data from the end of November. The ETP industry now has around €275 billion in AUM due to the virtuous combination of roughly €15 billion in net inflows and capital appreciation across broad asset classes. These figures compare very positively to 2011, which was a year that closed with a slight year-on-year decrease in AUM as net capital losses (mostly owing to poor equity markets) offset overall positive money flows.