  We discuss the problem of interpretation of the wave function. The latest
version of the V\"axj\"o interpretation is presented. It differs essentially
from the original V\"axj\"o interpretation (2001). The main distinguishing
feature of the present V\"axj\"o interpretation is the combination of realism
on the subquantum level with nonobjectivity of quantum observables (i.e.,
impossibility to assign their values before measurements). Hence, realism is
destroyed by detectors transforming continuous subquantum reality into discrete
events, clicks of detectors. The V\"axj\"o interpretation-2012 is fundamentally
contextual in the sense that the value of an observable depends on measurement
context. This is contextuality in Bohr's sense. It is more general than Bell's
contextuality based on joint measurements of compatible observables.
