Tradeweb Introduces iNAV Calculation Service for ETFs

The leading electronic trading platform Tradeweb​ announced today the launch of a market data service to calculate real-time Indicative Net Asset Values (iNAVs) for exchange-traded funds (ETFs).

According to the official press release, iNAVs provide intraday indications of an ETF’s value based on the market price of its constituents, and are calculated and published every 15 seconds during trading hours. The new offering can increase market transparency by helping investors to assess whether an ETF is being fairly priced.

"We are excited to launch a comprehensive and reliable iNAV calculation service for ETFs, using real-time prices from our leading trading platform," said Enrico Bruni, Head of Europe and Asia Business at Tradeweb. "Our breadth of product coverage, depth of price contributions, and timeliness of quotes position Tradeweb iNAVs to become the market’s preferred solution for intraday ETF evaluation, which could ultimately boost trading confidence in the ETF market."

BlackRock, the world's biggest asset manager, became the first ETF issuer to use Tradeweb iNAVs for its iShares ETF suite in Europe, which are publicly available via Bloomberg and Refinitiv as of February 6th, 2023.

"What makes Tradeweb iNAVs unique is the data source and quality, especially for fixed income ETFs," said Lisa Schirf, Global Head of Data & Analytics at Tradeweb. "They are based on executable streaming bond prices, so they provide a more immediate and realistic view of the ETF market at any given point in time. This is hugely valuable during volatile market conditions, and we are proud to see the world’s largest ETF issuer, BlackRock, adopt our iNAVs right from the start."

Tradeweb is intended to expand its iNAV calculation service across products and regions in partnership with clients.