Tradeweb Markets Inc. (NASDAQ:TW) today announced that Xtrackers by DWS has adopted Tradeweb’s indicative net asset values (iNAVs) for its Europe-listed Xtrackers exchange-traded funds (ETFs).

The Tradeweb iNAVs are real-time, intraday valuations based on the underlying constituents of an ETF, updated every few seconds to reflect evolving market conditions. The addition of Xtrackers to Tradeweb’s list of iNAV clients means that the service now covers more than 50% of the total assets under management of ETFs listed in Europe, underscoring its position as a leading provider of independent ETF fair value data.

Enrico Bruni, Co-Head of Global Markets at Tradeweb, said:

“We are seeing strong momentum from ETF issuers looking to strengthen transparency and data quality across their products. Xtrackers’ adoption of our iNAVs highlights the growing role of immediate, independent valuations in supporting more efficient ETF trading and building confidence across the broader market.”

Jamie Hartley, Global Head of Capital Markets at Xtrackers, said:

“Providing investors with a clear and reliable view of value throughout the trading day is an important part of how we support effective execution. Tradeweb’s independent, real-time iNAVs help deliver that transparency by providing timely and robust pricing information.”

Tradeweb plays a central role in modernizing market structure by developing innovative trading protocols, embedding analytics into execution, and building technology infrastructure that supports the convergence of traditional and digitally native financial markets.

The Tradeweb iNAVs are particularly relevant for portfolio trading (PT) workflows, where ETF premiums and discounts offer valuable insight into underlying credit market sentiment and dealer positioning. Their strong correlation with PT execution outcomes makes them a useful reference point of expected execution quality. As active ETF strategies evolve, iNAVs support better-informed trading decisions and help investors see the impact of less transparent portfolio constituents by providing a transparent, real-time view of ETF fair value.

The adoption of Tradeweb’s iNAV service by Xtrackers reflects broader structural trends in ETF markets, where data, automation and electronic execution are increasingly interconnected. Real-time iNAVs have the potential to improve market efficiency, particularly in volatile or less liquid environments, by providing a continuous reference point for pricing.

Tradeweb’s iNAV data is available globally via LSEG Data & Analytics, Bloomberg, and direct distribution, enabling seamless integration into trading workflows and supporting both retail and institutional participants.