iNAV by Tradeweb: A Beacon of Transparency and Fair Value in ETFs
In Q+A with Erik Dixon, Data Product Management and Tobias Runkehl, Sales and Product Management
Q: Let’s start with the basics - what is iNAV, and why is everyone talking about it right now?
Erik Dixon: iNAV is an ETF’s Indicative Net Asset Value - a real-time measure of the value of each constituent inside an ETF during trading hours. With ETF trading volumes rising, and asset classes getting more complex, investors are demanding more transparency into pricing and fair value - and issuers need to meet that moment.
Tobias Runkehl: iNAV is becoming a signal, not just a reference point. In fast or fragmented markets, it builds confidence across the chain on whether an ETF is being fairly priced: for issuers, market makers, investors, and the exchanges themselves.
Erik Dixon: Especially now with the growth of active ETF strategies – in many cases those necessitate less market visibility into an ETF’s constituents – meaning the fair value of an ETF reflected in its official iNAV is even more important for investors.
Q: What makes Tradeweb’s approach to iNAV different?
Erik Dixon: First – when it comes to equity ETFs, when primary equity markets are closed or thinly traded, we apply modelled interpolation using beta relationships to other live inputs - like index futures - so that each ETF constituent updates in a way that’s realistic, not static.
Tobias Runkehl: When it comes to fixed income ETFs, Tradeweb is uniquely positioned. While equity data can be sourced from various exchanges, in fixed income, Tradeweb is the source: real pricing data from our institutional trading platform. That includes credit, rates, derivatives – data we already use to power live execution every day. That’s why issuers who already rely on Tradeweb data in other parts of their business increasingly want that same standard applied to their iNAV.
It’s a bottom-up approach. Our iNAV isn’t layered on, it’s built from real market inputs. That gives you a more accurate view of fair value, especially in less transparent markets.
When the markets for underlying equity securities are closed, for example, we apply modelled price interpolation using a beta against other market inputs, like index futures, to move individual constituents realistically.
Erik Dixon: We also apply a waterfall methodology: we prioritise live contributions first and shift to interpolated price movements when appropriate depending on the time of day and quality of contribution. All dynamically, at every single constituent’s level, refreshed in its entirety at every price update. That structure gives the Tradeweb iNAV both breadth and resilience.
Tobias Runkehl: This same data advantage now extends into credit portfolio trading analytics, where traders can view, in real-time, dynamic ETF versus iNAV data - delivering visibility into premiums and discounts directly within the PT ticket.
Q: What is the benefit for ETF issuers specifically?
Erik Dixon: It's about observability, credibility, and differentiation. Your iNAV reflects your product, so having one that's accurate and based on real-time price inputs reinforces investor confidence and your distribution. Especially in credit-based or multi-asset ETFs, where price discovery isn’t as straightforward.
“iNAV has become a statement of credibility, for issuers and the market alike.”
Tobias Runkehl: Issuers also need to think about the standard of transparency the market is starting to expect. If they’re offering robust iNAVs through a more trusted provider and you’re not, you’re missing out on bringing high-quality transparency on your funds to investors.
Q: And for asset managers or liquidity providers?
Erik Dixon: For asset managers, it’s about clarity. You can better assess ETF pricing relative to NAV and make smarter execution decisions in real-time, especially in more opaque asset classes.
Tobias Runkehl: Also, for liquidity providers, a stronger iNAV helps tighten spreads, reduce guesswork, and anchor quotes in confidence. That’s exactly what you need in fast-moving markets or in low-visibility conditions.
Q: There’s a lot of talk about resilience - how does iNAV by Tradeweb support that?
Erik Dixon: Resilience means more than just showing a price - it means showing a price that holds up under pressure.
Because our iNAV is based on live, executable market data, it holds up even when volatility spikes or liquidity shifts.
Tobias Runkehl: Since Tradeweb is already a trusted infrastructure provider across the ETF and fixed income space, we’re not just adding a data layer - we’re extending a foundation that’s already deeply embedded in institutional workflows.
Erik Dixon: It’s iNAV that actually reflects the market, and in today’s environment, anything less just isn’t enough.
Q: Why iNAV by Tradeweb - and why now?
Erik Dixon: The market’s expectations have changed, and transparency is no longer a differentiator, it’s a baseline. Tradeweb is uniquely positioned to deliver an iNAV that’s accurate, explainable, and deeply rooted in the way that the market trades.
Tobias Runkehl: We’re already seeing established issuers make the switch. Not just because of the numbers, but because of what those numbers say to the market. It’s a strategic choice - and it’s one we’re proud to support.
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