BlackRock adopts TradeWeb’s ETF iNAV

Tradeweb Markets Inc., the Nasdaq-listed operator of electronic marketplaces for rates, credit, equities and money markets, has launched a market data service to calculate real-time iNAVs for ETFs. BlackRock has become the first ETF issuer to use Tradeweb iNAVs for its iShares ETF suite in Europe, which are publicly available via Bloomberg and Refinitiv.

The Tradeweb iNAV calculation for fixed income ETFs applies a waterfall methodology, prioritising live price contributions from Tradeweb’s platform and using Tradeweb’s Automated Intelligent Pricing (Ai-Price), which delivers advanced algorithmic reference pricing. The process is similar to establishing a fund’s official closing NAV, but is performed intraday. Tradeweb applies a similar approach to produce iNAVs for equity, commodity and fund of fund ETFs. In addition to single iNAV prices, which are publicly available for transparency purposes, Tradeweb offers an enhanced iNAV data feed product comprised of iNAV Bid, iNAV Mid, and iNAV Ask values. Tradeweb plans to extend its iNAV calculation service across products and geographies.

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