Tradeweb's iNAV service now spans more than 50% of the total AUM of Europe-listed ETFs

Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, 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.

About Tradeweb Markets

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail, and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.8 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

About DWS Group

DWS Group (DWS), with EUR 1,085bn of total assets under management (as of 31 December 2025), is a leading European asset manager with global reach. With approximately 5,000 employees in offices around the world, DWS offers individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines. Its diverse expertise in Active, Passive and Alternative asset management enables DWS to deliver targeted solutions for clients across all major liquid and illiquid asset classes.

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