IQ
TTOP
21Shares FTSE Crypto 10 Index ETF
Category CryptoIssuer 21SharesNet assets $859,730Fee 1.57%

TTOP bid-ask spread and liquidity

See what TTOP costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 1 of 6 measured · Mar 13, 2026
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

One dealer
Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Not measured · a spot crypto fund: no volume source here yet
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
1 active dealer of 1; largest 100% of creations and redemptions, N-CEN to Dec 31, 2025
25.0
Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

TTOP is not scored: its spread is not read, so it has no point on this chart. 11 scored Crypto ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

TTOP among Crypto ETFs

Cheaper to trade sits left, easier to trade sits up.

11 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026
CapacityWhat the holdings can absorb a day

Not measured: a spot crypto fund: no volume source here yet.

Who makes the market

Authorized participants · N-CEN, the year to Dec 31, 2025
Active dealers
1
of 1 authorized
Largest
100%
of creations and redemptions
One dealer
Yes
1 active

1 of 1 authorized participants created or redeemed TTOP shares in the year to Dec 31, 2025. From the fund’s Form N-CEN, filed Mar 13, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Merrill Lynch, Pierce, Fenner and Smith Incorporated (100.0%).

Where it trades

Q2 2026, 62 trading days
Off exchange
93%
Odd lots, of exchange volume
20.4%

In Q2 2026, 93% of TTOP’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Who is the AP for TTOP?

TTOP’s latest Form N-CEN, for the period ending Dec 31, 2025, lists 1 authorized participant (APs), and 1 created or redeemed shares. The only active AP was Merrill Lynch, Pierce, Fenner and Smith Incorporated.

Who is the LMM for TTOP?

TTOP’s lead market maker (LMM) on NYSE Arca is Flow Traders U.S. LLC. Lead market maker per NYSE Arca, as of Nov 9, 2026.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →TTOP fund page→
Sources and dates
DealersForm N-CEN · the year to Dec 31, 2025
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, TTOP trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/ttop/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.