# TTOP Bid-Ask Spread, Liquidity and NAV Premium > TTOP trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated. Data as of Mar 13, 2026. Rebuilt every trading night. As of Mar 13, 2026. Rebuilt every trading night. ## TTOP bid-ask spread and liquidity In the year to Dec 31, 2025, 1 of TTOP’s 1 authorized participants created or redeemed shares. ### IQ Liquidity Score Not scored, 1 of 6 measured. A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: a spot crypto fund: no volume source here yet Price fidelity Not measured: no closing premium is held for this fund Primary market, 25.0 1 active dealer of 1; largest 100% of creations and redemptions, N-CEN to Dec 31, 2025 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) ### Capacity Not measured: a spot crypto fund: no volume source here yet. ### Dealers 1 active of 1 authorized participants; the largest did 100% of creations and redemptions, in the year to Dec 31, 2025 (Form N-CEN filed Mar 13, 2026). The active authorized participants, largest first, by share of the dollars created and redeemed: Merrill Lynch, Pierce, Fenner and Smith Incorporated (100.0%). ### How to trade TTOP When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. ### Where it trades In Q2 2026, 93% of TTOP’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 20.4% of its exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### 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. ### Sources and dates - Dealers: Form N-CEN, the year to Dec 31, 2025, accession 0000894189-26-007824. - Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo. ### Where to next The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, TTOP trading: cost, capacity, premium and dealers, data as of Mar 13, 2026. https://etfiq.com/funds/ttop/trading/ Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/funds/ttop/trading/