If the steerer is carbon, then it must project above the stem (so you will need a spacer).
If the steerer is aluminium then you can get away with it only projecting above the top screw of the stem, but it's best practice to do as per a carbon steerer.
If the steerer is carbon, then it must project above the stem (so you will need a spacer).
If the steerer is aluminium then you can get away with it only projecting above the top screw of the stem, but it's best practice to do as per a carbon steerer.
An alternative to a top cap and a spacer is one of Tester's custom made top caps, which incorporates a spacer.