11. What is the difference between a buy order and a subscription (or a sell order and a redemption)?

When you are placing a subscription or redemption, you are dealing directly with the Issuer. The NAV at which your instruction is completed is determined by the Fund administrator.

When you are placing buy and sell orders, you are dealing with other investors. Your orders will be filled if there is a matching order at your price. If not, your order will expire at the end of its valid period.