> For the complete documentation index, see [llms.txt](https://docs.fractit.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fractit.com/token-lifecycle/subscription.md).

# Subscription

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### When subscriptions are available

Subscriptions are only available when the **Dubai Financial Market (DFM) is open**.

DFM trading hours: **Sunday – Thursday, 10:00 AM – 2:00 PM (Gulf Standard Time)**

When DFM closes, the subscription window pauses automatically. Users wishing to acquire tokens outside market hours can do so via the Secondary Market.

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### The subscription flow

**Step 1 — Connect and verify** Connect your Canton-compatible wallet. New users must complete KYC onboarding before proceeding. Only whitelisted wallets can subscribe.

**Step 2 — Select amount** Enter the CC or USDC amount you wish to invest. The platform displays the current market price and the estimated number of DFMREIT tokens you will receive, including the subscription fee.

**Step 3 — Confirm** Confirm the transaction. DFMREIT tokens are delivered to your wallet immediately at the current market price.

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### What happens after your subscription

Your token delivery is instant. In parallel, Fractit's operations layer processes the subscription off-chain:

| Step      | Action                                                                                                          |
| --------- | --------------------------------------------------------------------------------------------------------------- |
| Off-ramp  | Subscription proceeds are converted to AED via licensed FX partners                                             |
| Execution | Constituent shares are purchased on the DFM via the licensed broker, weighted to the current DFMREI composition |
| Custody   | Purchased shares are transferred to the Fractit-linked SPV and held in institutional custody                    |

This off-chain process does not affect your token holding. It is the mechanism that maintains the 1:1 backing of all tokens in circulation.

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### Subscription fee

A fee of **0.50%** is applied at the time of issuance. Tokens are issued net of this fee. The fee is shown in the transaction confirmation before you confirm.

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> **Note:** The price at which you receive tokens is the current market price — not the NAV. These may differ slightly. The platform displays both values before you confirm.