No. In AP mode the gizmo broadcasts a wifi signal, but all the router functions are turned off, like DHCP. So a device that connects to the AP gets its ip address from whatever the gizmo is connected to. So if the gizmo is connected by ethernet to your modem, it has an IP address from the modem, and anything that is connected to the gizmo gets an IP address from the modem. In router mode, the gizmo gets a WAN ip address from the modem, but anything that connects to its wireless gets an IP address from the DHCP on the gizmo in the .8.x range. In the first case, one subnet, in the second two.