What happens when you play an AVAsset from a remote url?

I'm confused on how an AVAsset gets and plays video from a remote url. I have looked at the documentation but am still a little bewildered by AVAssets, items, and players.

The main questions that I have are

1. Does AVKit automatically manage downloading while playing or does the entire video need to be downloaded in order to play from a remote url?

2. If I played back the asset in a looping fashion, would it download the video again and again?

   let video = AVAsset(url: "https://www.w3schools.com/html/mov_bbb.mp4")
   let item = AVPlayerItem(asset: video)
   player.replaceCurrentItem(with: item)
   player.automaticallyWaitsToMinimizeStalling = false
   player.play()