Magnets for the iPad Air 3 smart keyboard functionality are on the bottom of your iPad to interface with the case.
For the 2018 iPad Pro they are on the inside of one of the FOLIO case’s cover's panels and on the back of the 2018 iPad Pro.
As far a no function keys, the smart keyboards offer other alternatives to access some of the function key functionalities, but you will ALWAYS need the assitamce of the iPad's onboard, internal, virtual software keyboard for many features Bluetooth keyboards, even Apple's, do not cover.
Even if with third party software keyboards this still will always be true.
Best of Luck to You!