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It works as a target removal at I, as a Ghostly prison effect at II and III, while it acts as ramp at IV creating X Treasure tokens, where X is the number of opponents who control a creature with power 4 or greater
P/T Number 469 Language English Legal Formats Brawl, Commander, Competitive Brawl, Historic, Legacy, Modern, Timeless, Vintage Not Legal Formats Alchemy, Pauper, Pioneer, Standard Rulings (6/6/2025) "Flashback [cost]" means "You may cast this card from your graveyard if the resulting spell is an instant or sorcery spell by paying [cost] rather than paying its mana cost" and "If the flashback cost was paid, exile this card instead of putting it anywhere else any time it would leave the stack." (6/6/2025) You must still follow any timing restrictions and permissions, including those based on the card's type
a bug interprets the reaction skill to be applicable to all physical attacks, so a character equipped with this can also Arrow Catch and Bullet Catch