The ring gives immunity to the Restrained condition and grants the wearer access to the Mage Hand cantrip.
In addition, the ring has 3 charges. While attuned to the ring, you can use one charge to cast Arcane Eye, Enlarge / Reduce (self only if targeting a creature), Invisibility (self only), Misty Step, Spider Climb (self only) or True Seeing (self only).

Notes: Immunity: Restrained