Iounic transportation causes the object touched to orbit around your head within a three-foot radius. The item orbiting in this manner provides no special bonus or penalty, but its weight does not count towards the load you carry.

You can retrieve the item at any time as a move action. After it has been snatched, the target item can be set into orbit again as a move action, provided the spell’s duration has not expired.

Others may attempt to attack or grab the item as they would any other item, though the spell provides the item with a +4 deflection bonus to its armor class and CMD.