You gain a +3 bonus to attack rolls and damage rolls made with this magic weapon.
The first time you attack with the weapon on each of your turns, you can transfer some or all of the weapon's bonus to your Armor Class. For example, you could reduce the bonus to your attack rolls and damage rolls to +1 and gain a +2 bonus to Armor Class. The adjusted bonuses remain in effect until the start of your next turn, although you must hold the weapon to gain a bonus to AC from it.
If a weapon has the Thrown property, you can throw the weapon to make a ranged attack, and you can draw that weapon as part of the attack. If the weapon is a Melee weapon, use the same ability modifier for the attack and damage rolls that you use for a melee attack with that weapon.
If you hit a creature with this weapon and deal damage to it, you can reduce its Speed by 10 feet until the start of your next turn. If the creature is hit more than once by weapons that have this property, the Speed reduction doesn't exceed 10 feet.