Here some info from the Product i was using a few years ago,
Algae and most likely all symbiotic zooxanthellae that live within corals, sponges, anemones, clams etc. have a requirement for Iron along with other micro growth substances. The Iron Plus formulation provides an unchelated form of Iron, since we feel that chelation (binding of the Iron within an organic matrix) may give an unfair advantage to microalgae that is able to metabolize the organic Iron complex. Also, since the iron used is at its highest oxidation state a temporary rise in redox may be observed following its use. The other growth substances are Manganese, Cobalt, Copper and Zinc. The formulation is pH stabilized to maintain the elements in the ionic form and the concentrations of chemicals are proportioned to the concentration of iron in natural seawater. Although trace metals such as Copper are toxic to some invertebrates, this formulation contains only microquantities essential for metabolism at levels far below toxicity. As with most trace additives, their residence time in the water depends upon the biomass using them, the filtration extracting them and the water conditions that may bind them. Therefore, if trace additives are used on a regular basis it is prudent to perform periodic checks for accumulation or deficiency. A low or high limit should be established. For Iron these limits may be 0.01 to 0.05