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Factory Seconds are cosmetically flawed discs that will fly just like their normal full price counterpart. The advantage of Factory Seconds is that you get the same disc for less money.
Given that until recently glow discs were only available in their normal "off-white" colouring, the colour for this disc applies to the stamp foil colour and not the disc colour.
We don't actually know what this disc is, it's marked EXP, which is not in the Innova abbreviation database. There previously has been a Millennium EXP, and Innova historically has manufactured Millennium discs, but it does not appear to be a current Millennium model, so your guess is as good as ours, maybe better.