From the manufacturer's website:
Mueller MWrap Foam Underwrap / Pre-Wrap is a pre-taping foam under-wrap that helps protect skin from tape. Uses of the M-Wrap include keeping hair out of the face, holding pads and socks in place, and as a protective wrap inside the footwear. Other applications include keeping cold packs in place, hold up sleeves, and create a knee strap. This is water-resistant and latex-free.
*These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.