It has two modes, either turn iclone SSS on or off. SSS in either iClone or Iray does not work with opacity so if you want opacity you'll have to turn sss off.
Tips: Adjust the IBL level to see more reflections Use a point light with a transparent png of a face or fish, shrk etc with rectange as the shape and make it full sized and increase the intensity and range as needed.
This is a free update/addon does not include the wave maker.. you can swap the other ocean plane in the wave maker scene if you purchased it.
This prop doesn't include the IBL but there are many like it free online.
iClone > Set > Props > Nature Prop