It's for setting "Red Head " anchors in Concrete with an air or Electric rotary hammer. They were very popular some years back , maybe something has replaced them now. Each size anchor has a different chuck. To change chucks , you spread the two round arms and insert the chuck of your choice. The shaft in the end of the chuck is special for each brand of hammer. It is tapered , and can be driven out with a BFH.... The hole in the chuck is for ejecting the tapered drive end of the anchor. When it's driven in all the way , the end is snapped off, and a tool is inserted and twisted . Cam action ejects it . like a Morse taper drill bit , only with a twist , not a hammer blow......