This tool wraps the thread towards the eye of the hook which is useful in smaller dry flies where the hackle shouldn’t be trapped.
Step 1:

Hook the thread around the arm of the tool and place the front hook on top of the thread.
Step 2:

Rotate the tool clockwise with the front hook passing over the hook shank. The arm will bend as more thread is taken up during this procedure. The wraps will move towards the hook’s eye
Step 3:

Make 5 turns. Slip the front hook out of the loop and pull the bobbin which will close the loop around the tool’s arm.
Step 4:

Slip the arm out of the loop and trim the thread.