What is the purpose of this Y shaped bit? Screw the bolt in/out, without hurting your fingers. The list of bits in this set, lists it as a 'Y-shape hook driver'.

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Slotted The slotted profile was one of the very first screw heads and continues to enjoy widespread popularity. A simple slot on the screw head holds the tool blade. Disadvantages are the lack of centring, which means that the bit tends to slip out of the screw, as well as its sharp edges, making it unsuitable for mechanical applications. It does not offer any special properties. With the slotted profile, the force is applied to the diagonally opposite outer edges of the slot. This shape is not particularly suitable for the transfer of high torques.

Phillips The cross-recessed Philips profile is characterised by two slots at right-angle to each other. This crossed version offers a number of significant advantages over the classic slotted shape. The force is applied along the four edges and this reduces user fatigue when turning the screw. However, with this profile too, the user has to counteract the cam-out forces by applying an axial force. A special surface coating on the tool tip (Wiha Dura, Wiha Diamond) can remarkably reduce the cam-out forces.