I'm assuming the sheath is similar to my other neck knifes that use the Kydex sheath. They mold the sheath in such a way it holds the knife in place. Kydex is a trademark, so I'm thinking this is a knock-off version of that.

One of the benefits of that pinky ring on knife, is that you don't need to set knife down/pick-up  while working with it.
When I gut a Brook Trout, I leave head attached and just slice across base of gills and then run tip down to tail, using two fingers to keep blade from cutting gut sack. Then I can let the knife dangle safely from my little finger and use my thumb to push along spine gutting it safely.

Once you use one, you'll wonder why you didn't have one before ;)

Glad my sharpener recommendation looks to be a winner.