Exactly. But not precisely what you have described. I love this tool, as it was my first multi-tool, which I bought in 1999. A century ago! It's authentic US made. I have tried to get a new one recently, but it was a cheap imitation, which broke the next day. This one is rock solid and saw a lot of abuse, doesn't look like new though. I agree about the awkward knife location - takes time to get used too. I'm carrying "Wave" on my waist as EDC for like 5 years, by the way.