WT-02 iTag Location Tracking Anti-loss Device Black

WT-02: This is the product's model number.
iTag: used for locating items.
Location Tracking: This is the primary function, meaning the device uses technology (often Bluetooth) to help you find the location of the item it's attached to.   
Anti-loss Device: This emphasizes its purpose of preventing you from losing items.   
Black: This specifies the color of the device.
Here's how these devices generally work:

They pair with your smartphone via Bluetooth.   
Using an app on your phone, you can make the iTag emit a sound to help you find it if it's nearby.
If the item is out of Bluetooth range, the app may use a network of other users' devices to help pinpoint its location.
They are often used for keys, wallets, bags, and other valuable items.