I have a few 3/8" double expansion concrete anchors and noticed that on one side it is threaded and on the other it is not.
It looks to me that the threaded end should go into the hole first. As the bolt is used to cinch the mounted item the back of the mounted item will compress the front side of the expansion anchor toward the threaded part while at the same time threaded part pulls forward to expand the anchor in the hole.
According to Confast, one manufacturer of such anchors, you are supposed to:
"insert the double expansion anchor with the nut first into the hole"
By "nut first" I believe the narrator must mean the threaded end.
(Source: https://youtu.be/LNz6IaM9BK0?t=102 linked to from https://www.confast.com/how-to-install-double-expansion-anchors)
The Confast anchor looks pretty much identical to the example asked about. Curiously they only address this important installation detail in their video, and not in the written instructions or diagram which they also have online.