To find the y-intercept of the function \( y = \frac{1}{5} (2)^x \), we need to evaluate the function at \( x = 0 \).
Substituting \( x = 0 \) into the equation:
\[ y = \frac{1}{5} (2)^0 = \frac{1}{5} \times 1 = \frac{1}{5} \]
Thus, the y-intercept is \( \left(0, \frac{1}{5}\right) \).
So, the final answer for the y-intercept is:
(0, \(\frac{1}{5}\))