US Patent 8708346 Rotary tool including a collet

A collet for connecting a rotary tool to a rotary tool driver, the rotary tool including a shaft having a shaft end and a shaft diameter includes a body including a first end configured to connect to the rotary tool driver and a second end configured to receive the rotary tool. A magnet is disposed within the body and is positioned to magnetically engage and contact the shaft end to inhibit movement of the rotary tool along a shaft rotational axis. A support member is disposed within the body and is configured to support the shaft for rotation about the shaft rotational axis.