I'm not sure how that thing works but describing it as a "nose cap" and "Because the EZ Twist™ Nose Cap becomes part of your Dremel rotary tool, you’ll always have your wrench at hand" leads me to envision something like this...
The soft material of the replacement nose cap allows the user to pull the end of the nose cap forward until the wrench flats engage the flats on the collet nut. With the shaft locked, it then takes only a slight twist of the nose cap material to loosen the nut's grip on the collet enough to remove/replace the burr being used.
They would do themselves a service by including a short video of its use in their advertisements. I doubt I'm the only person who doesn't fully grok the use of this accessory.
Well, I've always said you can find anything on the interweb so here is the video of the thing in action...
I didn't realize that you have to unscrew it from the nose of the tool to use it; I thought it just pulled forward. That introduces a whole new level of awkwardness. What were they thinking? I'll stick with my clunky homemade wrench, thank you very much.
In addition, it appears that the wrench is the same thin piece of sheet metal that wiggles back and forth on the nut. No thanks.

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