Amana Quick Change Chuck 

The Amana Quick Change Chuck is a great product featuring a patented "quick-release" mechanism that makes instant tool changes simple and fast. Simply pull sleeve to change drill bits, screwdrivers, countersinks, and other power bits.  The quick change chuck has a special long shaft for use with keyless chucks. This is an industrial quality accessory manufactured with exacting tolerances. This tool is for 1/4" bits. You can use it on drills, drill presses or even a CNC.