I too had wondered if the cap head screw on the end was to set a dead length, but it has no lockout.
Likely belt and braces to stop any screwed end mills screwing/unscrewing further? Only two threads would be needed for that – the end mill and the screw.
Or perhaps the collet would not prevent plain-shank cutters from sliding in further under load and the screw may be sufficient to prevent this, even without a locknut as the collet nut will close slightly on tightening, pinching the screw?
As it is only good for one size of cutter, not too useful for work-holding (compared to a full/proper ER collet), I would suggest. For the cost of collets, they would likely be pensioned off if mine (but left in a drawer somewhere!).