Hi Harold. Welcome to our little corner of the 'net.
I believe "self extracting" means that if you continue to turn the collet nut out, it will pull the collet out of the router and you can remove the bit. It may appear loose now, but if you continue to turn it out, it will get tight again and then the collet will come loose.
I believe "self extracting" means that if you continue to turn the collet nut out, it will pull the collet out of the router and you can remove the bit. It may appear loose now, but if you continue to turn it out, it will get tight again and then the collet will come loose.