Turns out it's this thing, which keeps your motor from pushing the shaft out when it's installed in a rear-facing configuration.
Klique provided this picture and notes it should be all the way up against the C clip.
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What's a "C Clip Support Thrust Collar"?
Category → What's a "C Clip Support Thrust Collar"? » _toc:Zephyr II , motors » Hobby-RC s