After reading other reviews about this product I was skeptical but purchased it anyway. Unfortunately, they were correct. The issue is the three set screws used to center and hold the bit in place. Its the old one size doesn't fit all approach. Three tiny set screws with almost no bearing surface are used to center and hold the bit. First - without a fixturing device its almost impossible to get the bit centered and perpendicular to the mount. I did fabricate a make shift fixture to lessen the miss alignment.Second but not secondly, The set screws cannot secure the shaft of the bit. After repeated attempts by the third hole the depth of cut was changing. I was only applying enough force to cut a 3/32 recess in pine plywood with a 1-3/8" spade bit. As a former tool maker I can think of a lot of better ways to secure and align the bits, like a flex collet. Sure it would add cost and fewer people may buy it. But that is better than a bunch of quick sales that damage the company name for marketing inferior products.My solution to salvage the day. I secured a drill stop collar to the bit shaft. Then used the top of the tool arbor as my depth stop. Not perfect but better than by hand. Now if I could only find one of those cellulose magnets to convert my mag drill.