I have a three piece set that has this and different bit sizes. Works great once you realize it's slight shortcoming. The little black cone is adjustable (also removable for bit replacement) and will drill countersink beveling for flat head screws . The "slight shortcoming" is that I think the bits aren't the sturdiest, but since they can be swapped, you can use whatever you want. Unfortunately, since the collar is also the hex insert for the swap tip, you can't reverse it to use it as a depth stop.
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Thank you!