A good chuck has jaws that are constrained to be parallel to the axis of rotation. The goal here is to have your bit/tool gripped along the length so that it is centered along the axis of rotation and can't wobble in the chuck. These chucks are very cheap and they work by the threaded hex shaft screwing into the body which pushes the jaws from behind against the conical shell forcing them to 'close'. The jaws are free floating inside the body with some light springs 'encouraging' equal spacing. They always end up gripping the tool/bit at three points of contact instead of three lines of contact so that the tool/bit can wobble. Maybe not a huge deal for some light duty applications, but anything high speed will wobble like mad and your drill bits will often not be centered at the tip. A return for me.
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