Drill Bit Extension Set

My first impression is they are well made and a good value. But upon closer inspection they are not the typical quick release extensions as described. I'm used to the quick release extensions that have a ring or collar you move to quickly release the bit. There is nothing locking the bit in position. It's only held in place by magnetism. You could unscrew the blue collar on the extension, and it wouldn't change how it operates. I don't see a purpose for it other than to make it resemble a quick release mechanism. I don't plan to use them. The bits fall out way too easily.