Is this the cheapest COSC chronometer?

The powermatic can obviously be set very accurately in the factory.

It’s actually completely machine regulated – that was the point. The Swatch group wanted to make an affordable movement that could be set within COSC standards. They wanted it to have what is traditionally quite expensive specifications, such as the 80 hour power reserve. But all done very cheaply for minimal – no – human labour, hence cost. For their affordable Swiss models.

Some people really like it. But my own experience of it was it was very unstable. It’d be -25spd for a month, then +10spd for two weeks, then -2, etc. It drove me nuts.
It wasn’t magnetised, and I can accept I was unlucky a got a poor one.