RDFI vs. MFLX ETF Comparison

Comparison of Rareview Dynamic Fixed Income ETF (RDFI) to First Trust Flexible Municipal High Income ETF (MFLX)

RDFI

Rareview Dynamic Fixed Income ETF

RDFI Description

The investment seeks total return with an emphasis on providing current income. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions. Through its investments in closed-end funds that hold non-U.S. fixed income securities, the fund may invest indirectly in foreign securities, including securities of issuers located in emerging markets. It is non-diversified.

Grade (RS Rating)

Last Trade

$24.15

Average Daily Volume

11,801

Number of Holdings ^*

30

* may have additional holdings in another (foreign) market

MFLX

First Trust Flexible Municipal High Income ETF

MFLX Description

MFLX seeks to provide current income through an actively managed portfolio of US municipal debt securities whose interests are exempted from federal income taxes. The fund spans a wide range of municipal bonds, including lease obligations, general obligation bonds, revenue bonds, notes, cash equivalents, private activity bonds, as well as pre-refunded and escrowed to maturity bonds. The fund is diversified to invest in municipal bonds of any maturity and credit quality. In addition, the fund may invest, without limitation, in municipal securities that pay interest and generate income subject to federal and state alternative minimum tax. Prior to April 14, 2022, the fund traded as the First Trust Municipal CEF Income Opportunity ETF (Ticker: MCEF). Unlike MCEFs fund-of-CEFs (closed-end funds) structure, MFLX invests in US municipal bonds directly. Although, the fund may still invest in municipal CEFs for up to 10% of its net assets.

Grade (RS Rating)

Last Trade

$17.25

Average Daily Volume

2,630

Number of Holdings ^*

16

* may have additional holdings in another (foreign) market

Performance

Period	RDFI	MFLX
30 Days	-0.89%	-0.88%
60 Days	-3.03%	-1.17%
90 Days	-0.36%	0.52%
12 Months	14.17%	8.90%

8 Overlapping Holdings

	Symbol	Grade	Weight in RDFI	Weight in MFLX	Overlap
	BLE	D	2.11%	0.75%	0.75%
	IQI	D	1.65%	0.49%	0.49%
	MMU	C	1.83%	0.73%	0.73%
	NAD	C	2.71%	0.51%	0.51%
	NEA	C	1.91%	1.1%	1.1%
	NVG	D	2.36%	0.8%	0.8%
	NZF	C	3.4%	0.55%	0.55%
	VKQ	C	1.34%	0.24%	0.24%

RDFI Overweight 22 Positions Relative to MFLX

	Symbol	Grade	Weight
	NPFD	A	5.58%
	EDD	D	4.99%
	PDX	A	4.34%
	HIO	C	4.22%
	EMD	C	3.84%
	ZROZ	D	3.78%
	TEI	D	3.61%
	FPF	D	3.19%
	CARY	C	2.66%
	BTZ	D	2.65%
	EAD	C	2.56%
	RA	C	2.43%
	VMO	D	1.99%
	FTF	C	1.95%
	EMB	C	1.86%
	ERC	C	1.69%
	HIX	A	1.35%
	MYD	D	1.3%
	EHI	C	1.29%
	GHY	B	1.23%
	MBB	D	1.02%
	IIM	D	0.26%

RDFI Underweight 8 Positions Relative to MFLX

	Symbol	Grade	Weight
	BFK	D	-0.63%
	VGM	C	-0.52%
	MYI	D	-0.48%
	EVN	D	-0.36%
	MQT	D	-0.31%
	MQY	D	-0.25%
	BYM	D	-0.24%
	MHD	D	-0.22%

RDFI: Top Represented Industries & Keywords

Industries: Asset Management

Keywords: ETF Exchange Traded Fund Mutual Fund Bond Bond Market Income Trust Legg Mason Legg Mason Partners Fund Nuveen Tiaa Western Asset Management Company Debt Securities Fixed Income Invesco Municipal Bond Blackrock Emerging Market Exchange Traded Funds High Yield Debt Invesco Perpetual

MFLX: Top Represented Industries & Keywords

Industries: Asset Management

Keywords: ETF Exchange Traded Fund Mutual Fund Blackrock Closed End Fund Bond Income Trust Municipal Bond Nuveen Pollution Pollution Control Tiaa Black Rock Invesco Bond Market Dividend Invesco Perpetual Alternative Minimum Tax Cogeneration Discretionary Investment Advisory Services