RTAI vs. MFLX ETF Comparison

Comparison of Rareview Tax Advantaged Income ETF (RTAI) to First Trust Flexible Municipal High Income ETF (MFLX)

RTAI

Rareview Tax Advantaged Income ETF

RTAI Description

The investment seeks total return with an emphasis on providing current income, a substantial portion of which will be exempt from federal income taxes. Under normal market conditions, the fund will invest in municipal bond closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions. While it will invest primarily in closed-end funds, the fund may invest up to 30% of its assets in municipal or short term Treasury ETFs if in the adviser's discretion, the ETFs will provide a better investment opportunity or liquidity for the asset class. It is non-diversified.

Grade (RS Rating)

Last Trade

$21.85

Average Daily Volume

1,557

Number of Holdings ^*

12

* 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	RTAI	MFLX
30 Days	-2.25%	-0.88%
60 Days	-2.83%	-1.17%
90 Days	-0.32%	0.52%
12 Months	13.28%	8.90%

9 Overlapping Holdings

	Symbol	Grade	Weight in RTAI	Weight in MFLX	Overlap
	BLE	D	9.25%	0.75%	0.75%
	IQI	D	8.55%	0.49%	0.49%
	MHD	D	0.4%	0.22%	0.22%
	MMU	C	10.55%	0.73%	0.73%
	NAD	C	13.02%	0.51%	0.51%
	NEA	C	6.82%	1.1%	1.1%
	NVG	D	9.41%	0.8%	0.8%
	NZF	C	14.13%	0.55%	0.55%
	VKQ	C	8.39%	0.24%	0.24%

RTAI Overweight 3 Positions Relative to MFLX

	Symbol	Grade	Weight
	IIM	D	8.05%
	VMO	D	7.49%
	MYD	D	3.58%

RTAI Underweight 7 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%

RTAI: Top Represented Industries & Keywords

Industries: Asset Management

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

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