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

$22.41

Average Daily Volume

3,958

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

$16.65

Average Daily Volume

3,683

Number of Holdings ^*

18

* may have additional holdings in another (foreign) market

Performance

Period	RDFI	MFLX
30 Days	-2.61%	-1.02%
60 Days	-1.34%	-0.78%
90 Days	-1.27%	-0.49%
12 Months	3.57%	2.69%

8 Overlapping Holdings

	Symbol	Grade	Weight in RDFI	Weight in MFLX	Overlap
	BLE	C	2.03%	0.43%	0.43%
	IQI	C	1.56%	0.19%	0.19%
	MMU	D	1.73%	0.19%	0.19%
	MYI	C	0.13%	0.44%	0.13%
	NAD	D	3.0%	0.19%	0.19%
	NEA	D	1.87%	0.19%	0.19%
	NVG	D	3.35%	0.45%	0.45%
	NZF	D	3.34%	0.2%	0.2%

RDFI Overweight 22 Positions Relative to MFLX

	Symbol	Grade	Weight
	BIL	A	8.51%
	EMD	C	7.55%
	FPF	C	7.54%
	FAX	D	6.29%
	JPC	B	5.67%
	EDD	C	5.5%
	PDX	A	4.59%
	TEI	B	4.2%
	GHY	B	3.74%
	EAD	C	2.75%
	FTF	A	2.23%
	NPFD	C	1.95%
	ZROZ	D	1.48%
	VMO	C	1.37%
	PFF	C	1.3%
	MBB	C	1.3%
	ISD	C	1.24%
	VKQ	C	0.93%
	BTZ	C	0.31%
	IIM	D	0.21%
	MYD	D	0.1%
	MVF	C	0.09%

RDFI Underweight 10 Positions Relative to MFLX

	Symbol	Grade	Weight
	EIM	D	-0.45%
	EVN	D	-0.33%
	BFK	D	-0.33%
	MQT	D	-0.28%
	MQY	D	-0.23%
	MUI	D	-0.22%
	BYM	D	-0.22%
	MHD	D	-0.2%
	VGM	C	-0.12%
	MUA	D	-0.1%

RDFI: Top Represented Industries & Keywords

Industries: Asset Management

Keywords: ETF Exchange Traded Fund Mutual Fund Bond Bond Market Nuveen Tiaa Blackrock Fixed Income Income Trust Invesco Municipal Bond Black Rock Closed End Fund Debt Securities Exchange Traded Funds High Yield Debt Invesco Perpetual Bank Loans Bond Markets In East Asia And South East Asia

MFLX: Top Represented Industries & Keywords

Industries: Asset Management

Keywords: ETF Exchange Traded Fund Blackrock Mutual Fund Closed End Fund Black Rock Bond Municipal Bond Income Trust Nuveen Pollution Pollution Control Tiaa Exchange Traded Funds Bond Market Dividend Eaton Vance Electric Utilities Invesco Alternative Minimum Tax