I had one on a extreme last year and had no problems.

It is so low (the sight) because of where you have you rest and nock point located. When you have your arrow nocked and on the rest, looking at it from the side view put the arrow right in line with the thread hole that you have your sight bolted onto.

As for the sight ring behind the riser I would suspect your rest is out of center shot.

So move your rest and anchor point check centershot and resight in your bow and your problems will disappear.

Goodluck[8D]