Both my guys are unshod so I think I might forgo the ring feeder. In fact my 3 year old would most likely put his leg through the feeder! He is not the sharpest tool in the shed.
Sorry if this was already covered, but this is a great article about the various round bale feeders: http://www.extension.umn.edu/agriculture/horse/nutrition/selecting-a-round-bale-feeder/
We use the CinchChix net www.haychix.com, which run about $170 for the large round bale nets. They take a little fiddling to get the technique just right, but they are great and they take the waste to almost zero. Then I have a poly ring feeder that I put over it after it’s in the net. It’s a lot of work, but almost no waste, so well worth the cost and the effort!