Kuat Sherpa 2.0 - Bronco Heritage Model

Some things to consider: I have the hitch tray with no extension, it holds coolers or luggage, it sits below the spare so clearing the spare is a non-issue. It will tote a bike or two if you strap them to the tray and the spare but I cannot fold it to the "up" position when not in use, it hits the tire.
For bike racks that fold up, you're almost always going to need an extension because clearing the tire is the issue there and seating the bikes in their respective rails puts the bikes too close to the tire as well during loading...a non-issue with the tray since you're not putting the wheels in rails for lockdown.
I got the thule bike rack and the extension from Ford's site and it works perfectly, clearing the tire when bikes are loaded and clearing the tire when stored in the "up" position.
Hope that helps.

I added the Kuat Pivot which provides the clearance and swings away for full access to the tailgate…works great when cycling or on the beach with cargo rack…