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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "The first index point stresses that the equity-like component rank as preferred stock. GFL's equity component is not preferred",
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      "text": "ICE Says The Index Tracks Preferred Stocks or Hybrids Convertible Into Preferred Stock",
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      "text": "GFL Says The Units Are Subordinate Voting Shares Ranking Junior To Any Preferred Shares....",
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      "text": "Blackrock PFF Tracks The ICE Exchange-Listed Preferred & Hybrid Securities Index",
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      "text": "Blackrock's iShares ETF (NYSE: PFF) owns 1.1m shares ($65m) of GFL's Tangible Equity Units (“TEU” / (NYSE: GFLU). Per PFF's prospectus it is designed to match the ICE Exchange Listed Preferred & Hybrid Securities Index (PHGY).",
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