I last covered the Virtus InfraCap U.S. Preferred Stock ETF (NYSEARCA:PFFA) in late 2023. In that article, I argued that PFFA's strong dividend yield and stabilizing economic conditions made the fund a buy. PFFA has returned 9.0% since, outperforming most bonds and bond sub-asset classes, with positive capital gains and dividend growth. Since that article, the fund's dividend yield has dropped from 9.7% to 9.3%, with credit spreads tightening across the board.