I last covered Virtus InfraCap U.S. Preferred Stock ETF (NYSEARCA:PFFA) in late 2022. In that article, I argued that PFFA's strong, fully-covered 8.8% yield made the fund a buy. The fund has performed reasonably well since, outperforming bond and preferred shares indexes, but with only 5.8% in total returns. Since that article, PFFA's yield has risen to 9.7%, and market conditions have stabilized. In my opinion the fund remains a buy, and a somewhat stronger one than in the past. PFFA is an actively-managed exchange-traded fund, or ETF, investing in U.S. preferred shares.