PFFA: Short-Term Pain, Long-Term Recession Protection

Virtus InfraCap US Preferred Stock ETF (PFFA) remains a buy, especially as a defensive play ahead of a potential recession. PFFA offers a 10% yield, leveraging preferred stock's seniority and diversification, though recent performance has lagged due to rising rates. The ETF is heavily weighted toward financials but maintains broad sector diversification, limiting single-issuer risk. Short-term underperformance is likely if rates rise, but PFFA is positioned to outperform during a downturn as the Fed pivots focus.