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In this article, I'll review all the baby bonds, listed on a national exchange, sorted into several categories. There are 178 issues in our database that trade on primary exchanges. Since there is no common ETF for baby bonds only, I'll examine the two biggest fixed-income ETFs with a market capitalization of $19.5B in general, the iShares U.S. Preferred Stock ETF (PFF) and the Invesco Preferred Portfolio ETF (PGX). As we can see in the charts below, 70% of PFF's holdings are preferred stocks, which occupies around 76% of the market