There are a lot of ways to play the uncertainty using a variety of bond ETFs, including the iShares Barclays TIPS Bond ETF (NYSEArca:TIP) that can help protect against inflation, but your choices do depend on how you think things will play out. As I mentioned, investors do have the option of investing in Treasury inflation-protected securities (TIPs), theU.S. TIP, the inflation-protection bond ETF, is already trading near a 2-½-year high, and it could see much higher prices if inflation starts to creep into the market.