Fresh off the heels of a third round of quantitative easing, TIPS ETFs are in the spotlight, as investors wonder how best to protect their portfolio against the risk of inflation. Ultimately, TIPS ETFs are a great product under the right circumstances, and they ought to be evaluated under the same criteria as any other government bond; that is, they should be compared to other offerings. So, how do TIPS work, and are ETFs efficient wrappers to access the TIPS market?