Given its shorter duration, VTIP is expected to have less real interest rate risk, but also lower total returns relative to a longer-duration Treasury inflation-protected securities fund. Inflation is more of a risk than the markets give it credit for.” Seek Protection From Inflationary Surprises With TIPS ETF VTIP The Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) can provide protection from inflationary surprises or unexpected inflation. The ultimate gains for TIPS investors, spanning maturities of up to 30 years, hinge on the trajectory of future inflation rates.