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Inflation-Protection ETFs – III

As complicated as inflation

Nicolas Rabener
10 min read
23 Mar 2026

SUMMARY

  • Fixed-income funds dominate the inflation-protection fund universe
  • TIPS, gold, equity and real return funds have not protected well against inflation
  • Oil, commodities, and managed futures were better hedges

INTRODUCTION

Since the COVID-19 pandemic, politicians worldwide have grown acutely aware that inflation can end careers – few things mobilise voters more than the erosion of their purchasing power. Central banks responded decisively, and inflation retreated. For a time, the threat appeared contained.

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