On safe or relative safety and mostly tax free high return check out JLA. Do not evaluate based on Yahoo Finance alone but go to Nuveen site and it will explain the 9% high tax free return. As far as Options as. Hedge, that is a more complicated answer. You can buys Puts of stock you own and do not want to sell and make money when they go down. You can do what Warren Buffett does. He never wants to sell. So if he buys stocks with no Div, how does he make any money? Easy - he sells Covered Calls on all his stocks outside the money. So people pay him to buy his stocks but 89% of the time, never force him to sell and he gets to keep the Covered Call Money monthly. He is probably the top guy in the world on this Option Play.