Joel M. Dickson, Ph.D., is Vanguard's global head of Investment Research and Development and a principal in Vanguard Investment Strategy Group. Previously, Mr. Dickson was a senior ETF strategist, also within Vanguard Investment Strategy Group, where he analyzed trends and developments in the ETF market. He also served as head of Vanguard's Quantitative Equity Group, with oversight responsibility for all research and portfolio management activities associated with Vanguard's internally managed active equity portfolios. Before that, he was responsible for the day-to-day portfolio management of Vanguard’s active quantitative portfolios. He also was a member of Vanguard Portfolio Review Department, where he evaluated potential advisors for the company's subadvised funds. Before joining Vanguard in 1996, he worked as a staff economist at the Federal Reserve Board. Mr. Dickson has testified before Congress on Social Security reform and mutual fund disclosure issues, and he is often quoted in the press regarding the role taxes play in portfolio management and asset allocation decisions. Mr. Dickson earned an A.B. from Washington University in St. Louis and a Ph.D. in economics from Stanford University.
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Low Volatility ETFs invest in securities with low volatility characteristics. These funds tend to have relatively stable share prices, and higher than average yields.