The law of supply and demand tells us that when demand for something increases, then price should also increase. What happens to the price of underlying securities when demand increases, or decreases, for ETFs? Not what you might expect.
Richard F. Powers is the head of ETF Product Management in Vanguard Portfolio Review Department. He joined Vanguard in 1999 and joined Portfolio Review in 2003. For the majority of his tenure in Portfolio Review, Mr. Powers was a senior member of the Oversight and Manager Search team, which is responsible for identifying subadvisory partners for Vanguard's active fund lineup and monitoring the firm, people, process, portfolio, and performance of all existing Vanguard funds on behalf of the firm's senior leadership team and board of directors. In 2015, Mr. Powers assumed his current role. His team is responsible for conducting surveillance of competitor products and positioning, meeting with clients and prospects to discuss Vanguard's ETF lineup, publishing on noteworthy developments in the ETF marketplace and Vanguard lineup, and supporting ETF education initiatives. Mr. Powers earned a B.S.B.A. in finance from Shippensburg University and an M.B.A. in investment management from Drexel University.