A. Yes, some managed low-volatility ETFs - funds that hold defensive, dividend-paying stocks could help mitigate market risks to certain extent, for example iShares Edge MSCI Min Vol USA ETF (USMV) and PowerShares S&P 500 Low Volatility Portfolio (SPLV).
However, while low volatility funds do reduce risks, they do not perform as well when compared with owning a diversified portfolio. For example, the above two funds both underperformed against S&P 500 Index between 2011 and 2017.
The danger of using such low-vol funds is to try to use them to prevent short-term market declines, while such funds should be used more as part of a long term investment strategy, with the goal to generate a better risk-adjusted return.