Where to Safely Invest? ETFs to Help Weather Rough Markets

When it comes to defensive sectors, Strauts points to utilities. "That sector has always become the number-one place people go to during these kind of panic times," he said.

Thanks to dividends, the Select Sector Utilities Index (XLU) has a  yield of more than 4%, the analyst says, "which in this environment is pretty attractive."

In health care, he likes the Select Sector Healthcare Index (XLV). Though he acknowledges that possible Medicare cuts could affect the group, "It's still a defensive sector, and in a bear market, it should outperform the S&P 500," Strauts shared.

Lastly, he points to dividend-index products, such as the iShares High Dividend Equity Fund (HDV), which doesn't include much exposure to the financial sector as some other high-yield index strategies do.

For those looking for opportunities, Strauts suggests a large-cap value play, like the iShares Russell 1000 (IWD) or the Select Sector Energy Index (XLE).

"Overall, you want to try to stick to large-cap investments in a higher-volatility environment," he said. "The small caps, well, which have had a great run during the last few years, are going to be much more volatile. In the last few days, [we've] seen the small caps drawn down a lot more than the large-cap stocks."