Investors nervous about the prospect of a so-called double-dip recession have flocked into defensive exchange traded funds and bonds.

However, there are additional steps that ETF investors can take to shore up their portfolios, says Russ Koesterich, iShares Global Chief Investment Strategist.

First, within equities, investors can guard against volatility by overweighting defensive sector ETFs such as healthcare, telecom, utilities and consumer staples. [Defensive Sector ETFs, Dividend Payers Limit Volatility]

Also, within the fixed-income slice of the portfolio, Koesterich recommends tilting to investment grade companies rather than high-yield due to lower default rates in an economic pullback. The largest ETF in this category is iShares iBoxx $ Investment Grade Corporate Bond Fund (NYSEArca: LQD).

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