China’s coronavirus outbreak is taking an uglier shape than initially apprehended. The virus is spreading fast, with new cases being reported by countries outside the epicenter. South Korea, Thailand and Japan in Asia have been weak spots, while Italy and Spain in Europe and some Middle-East countries are also reporting confirmed cases (read: Can South Korean ETFs Survive the Covid-19 Havoc?).Market watchers got busy accessing the economic fallout of the virus spread. Apple AAPL, Microsoft MSFT, Tesla TSLA, McDonalds MCD, Yum China YUMC, Starbucks SBUX, Walt Disney DIS, United Airlines Holdings Inc. UAL and Mastercard Inc MA are some of the companies that are going to be hit hard by the outbreak (read: Virus Erases $1.7T From Wall Street: Play Multi-Asset ETFs).This led to a bloodbath in global markets. The S&P 500 lost about $1.737 trillion of its value in the first two days of this week, according to S&P Dow Jones Indices. Now the question is how long this selloff will last. Goldman and Citi strategists cautioned that the biggest selloff in U.S. stocks in two years has just started.Notably, the S&P 500’s average correction has lasted four months, but this time, the index might take longer to gain stability. The first-quarter corporate earnings results will show the impact of the outbreak to a large extent.Against this backdrop, one can consider the below-mentioned defensive ETFs until the broader market steadies. These funds remained better-positioned than the S&P 500 in the past five days (as of Feb 27, 2020) (read: Global Bond ETFs in a Sweet Spot on Coronavirus Scare).IQ Hedge Multi-Strategy Tracker ETF QAIThe underlying IQ Hedge Multi-Strategy Index seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using various hedge fund investment styles, including long/short equity, global macro, market neutral, event-driven, fixed income arbitrage and emerging markets. The fund has an AUM of $787.8 million and charges 80 bps in fees.AGFiQ US Market Neutral Anti-Beta Fund BTALThe underlying Dow Jones U.S. Thematic Market Neutral Anti-Beta Index is a long/short market neutral index that is dollar-neutral. The AUM of the fund is $193.9 million and it charges 82 bps in fees.Franklin Liberty Systematic Style Premia ETF FLSPThe actively-managed Franklin Liberty Systematic Style Premia ETF seeks to achieve absolute return by allocating assets across two underlying alternative investment strategies, which represent top-down and bottom-up approaches to capturing factor-based risk premia.The fund has an AUM of $54.9 million and charges 65 bps in fees.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Starbucks Corporation (SBUX): Free Stock Analysis Report McDonald's Corporation (MCD): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report Mastercard Incorporated (MA): Free Stock Analysis Report United Airlines Holdings Inc (UAL): Free Stock Analysis Report Tesla, Inc. (TSLA): Free Stock Analysis Report AGFiQ US Market Neutral Anti-Beta ETF (BTAL): ETF Research Reports Yum China Holdings Inc. (YUMC): Free Stock Analysis Report IQ Hedge Multi-Strategy Tracker ETF (QAI): ETF Research Reports Franklin Liberty Systematic Style Premia ETF (FLSP): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report