Investors seem most concerned about drops in health-care, industrial and materials stocks, firm analysts said.
The greater liquidity of ETFs might leave them less prone to damage in a credit blowup, the firm said.
The strategist also noted that U.S. gross domestic product beat forecasts this month.
Two of the biggest U.S. banks differ on whether there's more downside left in the market sell-off.
Small-company stock performance far exceeds that of big ones in two key periods.
The equity market may feel the Fed is underestimating risks, they said.
Information technology could be substantially underweight at hedge funds.
Dimon also said the bull market could continue for two or three more years.
The factors that have made investors averse to risk may be temporary, the firm's analysts said.
An "upside-down" market may bode well for U.S. stocks, according to JPMorgan Chase.