Volume in exchange traded funds has exploded this week as more investors use the liquid financial vehicles to trade the market’s swings, hedge risk or take advantage of opportunities.

In recent weeks, global markets have endured “extreme levels of volatility” as the VIX surged about 80% from Aug. 4 to Aug. 10, according to ETF manager BlackRock (NYSE: BLK).

“As has been the case in previous times of volatility, investors globally have been turning to exchange traded products (ETPs) as an efficient means to express their views during these uncertain markets,” the investment manager said in a report.

ETP secondary trading volume has “represented a significant portion of total equity trading,” BlackRock added. For example, on Aug. 9, U.S.-listed ETP volume accounted for 39.2% of total equity volume, up from the 20-day average of 33.1%.

Year to date, ETPs accounted for about three out of every 10 dollars of equity trade volume, according to the report.