Volatility-linked exchange traded funds jumped along with the CBOE Volatility Index on Monday as investors scrambled for insurance in options markets against further stock declines.

The Dow Jones Industrial Average shed 247 points, or more than 2% on sinking optimism over a solution to Europe’s debt crisis.

The VIX rallied Monday after falling below 30 and the lower end of its recent trading range last week.

The iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX) rose 10% on Monday while VelocityShares Daily 2X VIX Short Term ETN (NYSEArca: TVIX) climbed about 20%.