Exchange-traded funds took the heat for the latest market "flash crash," but BlackRock CEO Larry Fink said Tuesday they shouldn't be blamed.

The Aug. 24 market tumult saw the Dow Jones industrial average plunge at the open, losing more than 1,000 points at one juncture. During the plunge, many ETFs, which trade like stocks, saw their prices tumble well below the net asset value of their components.

It wasn't the first time ETFs were at the center of a market storm. The $2 trillion industry also was faulted by some for the March 6, 2010, flash crash.