1. An apparatus comprising: memory to store information corresponding to a two-level Bounding Volume Hierarchy (BVH) structure; and a processor, coupled to the memory, to build and traverse the two-level BVH structure over instanced geometries, wherein each leaf node of a top-level of the two-level BVH structure is to store a transformation and a reference to a node of a geometry BVH, wherein the processor is to add one or more nodes to the two-level BVH structure, wherein the one or more nodes directly point to one or more locations of an instanced object to allow for a more efficient traversal of the two-level BVH structure, wherein the processor is to modify the two-level BVH structure to allow one or more leaf nodes in the top-level of the two-level BVH structure to reference one or more BVH sub-trees, wherein each leaf node of the top-level of two-level BVH is to correspond to a pair of instance identifier and a sub-tree identifier.