As a popular bet on market calm on Wall Street imploded, capsizing mom-and-pop investors and institutional investors alike on Monday, calls for stronger disclosures of the dangers inherent in some Wall Street products have intensified.

The VelocityShares Daily Inverse VIX Short Term ETN US:XIV, known by the symbol XIV, had ballooned to a value of about $2 billion, but coughed up nearly all of it, sinking to around $15 million when the measure of volatility that it tracks, the Cboe Volatility Index VIX, -2.38% , saw a record spike. The plunge in XIV came as the Dow Jones Industrial Average DJIA, -0.87% registered its largest point decline in history and the S&P 500 index SPX, -1.11% logged its ugliest percentage drop since Aug. 18, 2011.

The spike wiped out XIV and slammed the similar ProShares Short VIX Short-Term Futures ETF SVXY, +0.05% SVXY, +0.05%

Read: Volatility aftershocks? Here’s what stock-market investors need to know

Although some argue that the inherent risks of these products is expressed in plain English in marketing documents, some industry experts argue that issuers need to beef up their warnings or restrict the type of investors who can purchase them (see excerpt from the prospectus below):

Read: ‘Short-volatility Armageddon’ craters a pair of Wall Street’s most popular trades, could roil market

“Issuers need to tell investors that you could lose more money than in any other equity product and I think that it should be written in big, bold 24-point font and in red letters,” said Brad Chilton, a former commissioner at the Commodity Futures Trading Commission from 2007 to 2014. Chilton said investors are often inundated with prospectus materials and might not read the fine print.

“Regulators have a righteous responsibility to get oversight of these ETP products right,” he said.

Inverse volatility products allowed investors to wager that the VIX, which reflects expected volatility on the S&P 500 30 days in the future, would fall. An extended period of low and falling VIX readings saw short volatility bets become one of the most lucrative and crowded trades on Wall Street.

As long as volatility remained subdued, the bet was profitable, but Monday’s violent VIX spike proved a brutal and costly awakening for many investors.

“I don’t mean to be laconic, but you can bet that there is going to be a ton of new regulation on these products because…they reveal deficiencies and reveal new problems” that regulators need to tackle, said Anthony Sabino, securities attorney and professor of law at St. John’s University.

“With respect to those products, I think it is incumbent for those parties to impose self-discipline on prospective investors by providing proof that they can invest,” he said.

One anonymous trader on Reddit, as MarketWatch reported, claimed to have lost some “$4 million, three-years worth of work and other people’s money.”

Chilton said he encountered a retail investor that lost more than $700,000 in wrongway bets on products like XIV and SVXY.

On Tuesday, Credit Suisse, the sponsor of XIV, announced plans to effectively liquidate the VelocityShares instrument on Feb. 21 via a statement, but declined to comment further.

Meanwhile, a number of high-profile investors including Omega Advisors’s Leon Cooperman and activist investor Carl Icahn have described the inverse-VIX vehicles as dangerous.

Icahn described Wall Street as a “casino on steroids,” in a CNBC interview, citing the proliferation of ETFs and ETNs.

Cooperman told the network that these products risks destroying the world’s best market.

Chilton told MarketWatch that regulators ought to be more declarative about the risks surrounding such products.

“Investors need a safe word, and the safe word should be ‘exotic ETPs’ and I think regulators have heard the concerns about these [products] and I think they are going to do something even in this overall climate of deregulation,” he said.