The 1st derivative product, XIV, imploded because of the recent market rout.

https://www.cnbc.com/2018/02/06/the-obscure-volatility-security-thats-become-the-focus-of-this-sell-off-is-halted-after-an-80-percent-plunge.html

XIV, the opposite of VIX, is the first derivative product to collapse after the recent market rout.  Many big investors and fund managers will lose big money because they cannot unwind the XIV contracts and will have to settle for any sum offered by Credit Suisse.