July 11 (Reuters) - Options on just-launched leveraged

products that track the spot price of bitcoin via derivative

swaps began trading on Thursday, a first for the cryptocurrency

exchange-traded fund (ETF) universe.

Investors will now be able to buy options on the T-Rex 2x

Long Bitcoin Daily Target ETF and the T-Rex 2x Inverse

Bitcoin Daily Target ETF, which were launched on

Wednesday, Rex Shares and Tuttle said.

The SEC has yet to approve options on the nine new ETFs

launched in January that track the spot price of bitcoin

directly.

The underlying leveraged ETFs are designed for daily traders

interested in getting twice the return or betting on a decline

in the underlying asset, which in the case of these products is

BlackRock's ( BLK ) market-leading iShares Bitcoin Trust. The

leverage makes the ETFs potentially more volatile.

"We strongly encourage all traders to approach this

exclusive offering with diligence, ensuring they are

well-informed about the unique characteristics and risks

associated with trading options for these specialized ETFs," Rex

Shares and Tuttle said.