(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 ( IBIT ). 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.