Cboe Global Markets plans to launch the first cash-settled index options that will reflect the price of spot Bitcoin.

The Cboe Bitcoin U.S. ETF Index, with the ticker CBTX, will track the performance of spot Bitcoin (BTC) exchange-traded funds listed in the U.S. The product will be regulated by the U.S. Securities and Exchange Commission and is expected to go live on the Cboe Options Exchange on Dec. 2.

CBTX is a modified market cap-weighted spot BTC ETF jointly offered by Cboe Labs and Cboe Global Indices, the derivatives exchange said in a press release on Nov. 22. 

The index will correlate Bitcoin’s price and give investors indirect exposure to the flagship cryptocurrency via a basket of ETFs. In the trading market, an options index offers participants exposure to a given index instead of individual assets.

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The options index’s upcoming launch follows the debut of spot Bitcoin ETF options in the U.S.,  with massive demand adding to the overall bullish outlook for the underlying asset. With CBTX, market participants will be able to capitalize on BTC’s price movements. However, instead of physically delivering the ETFs, the index options will be closed and settled in cash at expiration.

Apart from CBTX, Cboe also plans to launch mini options that will offer 1/10th of the notional value of standard options. This will be available via the Cboe Mini Bitcoin U.S. ETF Index options, which will trade under the ticker MBTX.

Cash-settled FLEX options will also be available for both CBTX and MBTX, designed to allow traders to customize aspects of the contracts, including exercise price, style, and expiration date.

“Our new suite of options on the Cboe Bitcoin U.S. ETF Index offers a timely and compelling solution for traders to efficiently gain exposure to spot Bitcoin,” said Rob Hocking, global head of product innovation at Cboe.

The offerings will appeal to retail and institutional participants seeking indirect exposure to Bitcoin’s price movements, Hocking added.

Bitcoin is looking to break above $100k after surging past $99k earlier in the day. Meanwhile, spot ETFs options are expected to attract more traders after debuting with impressive volumes.

Read more: Spot Bitcoin ETFs inflows surge 220% amid options launch