Options players, start placing your bailout bets: Nasdaq OMX Group (NASDAQ: NDAQ) announced today that it will launch options trading on its Government Relief Index (NASDAQ: QGRI) effective Monday. The 3-week old Government Relief Index was constructed to track the performance of companies that have received at least $1 billion in government funds under the Troubled Asset Relief Program (TARP) or similar bailout endeavors.

Since its launch on January 5, the QGRI has blazed a steady path lower, tumbling 36.8%. "When you have volatility and a direction, you start to see there's an opportunity to put a product on it that allows investors to benefit from the movement," said John Jacobs, Nasdaq's executive vice president, in comments to Reuters. (Is it just me, or is Mr. Jacobs subtly recommending put options on the Bailout Bunch?)

If you do decide to take a speculative gamble on the slipping Government Relief Index, you'll be wagering on such high-profile bailout names as Citigroup (NYSE: C), General Motors (NYSE: GM), Bank of New York Mellon (NYSE: BK), and Goldman Sachs Group (NYSE: GS). Overall, it looks like the QGRI might be traders' best opportunity to turn a profit on their steadily depreciating taxpayer investments. How's that for cold comfort?

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.