Permitted Licensee Product

Permitted Licensee Product. Means a Global Gold ETF. As used herein, "Permitted Licensee Product" does not include, without limitation, warrants, debt instruments, options, futures contracts, derivatives, swaps, options, forwards or structured products (including structured products that may be listed on a non-U.S. exchange but which are not marketed as a direct competitor to a Global Gold ETF) on the Licensed Index or the value of the shares of the Permitted Licensee Product.