Document:

Form of Standard Terms of Authorized Participant Agreement

 Exhibit 4.2 

iShares® Copper Trust 
 Standard Terms for
Authorized Participant Agreements 
 Dated as of
[            ], 20[    ] 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION	  	 	1	  
			
	 Section 1.01.
	  	Authorization to Purchase and Redeem Baskets	  	 	1	  
			
	 Section 1.02.
	  	Procedures for Orders	  	 	1	  
			
	 Section 1.03.
	  	Consent to Recording	  	 	1	  
			
	 Section 1.04.
	  	Irrevocability	  	 	1	  
			
	 Section 1.05.
	  	Costs and Expenses	  	 	1	  
			
	 Section 1.06.
	  	Delivery of Property to the Trust	  	 	1	  
			
	 Section 1.07.
	  	Title to Deposit Property and Shares Surrendered for Redemption	  	 	1	  
			
	 Section 1.08.
	  	Certain Payments or Distributions	  	 	2	  
		
	ARTICLE II AUTHORIZED REPRESENTATIVES	  	 	2	  
			
	 Section 2.01.
	  	Certification	  	 	2	  
			
	 Section 2.02.
	  	PIN Numbers	  	 	2	  
			
	 Section 2.03.
	  	Termination of Authority	  	 	3	  
			
	 Section 2.04.
	  	Verification	  	 	3	  
		
	ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT	  	 	3	  
			
	 Section 3.01.
	  	Clearing Status	  	 	3	  
			
	 Section 3.02.
	  	Broker-Dealer Status	  	 	3	  
			
	 Section 3.03.
	  	Foreign Status	  	 	4	  
			
	 Section 3.04.
	  	Compliance with Certain Laws	  	 	4	  
			
	 Section 3.05.
	  	Authorized Participant Status	  	 	4	  
		
	ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT	  	 	4	  
			
	 Section 4.01.
	  	Independent Contractor	  	 	4	  
			
	 Section 4.02.
	  	Rights and Obligations of DTC Participant	  	 	4	  
			
	 Section 4.03.
	  	Beneficial Owner Communications	  	 	4	  
		
	ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS	  	 	5	  
			
	 Section 5.01.
	  	Authorized Participant’s Representation	  	 	5	  
			
	 Section 5.02.
	  	Prospectus	  	 	6	  
		
	ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY	  	 	6	  
			
	 Section 6.01.
	  	Indemnification	  	 	6	  
		
	ARTICLE VII MISCELLANEOUS	  	 	6	  
			
	 Section 7.01.
	  	Commencement of Trading	  	 	6	  
			
	 Section 7.02.
	  	Definitions	  	 	6	  

  
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 STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed
to as of [            ], 20[    ] by and between The Bank of New York Mellon, a New York banking corporation, and BlackRock Asset Management International Inc., a
Delaware corporation. 
 ARTICLE I 
 ORDERS FOR PURCHASE AND REDEMPTION 
 Section 1.01. Authorization to
Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets of Shares in
compliance with the provisions of the Trust Agreement. 
 Section 1.02. Procedures for Orders. Each party hereto
agrees to comply with the provisions of the Trust Agreement and the Procedures to the extent applicable to it. 

Section 1.03. Consent to Recording. The phone lines used by the Trustee, the Custodian or their affiliated persons may be
recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties. 

Section 1.04. Irrevocability. The Authorized Participant agrees on behalf of itself and any Authorized Participant Client
that delivery to the Trustee of an Order shall be irrevocable; provided that each of the Trust and the Sponsor reserves the right to reject any Order in compliance with the provisions of the Trust Agreement. 

Section 1.05. Costs and Expenses. The Authorized Participant shall be responsible for any and all expenses and costs incurred
by the Trust in connection with any Orders. 
 Section 1.06. Delivery of Property to the Trust. The Authorized
Participant understands and agrees that in the event Deposit Property is not transferred to the Trust by the time specified in the Purchase Order and in compliance with the Procedures and the Trust Agreement, a Purchase Order may be cancelled by the
Trustee and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order. 
 Section 1.07. Title to Deposit Property and Shares Surrendered for Redemption. The Authorized Participant represents and warrants to the Trustee that 

(a) in connection with each Purchase Order, the Authorized Participant will have full power and authority to transfer to the Trust the
corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant subcustodian in accordance with the Procedures, the Trust will acquire good and unencumbered title to such property, free and clear
of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability restrictions, whether arising by operation of law or otherwise; and 

(b) in connection with a Redemption Order, the Authorized Participant will have full power and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any
adverse claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which would preclude the delivery of such Shares on a “regular
way” basis. 

 Section 1.08. Certain Payments or Distributions. 

(a) With respect to any Purchase Order, the Trust acknowledges and agrees to return to the Authorized Participant any payment,
distribution or other amount paid to the Trust in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been paid to the Authorized Participant. Likewise,
the Authorized Participant acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant Client in respect of any Deposit Property transferred to the Trust
that, based on the valuation of such Deposit Property at the time of transfer, should have been paid to the Trust. 
 (b) With
respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant
Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should have been paid to the Trust. The Trust is entitled to
reduce the amount of any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in
respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should be paid to the Trust. Likewise, the Trust acknowledges and agrees to
return to the Authorized Participant or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any Shares transferred to the Trust that, based on the valuation of such Shares at the time of transfer,
should have been paid to the Authorized Participant or such Authorized Participant Client. 
 ARTICLE II 

AUTHORIZED REPRESENTATIVES 
 Section 2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, and as requested from time to time by the Trustee but no less frequently than annually,
the Authorized Participant shall deliver to the Trust a certificate signed by the Authorized Participant’s Secretary or other duly authorized official setting forth the names, e-mail addresses and telephone and facsimile numbers of all persons
authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an “Authorized Representative”). Such certificate may be accepted
and relied upon by the Trust as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trust of a superseding certificate in a form approved by the Trust bearing a
subsequent date, or (ii) termination of the Authorized Participant Agreement. 
 Section 2.02. PIN Numbers. The
Trustee shall issue to each Authorized Participant a unique personal identification number (“PIN Number”) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant shall be
authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke the PIN Number at any time upon written notice to the Trustee, and the Authorized Participant shall be
responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Trustee shall,
as promptly as practicable, de-activate the PIN 

  
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Number. If an Authorized Participant’s PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Trustee. The
Authorized Participant agrees that, absent the Trustee’s fraud, willful misconduct or failure to cancel the PIN Number promptly following a written request to do so from the Authorized Participant or the termination of the Authorized
Participant Agreement, none of the Trust or the Trustee shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior to the time the Authorized Participant
provides notice to the Trustee of the termination or revocation of authority pursuant to Section 2.03. 
 Section 2.03.
Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant, the Authorized Participant shall (i) give immediate written notice of such fact to the
Trustee and such notice shall be effective upon receipt by the Trustee; and (ii) request a new PIN Number. The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such written notice. 

Section 2.04. Verification. The Trustee may assume that all instructions issued to it using the Authorized Participant’s
PIN Number have been properly placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or the Authorized Participant has revoked its PIN Number and such revocation has been acknowledged by the Trustee. The
Trustee shall have no duty to verify that an Order is being placed by an Authorized Representative. The Authorized Participant agrees that the Trustee shall not be responsible for any losses incurred by the Authorized Participant as a result of an
Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized person identifying himself or herself as an Authorized Representative, unless the Trustee previously received from the Authorized
Participant written notice to revoke its PIN Number. 
 ARTICLE III 

STATUS OF THE AUTHORIZED PARTICIPANT 
 Section 3.01. Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during
the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in
compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement and the Authorized Participant shall
give prompt written notice thereof to the Trustee. 
 Section 3.02. Broker-Dealer Status. The Authorized Participant
represents and warrants that, unless the following paragraph is applicable to it, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or
other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing of the FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and
membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all Federal laws, the laws of the states or other jurisdictions concerned,
and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participant’s transactions in Shares, and with the Constitution, By-Laws and NASD/FINRA Conduct Rules of the FINRA
applicable to its activities as an Authorized Participant, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 

  
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 Section 3.03. Foreign Status. If the Authorized Participant is offering and
selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member of the FINRA as set forth in the preceding paragraph, the Authorized
Participant nevertheless agrees to observe the applicable laws of the jurisdiction in which such offer and/or sale is made (e.g., it will not offer or sell Shares of the Trust in any state or jurisdiction where they may not lawfully be offered
and/or sold), to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder and to conduct its business in accordance with the spirit of the NASD/FINRA Conduct Rules. 

Section 3.04. Compliance with Certain Laws. If the Authorized Participant is subject to the requirements of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (“U.S.A. PATRIOT Act”), the Authorized Purchaser is in compliance with the anti-money laundering and related provisions of the U.S.A.
PATRIOT Act. 
 Section 3.05. Authorized Participant Status. 

(a) The Authorized Participant understands and acknowledges that the method by which Baskets of Shares will be created and traded may
raise certain issues under applicable securities laws. For example, because new Baskets of Shares may be issued and sold by the Trust on an ongoing basis, at any point a “distribution”, as such term is used in the 1933 Act, may occur. The
Authorized Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in its being deemed a participant in a distribution in a manner which could render it a statutory underwriter and
subject it to the prospectus delivery and liability provisions of the 1933 Act. 
 (b) The Sponsor shall ensure that the
Prospectus contains an accurate and current listing of Authorized Participants. 
 ARTICLE IV 

ROLE OF AUTHORIZED PARTICIPANT 
 Section 4.01. Independent Contractor. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the Authorized Participant will be
deemed to be an independent contractor, and will have no authority to act as agent for the Trust or the Trustee in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during
normal business hours to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized Participant’s responsibilities under the Authorized Participant Agreement; provided, however, that the
Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) it is under legal obligation not to disclose, or (ii) it is confidential or
proprietary in nature. 
 Section 4.02. Rights and Obligations of DTC Participant. In executing the Authorized
Participant Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for an Authorized Participant Client or for any other DTC Participant or indirect participant, or any other
Beneficial Owner, that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures.

 Section 4.03. Beneficial Owner Communications. The Authorized Participant agrees, subject to any limitations
arising under federal or state securities laws relating to privacy or other obligations it may have to its customers, to assist the Trustee or the Sponsor in determining the ownership level of each

  
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beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder. In addition, the Authorized Participant agrees, in accordance with applicable laws,
rules and regulations, at the request of the Sponsor or the Trustee to forward to such beneficial owners written materials and communications received from the requesting party in sufficient quantities to allow mailing thereof to such beneficial
owners, including notices, annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Trustee to such beneficial owners pursuant to the Trust Agreement
or applicable law or regulation, or that the Sponsor or the Trustee reasonably wishes to distribute, at its own expense, to such beneficial owners. 
 ARTICLE V 
 MARKETING MATERIALS AND REPRESENTATIONS 

Section 5.01. Authorized Participant’s Representation. The Authorized Participant represents, warrants and agrees that:

 (a) it will not make, or permit any of its representatives to make, any representations concerning Shares other than those
contained in the Trust’s then current Prospectus or in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant agrees to provide each purchaser of Shares, whenever
required by Rule 173 under the 1933 Act, a notice in compliance with the provisions of such Rule. The Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any information or materials
relating to Shares (including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials), except such information and materials as may be
furnished to the Authorized Participant by the Sponsor and such other information and materials as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering redeemable
securities, and that any advertising materials will prominently disclose that the Shares are not redeemable units of beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant may, without the written approval of the
Sponsor, prepare and circulate in the regular course of its business research reports, institutional sales materials (as such term is defined in NASD Rule 2211 as of the date hereof), correspondence (as such term is defined in NASD Rule 2211 as of
the date hereof) and other similar materials that include information, opinions or recommendations relating to the Shares, provided that such materials comply with applicable FINRA Rules. The Authorized Participant agrees that any
representation or statement in such reports, institutional sales materials, correspondence or similar materials will be consistent with the Prospectus and will not contain any untrue statement of a material fact related to the Shares or omit to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading. The Authorized Participant Agrees that the Authorized Participant shall be fully responsible and liable for such reports,
institutional sales material, correspondence and similar materials; and 
 (b) so long as the Authorized Participant Agreement
remains in effect, it may be identified or named as an “Authorized Participant,” or any similar designation, in the Prospectus or any materials relating to the Shares or as may be necessary to meet applicable legal requirements.

  
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 Section 5.02. Prospectus. The Sponsor will provide, or cause to be provided, to
the Authorized Participant copies of the then current Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will notify the Authorized Participant when a revised, supplemented or amended Prospectus
for the Shares is available, and make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any
obligation the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor shall be deemed to have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended
Prospectus by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter. 
 ARTICLE VI 
 INDEMNIFICATION; LIMITATION OF LIABILITY 

Section 6.01. Indemnification. The provisions of this Section 6.01 shall survive termination of the Agreement. 

(a) The Authorized Participant shall indemnify and hold harmless the Sponsor, the Trustee, the Trust, the Custodian (which the parties
agree is a third-party beneficiary under this Section 6.01(a)) their respective subsidiaries, Affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933
Act (each an “Indemnified Party”) from and against any loss, liability, cost and expense (including attorneys’ fees) incurred by such Indemnified Party as a result of (i) any breach by the Authorized Participant of any
representations, warranties or covenants of the Authorized Participant (including under Section 3.2 of the Depositary Trust Agreement); (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth
in the Authorized Participant Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations, that apply to it; or (iv) actions of such
Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by such Indemnified Party to be genuine and to have been given by the Authorized Participant or an Authorized Representative.

 (b) The Authorized Participant shall not be liable to any Indemnified Party for any damages arising out of (i) mistakes
or errors in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or (ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the
Trustee or any Indemnified Party. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01. Commencement of Trading. The Authorized
Participant may not submit an Order prior to the effectiveness of the registration statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and pursuant to which the Authorized Participant is
identified as such in the Prospectus. 
 Section 7.02. Definitions. The capitalized terms used herein are defined as
follows. 
 (a) “1933 Act” means the U.S. Securities Act of 1933, as amended. 

(b) “Affiliate” shall have the meaning given to it by Rule 501(b) under the 1933 Act. 

  
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 (c) “Authorized Participant Agreement” shall mean each Authorized Participant
Agreement among the Authorized Participant, the Trustee and the Sponsor into which these Standard Terms shall have been incorporated by reference. 
 (d) “Authorized Participant” shall have the meaning ascribed to it in the introductory paragraph of the Authorized Participant Agreement. 

(e) “Authorized Participant Client” means any party on whose behalf the Authorized Participant acts in connection with an Order
(whether a customer or otherwise). 
 (f) “Authorized Representative” shall have the meaning ascribed to it in Section
2.01 hereof. 
 (g) “Basket” shall have the meaning ascribed to it in the Recitals to the Authorized Participant
Agreement. 
 (h) “Beneficial Owner” shall have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange
Act of 1934. 
 (i) “Business Day” shall mean each day the exchange on which the Shares trade is open for regular
trading. 
 (j) “Custodian” shall have the meaning ascribed to it in the Procedures. 

(k) “Deposit Property” means property which, in compliance with the provisions of the Trust Agreement, must be transferred by
the Authorized Participant to the Trust in exchange for Shares. 
 (l) “DTC” means The Depository Trust Company.

 (m) “FINRA” means the Financial Industry Regulatory Authority, Inc. 

(n) “Indemnified Party” shall have the meaning ascribed to it in Section 6.01(a) hereof. 

(o) “Shares” means Shares issued by the Trust pursuant to the provisions of the Trust Agreement. 

(p) “NASD” means the National Association of Securities Dealers, Inc. 

(q) “Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement. 

(r) “Procedures” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement. 

(s) “Prospectus” means the Trust’s current prospectus included in its effective registration statement, as supplemented or
amended from time to time. 
 (t) “Purchase Order” shall have the meaning ascribed to it in Section 1 of the
Authorized Participant Agreement. 
 (u) “Redemption Order” shall have the meaning ascribed to it in Section 1 of
the Authorized Participant Agreement. 

  
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 (v) “Sponsor” shall have the meaning ascribed to it in the introductory paragraph
of the Authorized Participant Agreement. 
 (w) “Trust” shall have the meaning ascribed to it in the introductory
paragraph of the Authorized Participant Agreement. 
 (x) “Trust Agreement” shall have the meaning ascribed to it in
the introductory paragraph of the Authorized Participant Agreement. 
 (y) “Trustee” shall have the meaning ascribed
to it in the introductory paragraph of the Authorized Participant Agreement. 

  
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 IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Standard Terms as
of the date set forth above. 
  

							
	THE BANK OF NEW YORK MELLON, in its capacity as Trustee of the iShares® Copper Trust,	    		  	
				
	By:	 	  
	    		  	
		 	Name:	    		  	
		 	Title:	    		  	
			
	BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC, in its capacity as Sponsor	    		  	
				
	By:	 	  
	    	By:	  	  

		 	Name:	    		  	Name:
		 	Title:	    		  	Title:Form of Creation and Redemption Procedures

 Exhibit 4.3 

iShares® Copper Trust 
 Creation and Redemption
Procedures 
 Dated as of [    ], 20[    ] 

 TABLE OF CONTENTS 

							
	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	1	  
			
	 Section 1.1.
	  	Definitions	  	 	1	  
			
	 Section 1.2.
	  	Interpretation	  	 	3	  
			
	 Section 1.3.
	  	Conflicts	  	 	4	  
		
	ARTICLE II CREATION PROCEDURES	  	 	4	  
			
	 Section 2.1.
	  	Initial Creation of Shares	  	 	4	  
			
	 Section 2.2.
	  	Subsequent Creation of Shares	  	 	4	  
		
	ARTICLE III REDEMPTION PROCEDURES	  	 	5	  
			
	 Section 3.1.
	  	Redemption of Shares	  	 	5	  

  
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 iSHARES® COPPER TRUST 
 CREATION AND
REDEMPTION PROCEDURES 
 adopted by the Sponsor and the Trustee (each as defined below) as of
[        ], 20[    ] 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.1. Definitions. For purposes of these Procedures, unless the context otherwise requires, the following terms will have the following meanings: 

“Authorized Participant” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement. 

“Authorized Participant Agreement” shall mean, with respect to an Authorized Participant, such Authorized Participant’s Authorized
Participant Agreement with the Trustee and the Sponsor. 
 “Authorized Representative” shall mean, with respect to an
Authorized Participant, each individual who, pursuant to the provisions of its Authorized Participant Agreement, has the power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or
Redemption Orders and is in possession of the personal identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant. 

“Basket” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement. 

“Basket Copper Amount” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement. 

“Business Day” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement. 

“Copper” shall mean copper that, at the time it is delivered to the Trust, meets all of the specifications (including, with respect to
chemical composition, brand, shape, size and identifying markings) of copper eligible to be placed on Warrant and delivered pursuant to a copper futures contract traded on the LME. 
 “Creation” means the process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more Baskets pursuant to these Procedures and
concludes with the issuance by the Trustee and delivery to such Authorized Participant of the corresponding number of Shares. 

“Creation and Redemption Line” shall mean a telephone number designated as such by the Trustee and communicated to each Authorized
Participant in compliance with the notice provisions of the respective Authorized Participant Agreement. 
 “Custodian” shall
mean each institution with which the Trustee shall have entered into an agreement for the custody of the Trust’s property and each successor thereto in compliance with the provisions thereof. 

“Custodian Warrant Transaction Fee” shall mean a fee payable by an Authorized Participant to the Custodian if the Copper delivered by
such Authorized Participant in connection with a Creation has been at any time held “on Warrant” (i.e, the title to such metal has been represented by a Warrant as defined by

 
the LME Rulebook) in any location operated by the Custodian under the terms of their LME Warehouse Agreement provided that if such metal has been previously delivered to the Custodian as
part of a Creation (according to these Procedures) then no such fee shall be paid. Such fee shall be determined from time to time by the Custodian with the consent of the Sponsor; provided, that the initial Custodian Warrant Transaction Fee
shall be $[    ] per Tonne. 
 “DTC” shall mean The Depository Trust Company, its nominees and their
respective successors. 
 “Exchange” means the securities exchange on which the Shares are listed for trading. 

“Initial Creation” shall mean the first Creation of Shares pursuant to the provisions of Section 2.1. 

“Irreducible Amount” shall have the meaning ascribed to the term in Section 3.1(f) of these Procedures. 

“Liquidity Provider” shall mean the party retained from time to time by the Sponsor to purchase from an Authorized Participant any
Irreducible Amount credited to such Authorized Participant’s account at the Custodian as a result of a redemption of Shares as provided in these Procedures. 
 “LME” shall mean The London Metal Exchange or any successor thereto. 

“LME Rulebook” shall mean the Rules and Regulations of the London Metal Exchange, as from time to time in effect. 

“LME Settlement Price” shall mean, as of any day, the Official Price of Copper (Cash (Seller)) announced on such day by the LME.

 “LMEsword Account” shall mean, with respect to an Authorized Participant, the account to which Warrants transferred to such
Authorized Participant are credited in compliance with the LME Rulebook. 
 “Order Cut-Off Time” shall have the meaning
ascribed to the term in Section 1.1 of the Trust Agreement. 
 “Order Date” shall have, (i) with respect to a
Purchase Order, the meaning ascribed to the term in Section 2.2(a) hereof; and (ii) with respect to a Redemption Order, the meaning ascribed to the term in Section 3.1(a) hereof. 
 “Procedures” shall mean these Creation and Redemption Procedures, as amended from time to time by the Sponsor and the Trustee. 
 “Purchase Order” shall mean an order to purchase one or more Baskets in such form as the Trustee, in consultation with the Sponsor, may from time to time adopt. 

“Redemption Order” shall mean an order to redeem one or more Baskets in such form as the Trustee, in consultation with the Sponsor, may
from time to time adopt. 
 “Shares” shall mean shares issued by the Trustee representing fractional, undivided interests in
the net assets of the Trust. 
 “Sponsor” shall mean BlackRock Asset Management International Inc., a Delaware corporation, in
its capacity as sponsor under the Trust Agreement, and any successor thereto in such capacity. 

  
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 “Standard Custodian Transaction Fee” shall mean a fee payable by an Authorized Participant
to the Custodian in connection with a Creation or a Redemption, as applicable. Such fee shall be determined from time to time by the Custodian with the consent of the Sponsor; provided, that the initial Standard Custodian Transaction Fee shall be
$[    ] per Tonne. 
 “Trade Date” shall have (i) with respect to a Purchase Order, the meaning set
forth in Section 2.2(c) of these Procedures; and (ii) with respect to a Redemption Order, the meaning set forth in Section 3.1(c) of these Procedures. 
 “Transaction Fee” shall mean, with respect to a Purchase Order or a Redemption Order, US.$[        ] per order, or such other amount as shall be
announced from time to time by the Trustee and the Sponsor. 
 “Trustee” shall mean The Bank of New York Mellon, a New York
banking corporation, in its capacity as Trustee under the Trust Agreement, and any successor thereto in compliance with the provisions thereof. 
 “Trust” shall mean the iShares® Copper Trust, a
trust governed by the provisions of the Trust Agreement. 
 “Trust Agreement” shall mean the Depositary Trust Agreement dated
as of [        ], 20[    ] among the Trustee, the Sponsor, all owners and beneficial owners from time to time of Shares and all depositors. 

“Warrant” shall mean a warrant representing Copper, issued in compliance with the LME Rulebook. 

Section 1.2. Interpretation. In these Procedures: 
 Capitalized terms used and not defined herein shall have the meaning ascribed thereto in the Trust Agreement. 
 Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits in or to these Procedures. 

The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to these Procedures as a
whole, and not to any individual provision in which such words may appear. 
 A reference to any statute, law, decree, rule,
regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time. 

A reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the
same may have been amended from time to time in compliance with the provisions thereof. 

  
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 Section 1.3. Conflicts. In case of conflict between any provision of these
Procedures and the terms of the Trust Agreement, the terms of the Trust Agreement shall control. 
 ARTICLE II 

CREATION PROCEDURES 
 Section 2.1. Initial Creation of Shares. The first Creation of Shares will take place in compliance with such procedures as the Trustee, the Sponsor and the initial Depositor may agree.

 Section 2.2. Subsequent Creation of Shares. After the Initial Creation, the issuance and delivery of Shares shall
take place only in whole numbers of Baskets, in a minimum amount of [        ] Baskets, and in compliance with the following rules: 
 (a) Authorized Participants wishing to acquire from the Trustee [        ] or more Baskets shall place a Purchase Order with the Trustee on any Business Day;
provided, however, that Purchase Orders received by the Trustee prior to the Order Cut-Off Time on a Business Day shall have such Business Day as such Purchase Order’s “Order Date”; and, provided further, that
Purchase Orders received by the Trustee on or after the Order Cut-Off Time on a Business Day shall have as their Order Date the first subsequent Business Day. 
 (b) For purposes of paragraph “(a)“ above, a Purchase Order shall be deemed “received” by the Trustee only when each of the following has occurred: 

(i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the
Trustee that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets. 
 (ii) Within one
hour following such telephone call, the Trustee shall have received, via facsimile or electronic mail message, a duly completed, irrevocable Purchase Order executed by an Authorized Representative of such Authorized Participant. 

(c) The Basket Copper Amount applicable to a Purchase Order will be announced by the Trustee on the first Business Day on which the LME
Settlement Price is announced following the Order Date of such Purchase Order (such Business Day, the “Trade Date” of such Purchase Order). 
 (d) On the third Business Day following the Trade Date of a Purchase Order, or on such earlier date as the Trustee in its discretion may agree with the Authorized Participant, the Trustee shall issue the
aggregate number of Shares corresponding to the Baskets ordered by the Authorized Participant pursuant to such Purchase Order and credit them to the account at DTC which the Authorized Participant shall have identified for such purpose in its
Purchase Order, provided that, by 9:00 a.m. (New York time) on such Business Day: 
 (i) the Custodian shall have reported in
writing to the Trustee that: 
 (a) the aggregate Basket Copper Amount due in respect of such Baskets has been received by the
Custodian and identified in the Custodian’s records as the property of the Trust; 
 (b) no portion of such aggregate
Basket Copper Amount is on Warrant; 

  
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 (c) it has reviewed the Copper received from the Authorized Participant to the extent
required in its agreement with the Trustee and concluded, based on that review, that the metal deposited by the Authorized Participant in respect to such Purchase Order meets the definition of Copper; and 

(d) [each of] any applicable Custodian Warrant Transaction Fee [and Standard Custodian Transaction Fee] has been paid by the Authorized
Participant; 
 (ii) the corresponding Transaction Fee has been paid by the Authorized Participant to the Trustee; and

 (iii) [any fees and other charges incurred in connection with the metal deposited in respect of the Purchase Order have been
paid by the Authorized Participant to the Custodian]. 
 (e) In all other cases, the Trustee shall issue the aggregate number of
Shares corresponding to the Baskets ordered by the Authorized Participant by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order on the Business Day following the date on which
the conditions set forth in clause Section 2.2(d) above shall have been met. 
 ARTICLE III 

REDEMPTION PROCEDURES 
 Section 3.1. Redemption of Shares. Redemption of Shares shall take place only in integral numbers of Baskets, in a minimum amount of [        ] Baskets,
and in compliance with the following rules: 
 (a) Authorized Participants wishing to redeem
[        ] or more Baskets shall place a Redemption Order with the Trustee on any Business Day; provided, however, that only Redemption Orders received by the Trustee prior to the Order Cut-Off Time on
a Business Day shall have such Business Day as such Redemption Order’s “Order Date”; and provided, further, that Redemption Orders received by the Trustee on or after the Order Cut-Off Time on a Business Day shall have
as their Order Date the first subsequent Business Day. 
 (b) For purposes of paragraph “a” above, a Redemption Order
shall be deemed “received” by the Trustee only when each of the following has occurred: 
 (i) An Authorized
Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. 

(ii) Within one hour following such telephone call, the Trustee shall have received, via facsimile or electronic mail message, a duly
completed, irrevocable Redemption Order executed by an Authorized Representative of such Authorized Participant. 
 (c) The
Basket Copper Amount applicable to a Redemption Order will be announced by the Trustee on the first Business Day on which the LME Settlement Price is announced following the Order Date of such Redemption Order (such Business Day, the “Trade
Date” of such Redemption Order). 
 (d) Provided that by 9:00 a.m. (New York time) on the second Business Day following
the Trade Date of a Redemption Order, (1) the redeeming Authorized Participant shall have paid to the Custodian any fees and other charges incurred in connection with the placement of the aggregate Basket Copper Amount on Warrant and the
transfer of such Warrant(s) to the Authorized Participant; and (2) the Trust shall have confirmed in writing to the Custodian that: 
 (i) the Authorized Participant has delivered to the Trustee’s account at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order; 

  
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 (ii) the corresponding Transaction Fee has been paid by the Authorized Participant to the
Trustee, and 
 (iii) [the corresponding Standard Custodian Transaction Fee has been paid by the Authorized Participant],

 the Custodian will credit to such Authorized Participant’s account with the Custodian the corresponding aggregate Basket Copper Amount
and will send written confirmation thereof to the Trustee which will then cancel the Shares so redeemed. 
 (e) On the first
Business Day after crediting the redeeming Authorized Participant’s account as provided above, the Custodian will: 
 (i)
If the Copper so credited meets the requirements to be placed on Warrant, issue (through its London agent in compliance with the LME Rulebook) to the Authorized Participant, and cause to be credited to such Authorized Participant’s LMEsword
Account, one or more Warrants which, in the aggregate, do not exceed the aggregate Basket Copper Amount referred to in clause Section 3.1(d) above; or 
 (ii) if the Copper so credited does not meet the requirements to be placed on Warrant, or the Custodian is otherwise unable to issue Warrants at the time, issue and deliver to the Authorized Participant
one or more negotiable warehouse receipts representing, in the aggregate, the largest portion of the aggregate Basket Copper Amount referred to in Section 3.1(d) above which may, in compliance with market practice prevailing at the time, be
represented by negotiable warehouse receipts. 
 (f) The excess, if any, between the aggregate Basket Copper Amount credited to
the redeeming Authorized Participant’s account as provided in Section 3.1(d) above, and the aggregate amount represented by any Warrants or warehouse receipts issued pursuant to Section 3.1(e) above (such excess, the “Irreducible
Amount”) shall be promptly transferred by the redeeming Authorized Participant to the Liquidity Provider. The Custodian will not honor any instructions of an Authorized Participant purporting to transfer all or a portion of an Irreducible
Amount to any party other than the Liquidity Provider. 
 (g) In the event that, by 9:00 a.m. (New York time) on the third
Business Day following the Trade Date of a Redemption Order the Trustee’s account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order,
the Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian. 

  
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 IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Creation and
Redemption Procedures as of the date set forth above. 
  

									
	THE BANK OF NEW YORK MELLON,	 	
	in its capacity as trustee of the
iShares® Copper Trust	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	
		
	BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC.,	 	
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:

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