[Form 4] SunOpta, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form N-CEN provides a high-level operational snapshot of the Vesper US Large Cap Short-Term Reversal Strategy ETF (ticker UTRN) and its related series for the most recent fiscal year. While many data cells are blank, several quantitative disclosures are available:

• Brokerage commissions: Two portfolio series reported aggregate commissions of $47,668.84 and $17,556.67, respectively. The top two brokers for each series earned the bulk of these fees.
• Securities lending: One series averaged $61.82 million of securities on loan and generated $677,825.88 in net lending income. The filing indicates no borrower defaults and that indemnification protections were in place.
• No principal transactions: All three series reported $0 in principal purchase/sale activity, suggesting limited use of dealer-principal trades.
• Regulatory check-boxes: The registrant reported no material legal proceedings, no changes in accounting principles, and no reliance on exemptive relief that would materially affect leverage or valuation.

Overall, the filing is largely administrative and does not contain performance figures, asset totals or detailed financial statements. The limited numbers disclosed suggest routine trading and modest securities-lending activity rather than any transformative corporate event.

Positive

• $677,825.88 in securities-lending income boosts fund returns without increasing market risk
• No material legal proceedings, accounting changes or valuation method shifts reported

Negative

• Filing omits critical metrics such as total net assets, expense ratio and performance, limiting analytical depth

Insights

Financial Analyst

TL;DR – Routine N-CEN shows modest commissions and $678k lending income; no red flags.

The form is primarily a compliance census. Key takeaways are minor: combined brokerage commissions ($65k) are low relative to typical ETF asset bases, implying efficient trading or limited turnover. Securities-lending income of $678k on an average loan book of $61.8 m (≈1.1% yield) is healthy and can slightly enhance the fund’s expense ratio. No principal trades, legal actions, or valuation changes were reported, pointing to a stable operational profile. Investors should not expect market-moving implications; the data merely confirms ordinary course activities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Clark Bryan P

(Last) (First) (Middle)

7078 SHADY OAK ROAD

(Street)

EDEN PRAIRIE MN 55344

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SunOpta Inc. [ STKL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, R&D and FSQ

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	07/10/2025		M		2,586	A	(1)	50,749	D
Common Shares	07/10/2025		F		1,180(2)	D	$6.48	49,569	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	07/10/2025		M			2,586	(3)	(4)	Common Shares	2,586	$0.00	2,586	D

Explanation of Responses:

1. Each Restricted Stock Unit represents a contingent right to receive one share of STKL common stock.

2. This line item reflects the deemed disposition of shares withheld by the Company to satisfy income tax withholding requirements in connection with the vesting of the RSUs.

3. The Restricted Stock Units vest in three equal annual installments beginning on July 10, 2024, subject to the continued employment of the reporting person through each such vesting date.

4. The Restricted Stock Units do not have an expiration date.

	/s/ Brett Koch, attorney-in-fact	07/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did UTRN earn from securities lending?

The filing shows one series generated $677,825.88 in net income from lending securities during the year.

What were the total brokerage commissions paid by the ETF series?

Two series disclosed aggregate brokerage commissions of $47,668.84 and $17,556.67, respectively.

Did Vesper US Large Cap Short-Term Reversal Strategy ETF report any legal proceedings?

No. The N-CEN indicates there were no material legal proceedings involving the registrant or its subsidiaries.

Were there any changes to accounting principles or valuation methods?

No changes were reported; all related check-boxes are marked "No."

Did the ETF rely on SEC exemptive orders or leverage rules under 18f-4?

The form shows No reliance on such orders or leverage exemptions during the period.