Hess Midstream LP reported beneficial ownership disclosures from ALPS Advisors, Inc. and the Alerian MLP ETF. As of December 31, 2025, ALPS Advisors may be deemed to beneficially own 30,303,091 Class A Shares (reported 23.42%) and Alerian MLP ETF holds 29,908,345 Class A Shares (reported 23.11%). The percentage calculations use 129,392,378 Class A Shares outstanding as of October 31, 2025, per the issuer's Form 10-Q, and this amendment updates prior calculations that used the consolidated total (approximately 207 million on an as-exchanged basis).
Positive
None.
Negative
None.
Insights
Large passive positions disclosed; calculation methodology clarified.
Two reporting persons disclose substantial shared voting and dispositive power over Class A Shares: 30,303,091 for ALPS Advisors and 29,908,345 for Alerian MLP ETF, with percentages calculated against 129,392,378 Class A Shares outstanding as of October 31, 2025.
The amendment explicitly revises prior percentage calculations that used the consolidated, as-exchanged total of roughly 207 million. Holder activity and voting coordination details are not provided; subsequent filings would show any changes in holdings or voting arrangements.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Hess Midstream LP
(Name of Issuer)
Class A Shares Representing Limited Partner Interests
(Title of Class of Securities)
428103105
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
428103105
1
Names of Reporting Persons
ALPS Advisors, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
COLORADO
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
30,303,091.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
30,303,091.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
30,303,091.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
23.42 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
428103105
1
Names of Reporting Persons
Alerian MLP ETF
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
29,908,345.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,908,345.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,908,345.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
23.11 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Hess Midstream LP
(b)
Address of issuer's principal executive offices:
1400 SMITH STREET, Houston, TX, 77002
Item 2.
(a)
Name of person filing:
(1) ALPS Advisors, Inc.
(2) Alerian MLP ETF
(b)
Address or principal business office or, if none, residence:
Class A Shares Representing Limited Partner Interests
(e)
CUSIP No.:
428103105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of December 31, 2025, ALPS Advisors, Inc. ("AAI") may be deemed to beneficially own 30,303,091 Class A shares ("Class A Shares") representing limited partner interests of Hess Midstream LP (the "Issuer"). Of such Class A Shares, 29,908,345 are held by the Alerian MLP ETF, an investment company registered under the Investment Company Act of 1940, for which AAI serves as investment adviser. The remaining 394,746 Class A Shares are held by other funds or accounts for which AAI serves as investment adviser or in a similar capacity.
The percentage of Class A Shares beneficially owned by each Reporting Person is calculated based on 129,392,378 Class A Shares outstanding as of October 31, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2025.
The Issuer operates through an Up-C organizational structure under which affiliates of Chevron Corporation hold Class B units of Hess Midstream Operations LP, the Issuer's consolidated operating subsidiary. Class B units are exchangeable into Class A Shares on a one-for-one basis. The Reporting Persons do not hold any Class B units. The total number of Class A Shares and Class B units on a consolidated, as-exchanged basis is approximately 207 million. The percentage of beneficial ownership reported herein is calculated using the outstanding Class A Shares as the denominator, as those are the sole class registered under Section 12 of the Exchange Act. Prior amendments to this Schedule 13G used the total consolidated share and unit count (inclusive of Class B units) as the denominator for calculating the percentage of class, which resulted in a lower reported percentage. This amendment updates that calculation.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
AAI, an investment adviser registered under Section 203 of the Investment Advisors Act of 1940, furnishes investment advice to investment companies registered under the Investment Company Act of 1940 (collectively referred to as the "Funds"). In its role as investment advisor, AAI has voting and/or investment power over the securities of the Issuer that are owned by the Funds, and may be deemed to be the beneficial owner of the shares of the Issuer held by the Funds. However, all securities reported in this schedule are owned by the Funds. AAI disclaims beneficial ownership of such securities. In addition, the filing of this Schedule 13G shall not be construed as an admission that the reporting person or any of its affiliates is the beneficial owner of any securities covered by this Schedule 13G for any other purposes than Section 13(d) of the Securities Exchange Act of 1934.
Alerian MLP ETF is an investment company registered under the Investment Company Act of 1940 and is one of the Funds to which AAI provides investment advice.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
ALPS Advisors, Inc.
Signature:
/s/ Matthew Sutula
Name/Title:
Matthew Sutula, Chief Compliance Officer
Date:
02/23/2026
Alerian MLP ETF
Signature:
/s/ Matthew Sutula
Name/Title:
Matthew Sutula, Chief Compliance Officer
Date:
02/23/2026
Comments accompanying signature: After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
ALPS Advisors reports beneficial ownership of 30,303,091 Class A Shares (23.42%). The percentage uses 129,392,378 Class A Shares outstanding as of October 31, 2025, per the issuer's Form 10-Q.
How many shares does the Alerian MLP ETF hold in HESM?
The Alerian MLP ETF holds 29,908,345 Class A Shares (23.11%). These shares are part of the amount reported under ALPS Advisors, which serves as investment adviser to the ETF.
What outstanding share count was used to calculate these percentages?
Percentages are calculated using 129,392,378 Class A Shares outstanding as of October 31, 2025. The amendment replaces prior calculations that used the consolidated as-exchanged total of ~207 million.
Do the reporting persons hold Class B units of Hess Midstream?
The reporting persons do not hold Class B units. The filing notes Class B units are exchangeable one-for-one into Class A Shares and that consolidated as-exchanged units total about 207 million.
Who certified the accuracy of this Schedule 13G/A filing?
Matthew Sutula, Chief Compliance Officer, signed and certified the amendment on behalf of the reporting persons. The signature attests to reasonable inquiry and belief that the information is true, complete, and correct.
