Hess Midstream LP (HESM) Schedule 13G/A amendment reports large passive holdings by ALPS Advisors, Inc. and the Alerian MLP ETF. ALPS Advisors reports 29,254,074 common units (22.79% of the class) with shared voting/dispositive power. Alerian MLP ETF reports 28,894,932 common units (22.51% of the class) with shared voting/dispositive power. The filing states these securities are owned by funds advised by ALPS Advisors and that ALPS disclaims beneficial ownership.
Positive
None.
Negative
None.
Insights
Two related investment entities report >22% stakes in HESM via shared authority.
ALPS Advisors and the Alerian MLP ETF are disclosed as having shared voting and dispositive power over substantial common unit positions: 29,254,074 units (22.79%) and 28,894,932 units (22.51%) respectively. The filing clarifies ownership resides with funds advised by ALPS.
These are passive, Section 13 filings that document large holdings; further changes in holdings or voting arrangements would appear in subsequent amendments or Schedule 13D filings if active intent emerges.
ALPS Advisors holdings29,254,074 sharesAmount beneficially owned; 22.79% of class
Alerian MLP ETF holdings28,894,932 sharesAmount beneficially owned; 22.51% of class
CUSIP428103105Common Units Representing Limited Partner Interests
Key Terms
Schedule 13G/A, beneficially owned, Investment Company Act
3 terms
Schedule 13G/Aregulatory
"Amendment No. 7 Schedule 13G/A amendment"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Investment Company Actregulatory
"registered under the Investment Company Act of 1940"
The Investment Company Act is a law that sets rules for businesses whose main activity is managing and selling pooled money, such as mutual funds and other investment funds. It matters to investors because it requires clear reporting, limits managers from putting their own interests ahead of clients, and mandates safekeeping and oversight of assets—similar to safety inspections and traffic rules that help keep shared vehicles reliable and trustworthy.
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ALPS Advisors reports 29,254,074 common units, representing 22.79% of the class. The filing states these units are owned by funds advised by ALPS, and ALPS disclaims direct beneficial ownership.
How many HESM units does Alerian MLP ETF hold?
Alerian MLP ETF reports 28,894,932 common units, representing 22.51% of the class. The filing lists shared voting and dispositive power over these units.
Do ALPS Advisors or the ETF claim beneficial ownership?
The filing states the units are owned by funds advised by ALPS and that ALPS disclaims beneficial ownership. Alerian MLP ETF is identified as one of those funds advised by ALPS.
What voting or disposition power is reported?
Both reporting persons disclose 0 sole voting/dispositive power and substantial shared voting and shared dispositive power over their reported unit counts, as stated in the ownership table.
Does this Schedule 13G/A indicate activist intent?
No. This amendment is a passive ownership disclosure under Schedule 13G/A showing large holdings and shared authority; it does not assert active control or intent to influence company management.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
Hess Midstream LP
(Name of Issuer)
Common Units Representing Limited Partner Interests
(Title of Class of Securities)
428103105
(CUSIP Number)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
29,254,074.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,254,074.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,254,074.00
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)
22.79 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
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
28,894,932.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
28,894,932.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,894,932.00
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)
22.51 %
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:
Common Units 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).
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.
ALPS Advisors, Inc. ("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:
07/06/2026
Alerian MLP ETF
Signature:
/s/ Matthew Sutula
Name/Title:
Matthew Sutula, Chief Compliance Officer
Date:
07/06/2026
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.
