[SCHEDULE 13G/A] Hess Midstream LP Class A Share representing a limited partner Interest SEC Filing

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Callable Contingent Interest Notes maturing 21 January 2027 that are linked individually (not as a basket) to the Russell 2000 Index (RTY), the S&P 500 Index (SPX) and the VanEck Gold Miners ETF (GDX). The notes are unsecured, unsubordinated obligations of the issuer and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; all payments therefore carry the credit risk of both entities.

Income profile. Holders will receive a monthly Contingent Interest Payment of at least 0.80417 % (annualised >= 9.65 %) if, on the related Review Date, the closing value of each underlying is at least 70 % of its Initial Value (the Interest Barrier). No interest is paid for that period if any underlying is below its barrier.

Early redemption. JPMorgan may call the notes in full on any Interest Payment Date from 20 October 2025 onward (excluding the final date). The call price equals par plus the applicable Contingent Interest Payment; investors face reinvestment risk if redeemed.

Principal repayment. If not called, two scenarios apply at maturity: (1) If the Final Value of every underlying is at least 65 % of its Initial Value (Trigger Value), investors receive par plus any final Contingent Interest; (2) If the Final Value of any underlying is below 65 %, principal is exposed 1-for-1 to the downside of the worst performer, potentially down to zero.

• Issue price: $1,000 denomination; minimum investment $1,000.
• Indicative estimated value: $955.10 (no lower than $920.00) per $1,000 note, reflecting selling commissions (max $22.25) and hedging costs.
• Pricing date: on or about 15 July 2025; settlement: 18 July 2025; CUSIP 48136FA28.
• 18 scheduled monthly review/interest dates; final review 15 Jan 2027; maturity 21 Jan 2027.

Risk highlights. Investors may lose >35 %—up to 100 %—of principal if any underlying closes <65 % of its Initial Value on the final Review Date. Interest is not guaranteed and may be zero for the entire term. The issuer’s call right limits upside to the sum of contingent coupons. Secondary market liquidity is expected to be limited; notes are not exchange-listed and JPMS will be the only likely bid. The original issue price exceeds the model-derived estimated value, creating negative yield-to-issuer spread at inception.

Sensitivity. Product returns depend on the least-performing asset among small-cap equities (RTY), large-cap equities (SPX) and gold-/silver-miner equities (GDX), exposing holders to equity, commodity-sector, small-capitalisation and currency risks, as well as correlation break-risk across the three underlyings.

Positive

• Headline contingent yield of at least 9.65 % p.a.—materially above current investment-grade bond coupons.
• 35 % downside buffer at maturity via 65 % trigger mitigates moderate market declines.
• Monthly observation schedule offers 18 opportunities to earn coupon and for issuer to call, enhancing early cash-back likelihood.

Negative

• Principal is at full risk; a drop of any underlying below 65 % at final observation leads to 1-for-1 loss beyond buffer, potentially 100 %.
• Interest is contingent; if any underlying is below the 70 % barrier on a review date, that month’s coupon is forfeited.
• Issuer call option limits upside and introduces reinvestment risk for investors.
• Unsecured credit exposure to JPMorgan Financial & JPMorgan Chase & Co.; default would jeopardise all payments.
• Estimated fair value ($955.10) is 4.5 % below issue price, reflecting fees and hedging costs—immediate negative mark-to-market.
• Notes are illiquid and unlisted; secondary sale likely at a discount set by JPMS.

Insights

Structured Products Analyst

TL;DR: High 9.65 % contingent yield offset by 35 % buffer and issuer call; principal at risk below 65 %, interest not guaranteed.

The note provides double-digit headline income in today’s rate environment, contingent on all three underlyings holding above 70 % of initial levels. The 35 % downside buffer is typical for JPMorgan retail structured notes and protects only at maturity; interim breaches do not matter unless the issuer is below the barrier on a review date for interest. A three-month non-call period is relatively short, so investors should assume the note may be called quickly in a constructive market, truncating income. Because the pricing supplement shows an estimated value of $955.10—4.5 % below issue price—investors incur negative carry from day one. For yield-seeking buyers willing to accept equity-sector risk and potential capital loss, the structure may be attractive relative to fixed-rate corporates, but it is not suitable for principal-protection objectives.

Risk Analyst

TL;DR: Significant tail risk from single-asset under-performance; unsecured credit exposure; limited liquidity.

Because payoff hinges on the worst-performing underlying, idiosyncratic shocks in small-caps or gold-miners can drive large losses even if the S&P 500 performs well. Historical volatility of GDX and RTY exceeds that of SPX, raising probability of barrier breaches; a 65 % trigger offers only modest comfort over a 1.5-year horizon. The note is callable solely at issuer discretion—an asymmetric feature that benefits JPMorgan by capping its liability when scenarios are favourable. Investors, conversely, retain full downside. Secondary valuations will embed JPMorgan’s internal funding curve, typically wider than market OIS, making exit costly. Overall risk-adjusted return is mediocre, warranting neutral-to-negative impact score.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Hess Midstream LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

428103105

(CUSIP Number)

06/30/2025

(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 28,956,516.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 28,956,516.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

28,956,516.00

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)

12.6 %

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 28,550,784.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 28,550,784.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

28,550,784.00

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)

12.42 %

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: 1501 Mckinney Street, , Houston, TX, 77010
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: (1) ALPS Advisors, Inc.: 1290 Broadway, Suite 1000, Denver, CO, 80203 (2) Alerian MLP ETF: 1290 Broadway, Suite 1000, Denver, CO, 80203
(c)	Citizenship: (1) ALPS Advisors, Inc.: Colorado (2) Alerian MLP ETF: Delaware
(d)	Title of class of securities: 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).
Item 4.	Ownership
(a)	Amount beneficially owned: (1) ALPS Advisors, Inc.: 28956516 (2) Alerian MLP ETF: 28550784
(b)	Percent of class: (1) ALPS Advisors, Inc.: 12.6% (2) Alerian MLP ETF: 12.42%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: (1) ALPS Advisors, Inc.: 28956516 (2) Alerian MLP ETF: 28550784
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: (1) ALPS Advisors, Inc.: 28956516 (2) Alerian MLP ETF: 28550784
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	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:	07/01/2025

Alerian MLP ETF

Signature:	/s/ Matthew Sutula
Name/Title:	Matthew Sutula, Chief Compliance Officer
Date:	07/01/2025

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.

FAQ

What contingent interest rate do the JPMorgan notes offer?

The notes pay at least 9.65 % per annum, credited monthly at a minimum of 0.80417 % if all three underlyings stay at or above 70 % of their initial values on the relevant Review Date.

How is principal protected on these Contingent Interest Notes?

There is no full principal protection. If any underlying closes below 65 % of its Initial Value on the final Review Date, investors lose 1 % of principal for each 1 % decline of the worst performer.

Can JPMorgan redeem the notes early?

Yes. The issuer may call the notes in whole on any Interest Payment Date from 20 October 2025 onward (except the final date) at $1,000 plus the due coupon per note.

What is the estimated value versus the issue price?

If priced on 8 July 2025, the estimated fair value is $955.10 per $1,000, no lower than $920.00 once terms are fixed, meaning investors pay a premium at issuance.

Are the notes listed on an exchange?

No. The notes will not be listed, and liquidity will depend solely on JPMS’s willingness to buy them in the secondary market.

Which assets determine the note’s performance?

Each note references the Russell 2000 Index, the S&P 500 Index and the VanEck Gold Miners ETF; payoff depends on the least-performing of the three.

What are key tax considerations for U.S. investors?

JPMorgan intends to treat the notes as prepaid forward contracts with contingent coupons; contingent interest will be taxed as ordinary income. Investors should consult tax advisers.