ALPS Advisors, Inc. and the Alerian MLP ETF filed an Amendment to Schedule 13G reporting shared beneficial ownership of common units of Hess Midstream LP. ALPS Advisors reports beneficial ownership of 12.75% of the class, equal to 29,295,245 units, while Alerian MLP ETF reports 12.6%, equal to 28,950,810 units. Both filers state they have no sole voting or dispositive power and instead report shared voting and dispositive power over the listed amounts. The filing clarifies that ALPS Advisors acts as an investment adviser to funds that own the securities and disclaims direct beneficial ownership, and that the holdings are managed in the ordinary course of business and not for the purpose of changing control.
Positive
Transparent disclosure of ownership percentages (12.75% and 12.6%)
Adviser disclaimer clarifies holdings are owned by funds, not directly by the adviser
No indication of intent to influence or change control; holdings characterized as ordinary-course management
Negative
High concentration: each filer holds >12%, which could concentrate voting influence
Shared voting power reported for large stakes, reducing clarity about ultimate voting decisions
Insights
Reported fund holdings show material passive stakes without control intent.
The filing shows an investment adviser (ALPS Advisors) and one of its advised funds (Alerian MLP ETF) collectively holding over 12% stakes each in the same equity class, with voting and dispositive power reported as shared. This structure is common when an adviser manages ETF positions and signals substantial passive exposure to the issuer.
Key dependencies include whether the positions represent index tracking or active strategy implementation; the filing explicitly states the holdings are managed in the ordinary course and not to change control. Monitor periodic filings for quarterly updates and any Schedule 13D filings that would indicate a change in intent or activism within short regulatory timeframes.
ETF-level stake of 12.6% is a sizable passive holding for investors to note.
The Alerian MLP ETF reports ownership of 28,950,810 units representing 12.6% of the class, which is large enough to affect trading liquidity and index-weighted exposures for MLP-focused products. Since the ETF is an investment company, its holdings disclose concentration but not the identity of underlying shareholders.
Watch subsequent Form 13G/A or 13D filings and fund disclosures for any change in position size or voting policy within the next reporting cycle that could alter passive-market dynamics.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Hess Midstream LP
(Name of Issuer)
Common Units Representing Limited Partner Interests
(Title of Class of Securities)
428103105
(CUSIP Number)
09/30/2025
(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
29,295,245.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,295,245.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,295,245.00
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)
12.75 %
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
28,950,810.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
28,950,810.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,950,810.00
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)
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:
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:
10/01/2025
Alerian MLP ETF
Signature:
/s/ Matthew Sutula
Name/Title:
Matthew Sutula, Chief Compliance Officer
Date:
10/01/2025
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.
