[SCHEDULE 13G/A] Plains All American Pipeline, L.P. SEC Filing

Rhea-AI Filing Summary

ALPS Advisors, Inc. and its advised vehicle, Alerian MLP ETF, filed Amendment No. 11 to Schedule 13G disclosing their ownership in Plains All American Pipeline LP (PAA) as of 30 June 2025.

The filing shows the two reporting persons hold 74,402,915 common units, representing 10.58 % of PAA’s outstanding units. Both entities report shared voting and shared dispositive power over the entire stake, with no sole voting or dispositive authority. The ownership is held on behalf of multiple registered investment companies (the “Funds”) for which ALPS Advisors acts as investment adviser; ALPS disclaims beneficial ownership beyond its advisory capacity.

The signatory, Chief Compliance Officer Matthew Sutula, certifies that the securities were acquired and are held in the ordinary course of business, not for the purpose of influencing control of the issuer. No other group activity, subsidiary involvement, or change-of-control intent is indicated.

• Stake size: 74.4 million units
• Ownership percentage: 10.58 %
• Control implications: None stated; passive investment under Rule 13d-1(b)
• Filing type: Passive institutional Schedule 13G, Amendment 11

For investors, the amendment confirms continued, significant passive institutional ownership, which may support liquidity and market stability but does not signal strategic change.

Positive

• Significant passive institutional ownership (10.58 %) supports trading liquidity and reflects continued inclusion in major MLP index products.

Negative

• Potential liquidity overhang if the Alerian MLP ETF experiences large outflows, as the fund would need to sell a sizeable 10 % stake.

Insights

Financial Analyst

TL;DR – Passive filing confirms ALPS/Alerian still own 10.6 % of PAA; no control intent.

The amendment shows consistent institutional support, with ALPS-advised funds maintaining a sizable 74.4 million-unit position. Because the filing is on Schedule 13G—not 13D—ALPS certifies it is acting passively. There are no indications of accumulation or disposition beyond routine ETF flow. The 10.6 % stake offers liquidity and may keep PAA in the Alerian MLP ETF’s index basket, but it is unlikely to alter governance or strategy. Overall market impact should be minimal unless ETF rebalancing drives future volume.

Corporate Governance Specialist

TL;DR – Large passive holder, no governance pressure; risk only if ETF must downsize.

ALPS Advisors and the Alerian MLP ETF declare shared voting power but disclaim any control motives. Such passive index-linked ownership tends to vote in line with proxy advisers, offering predictable but limited oversight. Because the stake exceeds 10 %, any rapid redemptions in the ETF could create selling pressure. However, absent redemptions, the filing merely re-affirms status quo ownership and poses no immediate governance challenge to PAA’s GP.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

Plains All American Pipeline LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

726503105

(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. 726503105

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 74,402,915.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 74,402,915.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

74,402,915.00

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)

10.58 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 726503105

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 74,402,915.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 74,402,915.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

74,402,915.00

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)

10.58 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Plains All American Pipeline LP
(b)	Address of issuer's principal executive offices: 333 Clay Street, Suite 1600, Houston, TX, 77022
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.: 726503105
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.: 74402915 (2) Alerian MLP ETF: 74402915
(b)	Percent of class: (1) ALPS Advisors, Inc.: 10.58% (2) Alerian MLP ETF: 10.58%
(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.: 74402915 (2) Alerian MLP ETF: 74402915
	(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.: 74402915 (2) Alerian MLP ETF: 74402915
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

How many Plains All American Pipeline (PAA) units does ALPS Advisors control?

The filing reports 74,402,915 common units under shared control.

What percentage of PAA’s float does the Alerian MLP ETF own?

The ETF’s stake represents 10.58 % of outstanding common units.

Is ALPS Advisors seeking control of Plains All American Pipeline?

No. The Schedule 13G indicates a passive investment with no intent to influence control.

Does the filing signal any changes to PAA’s governance?

None. The amendment simply updates ownership levels; no governance actions are proposed.

When was the ownership information effective and when was it filed?

Ownership is stated as of 30 June 2025; the certification was signed on 01 July 2025.