Plains All American holder ALPS reports 9.99% stake

Plains All American Pipeline LP (PAA) received an updated Schedule 13G/A (Amendment No. 15) reporting that ALPS Advisors, Inc. and Alerian MLP ETF together beneficially own 70,510,853 common units, representing 9.99% of the class.

Rhea-AI Filing Summary

Plains All American Pipeline LP (PAA) received an updated Schedule 13G/A (Amendment No. 15) reporting that ALPS Advisors, Inc. and Alerian MLP ETF together beneficially own 70,510,853 common units, representing 9.99% of the class. The filing states they have shared voting and dispositive power over all of these units and no sole voting or dispositive power.

The units are held by investment funds for which ALPS Advisors, Inc. acts as investment adviser, and ALPS Advisors, Inc. disclaims beneficial ownership of the securities beyond what may be deemed under Section 13(d) reporting requirements. Alerian MLP ETF is identified as one of these registered investment companies.

Key Figures

Beneficial ownership units: 70,510,853 common units Percent of class owned: 9.99% Sole voting power: 0 units +3 more

6 metrics

Beneficial ownership units 70,510,853 common units Common units of Plains All American Pipeline LP reported by each of ALPS Advisors, Inc. and Alerian MLP ETF

Percent of class owned 9.99% Percentage of PAA common units beneficially owned by each reporting person

Sole voting power 0 units Units over which the reporting persons have sole power to vote or direct the vote

Shared voting power 70,510,853 units Units over which each reporting person has shared power to vote or direct the vote

Sole dispositive power 0 units Units over which the reporting persons have sole power to dispose or direct disposition

Shared dispositive power 70,510,853 units Units over which each reporting person has shared power to dispose or direct disposition

Key Terms

beneficial owner, shared voting power, shared dispositive power, Investment Company Act of 1940, +1 more

5 terms

beneficial owner regulatory

"may be deemed to be the beneficial owner of the shares of the Issuer"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power regulatory

"Shared Voting Power 70,510,853.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 70,510,853.00"

Investment Company Act of 1940 regulatory

"investment companies registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

Section 13(d) of the Securities Exchange Act of 1934 regulatory

"for any other purposes than Section 13(d) of the Securities Exchange Act of 1934"

Section 13(d) of the Securities Exchange Act of 1934 is a U.S. rule that requires anyone who buys more than 5% of a public company’s shares to publicly disclose who they are, how many shares they own, and their intentions toward the company. For investors, this is like a neighborhood alert when someone acquires a large stake in a building: it reveals potential changes in control or strategy that could affect the stock’s price, governance, or future direction.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Plains All American Pipeline LP (PAA) does ALPS Advisors report owning?

ALPS Advisors, Inc. reports beneficial ownership of 9.99% of Plains All American Pipeline LP’s common units, corresponding to 70,510,853 units, with shared voting and dispositive power over all of these securities.

How many Plains All American Pipeline LP (PAA) units are reported on this Schedule 13G/A?

The Schedule 13G/A reports that ALPS Advisors, Inc. and Alerian MLP ETF together beneficially own 70,510,853 common units of Plains All American Pipeline LP, with shared voting and dispositive power over the entire amount.

Who are the reporting persons in this Schedule 13G/A for PAA?

The reporting persons are ALPS Advisors, Inc., a Colorado investment adviser, and Alerian MLP ETF, a Delaware investment company registered under the Investment Company Act of 1940. Both report beneficial ownership of the same 70,510,853 PAA units.

Does ALPS Advisors have sole voting or dispositive power over PAA units?

No. The filing states 0 units with sole voting power and 0 units with sole dispositive power. ALPS Advisors, Inc. and Alerian MLP ETF each report 70,510,853 units with shared voting and shared dispositive power.

How does ALPS Advisors characterize its beneficial ownership of PAA units?

ALPS Advisors, Inc. states that all reported PAA securities are owned by the investment funds it advises and that it may be deemed a beneficial owner under Section 13(d), but it disclaims beneficial ownership of such securities except for Section 13(d) purposes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 02:56 PM Accepted by SEC EDGAR 09/10/2026 - 02:56 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 15)

Plains All American Pipeline LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

726503105

(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): 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 70,510,853.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 70,510,853.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

70,510,853.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 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 70,510,853.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 70,510,853.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

70,510,853.00

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)

9.99 %

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, 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: (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.: 70510853 (2) Alerian MLP ETF: 70510853
(b)	Percent of class: (1) ALPS Advisors, Inc.: 9.99% (2) Alerian MLP ETF: 9.99%
(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.: 70510853 (2) Alerian MLP ETF: 70510853
	(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.: 70510853 (2) Alerian MLP ETF: 70510853
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	07/06/2026

Alerian MLP ETF

Signature:	/s/ Matthew Sutula
Name/Title:	Matthew Sutula, Chief Compliance Officer
Date:	07/06/2026