ALPS/Alerian report 10.36% stake in PAA

Plains All American Pipeline LP: Two reporting persons disclose a shared beneficial position of 73,107,070 common units, representing 10.36% of the class.

Rhea-AI Filing Summary

Plains All American Pipeline LP: Two reporting persons disclose a shared beneficial position of 73,107,070 common units, representing 10.36% of the class. The filing states ALPS Advisors, Inc. and Alerian MLP ETF each report shared voting and dispositive power over those units. The signatures date the disclosure 04/06/2026.

Insights

Institutional Ownership Analyst

Large passive stake reported by an adviser and its fund.

The schedule shows ALPS Advisors, Inc. (as adviser) and Alerian MLP ETF each reporting shared voting and dispositive power over 73,107,070 common units (10.36%). The filing characterizes the position as held by funds advised by AAI; AAI disclaims beneficial ownership in its advisory capacity.

Implications depend on whether the holdings are passive index/tracking positions or part of active management; future SEC filings or fund disclosures could clarify intentions or changes in voting policy.

Governance & Compliance Specialist

Disclosure follows Schedule 13G/A conventions for institutional investors.

The form identifies the reporter, addresses, CUSIP (726503105) and specific vote/disposition counts: shared voting power and shared dispositive power of 73,107,070 units. The filing includes the Item 6 explanation that AAI is an investment adviser to funds and disclaims beneficial ownership.

For governance tracking, note the >5% threshold reporting; any change in voting intent or ownership above passive limits would require different disclosure treatment in subsequent filings.

Key Figures

Reported units: 73,107,070 shares Percent of class: 10.36% CUSIP: 726503105

3 metrics

Reported units 73,107,070 shares Amount beneficially owned as reported

Percent of class 10.36% Percent of Common Units class reported by each filing person

CUSIP 726503105 Identifier for Common Units Representing Limited Partner Interests

Key Terms

Schedule 13G/A, beneficially owned, investment adviser

3 terms

Schedule 13G/A regulatory

"Item 2. | (a) | Name of person filing: ..."

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 financial

"Item 4. | Ownership (a) | Amount beneficially owned: ..."

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 adviser regulatory

"Item 6. | ALPS Advisors, Inc. ("AAI"), an investment adviser registered under"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

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

What stake did ALPS Advisors and Alerian MLP ETF report in Plains All American (PAA)?

They reported beneficial interests in 73,107,070 common units, equal to 10.36% of the class. The filing shows shared voting and dispositive power for both reporting persons and is signed on 04/06/2026.

Who holds the voting and dispositive power over the PAA units?

The filing states shared voting power and shared dispositive power of 73,107,070 units for each reporting person. It clarifies that securities are owned by funds advised by ALPS Advisors, Inc.

Does ALPS Advisors claim direct beneficial ownership of the PAA units?

No. ALPS Advisors disclaims beneficial ownership and states the securities are owned by the funds it advises. The filing notes Alerian MLP ETF is one of those funds to which AAI provides investment advice.

What identifier and filing type are used for this disclosure?

The disclosure is a Schedule 13G/A for CUSIP 726503105, covering Common Units Representing Limited Partner Interests of Plains All American Pipeline LP, filed and signed on 04/06/2026.

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

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Accepted by SEC EDGAR 05/11/2026 - 10:42 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 14)

Plains All American Pipeline LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

726503105

(CUSIP Number)

03/31/2026

(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 73,107,070.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 73,107,070.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

73,107,070.00

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)

10.36 %

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 73,107,070.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 73,107,070.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

73,107,070.00

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)

10.36 %

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.: 73107070 (2) Alerian MLP ETF: 73107070
(b)	Percent of class: (1) ALPS Advisors, Inc.: 10.36% (2) Alerian MLP ETF: 10.36%
(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.: 73107070 (2) Alerian MLP ETF: 73107070
	(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.: 73107070 (2) Alerian MLP ETF: 73107070
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:	04/06/2026

Alerian MLP ETF

Signature:	/s/ Matthew Sutula
Name/Title:	Matthew Sutula, Chief Compliance Officer
Date:	04/06/2026