Plains All American Pipeline LP received an updated ownership report showing that ALPS Advisors, Inc. and Alerian MLP ETF each report beneficial ownership of 76,051,589 common units, representing 10.78% of the outstanding class. The units are common units representing limited partner interests.
Both ALPS Advisors and Alerian MLP ETF report zero sole voting or dispositive power and shared voting and dispositive power over the same 76,051,589 units. ALPS Advisors explains that, as an investment adviser to registered funds including Alerian MLP ETF, it may be deemed a beneficial owner under Section 13(d), but it disclaims beneficial ownership because the securities are owned by the funds. The filing states the holdings are in the ordinary course of business and not for changing or influencing control.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 13)
Plains All American Pipeline LP
(Name of Issuer)
Common Units Representing Limited Partner Interests
(Title of Class of Securities)
726503105
(CUSIP Number)
12/31/2025
(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
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
76,051,589.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
76,051,589.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
76,051,589.00
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)
10.78 %
12
Type of Reporting Person (See Instructions)
IV
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
76,051,589.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
76,051,589.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
76,051,589.00
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)
10.78 %
12
Type of Reporting Person (See Instructions)
IA
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:
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).
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.
Alerian MLP ETF
Signature:
/s/ Matthew Sutula
Name/Title:
Matthew Sutula, Chief Compliance Officer
Date:
01/06/2026
ALPS Advisors, Inc.
Signature:
/s/ Matthew Sutula
Name/Title:
Matthew Sutula, Chief Compliance Officer
Date:
01/06/2026
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.
How many Plains All American (PAA) units do ALPS Advisors and Alerian MLP ETF report owning?
They each report beneficial ownership of 76,051,589 Plains All American common units representing limited partner interests.
What percentage of Plains All American (PAA) does Alerian MLP ETF beneficially own?
Alerian MLP ETF reports beneficial ownership of 10.78% of the outstanding common units of Plains All American.
What percentage of Plains All American (PAA) does ALPS Advisors, Inc. beneficially own?
ALPS Advisors, Inc. reports beneficial ownership of 10.78% of Plains All American common units, based on 76,051,589 units.
Do ALPS Advisors and Alerian MLP ETF have sole or shared voting power over PAA units?
They report 0 sole voting power and 76,051,589 units of shared voting power, with the same amount of shared dispositive power.
Does ALPS Advisors, Inc. claim full beneficial ownership of the Plains All American units?
ALPS Advisors states that all reported securities are owned by the funds it advises and disclaims beneficial ownership of those securities beyond Section 13(d) reporting.
Are the PAA units held by ALPS Advisors and Alerian MLP ETF intended to influence control of the company?
The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Plains All American.
