PAA: 76,066,823 Units Reported (10.82%) in Schedule 13G/A

Plains All American Pipeline LP has a large passive holder disclosed on a Schedule 13G/A: Alerian MLP ETF (advised by ALPS Advisors, Inc.) reports beneficial ownership of 76,066,823 common units, representing 10.82% of the class as of 09/30/2025.

Rhea-AI Filing Summary

Plains All American Pipeline LP has a large passive holder disclosed on a Schedule 13G/A: Alerian MLP ETF (advised by ALPS Advisors, Inc.) reports beneficial ownership of 76,066,823 common units, representing 10.82% of the class as of 09/30/2025. The filing shows no sole voting or dispositive power; the reported voting and dispositive power is shared. The adviser states the securities are owned by funds it advises and disclaims beneficial ownership. The filing is certified and signed by the Chief Compliance Officer on 10/01/2025.

Positive

• Meaningful passive stake: 76,066,823 units equal 10.82% of the class
• Proper disclosure: filing executed and certified by Chief Compliance Officer on 10/01/2025

Negative

• Concentration risk: a single advised fund holds >10%, which is material to holders
• No sole control: reported 0 sole voting or dispositive power, implying shared decision authority

Insights

Investment Adviser Analyst

Passive stake disclosure: a 10.82% position held through advised funds.

The filing reports that Alerian MLP ETF, advised by ALPS Advisors, Inc., holds 76,066,823 units ( 10.82% ). This is a sizable passive holding that must be disclosed under Schedule 13G rules.

Because voting and disposition are reported as shared rather than sole, there is no asserted unilateral control. Monitor periodic filings for any change to sole/collective power or an increase above 10.82% that could change the regulatory classification.

Fund Governance Specialist

Adviser disclaims beneficial ownership; holdings held in advised funds.

The adviser states the reported units are owned by investment company funds and explicitly disclaims direct beneficial ownership. That aligns with typical adviser/fund reporting where the adviser reports voting/investment power on behalf of clients.

Investors should note the signature certification by the Chief Compliance Officer on 10/01/2025. Any future change in ownership type or coordination among holders would be material to governance and should be tracked in subsequent filings.

FAQ

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

What stake does Alerian MLP ETF report in Plains All American (PAA)?

Alerian MLP ETF reports beneficial ownership of 76,066,823 common units, equal to 10.82% of the class.

Who filed the Schedule 13G/A for PAA and when was it signed?

The filing was made by ALPS Advisors, Inc. and Alerian MLP ETF, signed by Matthew Sutula, Chief Compliance Officer, on 10/01/2025.

Does the filer claim voting or dispositive control over PAA units?

The filer reports 0 sole voting and dispositive power and 76,066,823 as shared voting and dispositive power.

Are the reported units owned directly by the adviser?

No. The adviser states the units are owned by funds it advises and expressly disclaims beneficial ownership.

What class of securities is covered by this filing for PAA?

The filing covers Common Units Representing Limited Partner Interests (CUSIP 726503105).

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

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Accepted by SEC EDGAR 10/08/2025 - 02:30 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. 12)

Plains All American Pipeline LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

726503105

(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. 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 76,066,823.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 76,066,823.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

76,066,823.00

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)

10.82 %

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 76,066,823.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 76,066,823.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

76,066,823.00

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)

10.82 %

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.: 76066823 (2) Alerian MLP ETF: 76066823
(b)	Percent of class: (1) ALPS Advisors, Inc.: 10.82% (2) Alerian MLP ETF: 10.82%
(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.: 76066823 (2) Alerian MLP ETF: 76066823
	(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.: 76066823 (2) Alerian MLP ETF: 76066823
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:	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.