Alerian MLP ETF & ALPS Control 13.9M SPH Units, 21.39% Ownership

Rhea-AI Filing Summary

Schedule 13G/A (Amendment No. 4) filing for Suburban Propane Partners LP (SPH) was submitted on 07/01/2025, reporting ownership information as of 06/30/2025.

The filing identifies two reporting persons: ALPS Advisors, Inc., a Colorado-based registered investment adviser, and Alerian MLP ETF, a Delaware-organized investment company advised by ALPS. Together they report beneficial ownership of 13,893,278 common units of SPH, equal to 21.39 % of the outstanding class.

All voting and dispositive powers are shared; neither entity claims sole voting or dispositive authority. ALPS Advisors indicates that the securities are held by various registered investment companies (the “Funds”) for which it provides advisory services; it expressly disclaims beneficial ownership except for purposes of Section 13(d).

No other members of a group, subsidiaries, or control persons are disclosed, and the reporting persons certify that the holdings are maintained in the ordinary course of business, not for the purpose of influencing control of SPH.

This amendment updates institutional ownership levels but does not provide financial performance data or indicate any change in business strategy by the issuer.

Positive

• Large passive ownership: A combined 21.39 % stake by ALPS-advised funds can provide liquidity support and a stable shareholder base.

Negative

• Concentration risk: More than one-fifth of outstanding units are held by a single adviser group, so future ETF rebalancing could create sell-pressure.

Insights

Portfolio Manager

TL;DR – ALPS-advised funds control 21.4 % of SPH, confirming a concentrated but passive institutional stake.

The amendment shows a sizable, unchanged 13.9 million-unit position—over one-fifth of SPH’s float—held by ALPS Advisors via Alerian MLP ETF and other funds. Because voting and dispositive powers are shared and the certification is passive under Rule 13d-1(b), the filing does not signal activist intent. Still, the magnitude of ownership can affect liquidity and share-holder concentration metrics, creating a stable anchor investor base that may dampen volatility. No incremental purchase or disposal figures are provided, so the filing’s immediate market impact is modest; however, investors should note that any future rebalancing by the ETF could meaningfully influence trading volumes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Suburban Propane Partners LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

864482104

(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. 864482104

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 13,893,278.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,893,278.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,893,278.00

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)

21.39 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 864482104

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 13,893,278.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,893,278.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,893,278.00

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)

21.39 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Suburban Propane Partners LP
(b)	Address of issuer's principal executive offices: 1 Suburban Plaza, 240 Route 10 West, PO Box 206, Whippany, NJ, 07921
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.: 864482104
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.: 13893278 (2) Alerian MLP ETF: 13893278
(b)	Percent of class: (1) ALPS Advisors, Inc.: 21.39% (2) Alerian MLP ETF: 21.39%
(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.: 13893278 (2) Alerian MLP ETF: 13893278
	(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.: 13893278 (2) Alerian MLP ETF: 13893278
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 SPH units do ALPS Advisors and Alerian MLP ETF own?

They report ownership of 13,893,278 common units.

What percentage of Suburban Propane Partners (SPH) does this represent?

The position equals 21.39 % of the outstanding class.

Do the reporting persons have sole voting power over the SPH units?

No. They report 0 units with sole voting power; all voting and dispositive powers are shared.

Are ALPS Advisors and Alerian MLP ETF acting as activists?

The filing is under Rule 13d-1(b) for passive institutional investors; the certification states the stake is held in the ordinary course of business.

When was the Schedule 13G/A event date and filing date?

Event date: 06/30/2025; filing date: 07/01/2025.