ALPS Advisors, Inc. and the Alerian MLP ETF report shared beneficial ownership of 14,327,026 common units of Suburban Propane Partners LP, representing 21.88% of the outstanding class. The filing shows no sole voting or dispositive power; all voting and disposition authority is shared for the reported units. ALPS Advisors states it serves as the investment adviser to the fund that owns the units and disclaims beneficial ownership, noting the securities are held by the fund. The statement affirms the holdings were acquired and are held in the ordinary course of business and not for purposes of changing control.
Positive
Material disclosure of position: 14,327,026 units representing 21.88%
Clear governance roles: shared voting and dispositive power is explicitly reported
Adviser transparency: ALPS Advisors disclaims direct beneficial ownership and states holdings are owned by the fund
Negative
High concentration risk: a single fund holds >20% which may affect liquidity and price sensitivity
No sole voting power: adviser reports 0 shares of sole voting or dispositive power, indicating decisions are shared
Insights
Large fund stake disclosed with adviser disclaimer and shared authority.
The report documents that an investment adviser (ALPS Advisors, Inc.) has shared voting and dispositive power over 14,327,026 units, equal to 21.88% of the class, while explicitly disclaiming beneficial ownership because the units are legally owned by the fund (Alerian MLP ETF).
This structure is standard for adviser-managed funds but can concentrate influence; monitor for any subsequent amendments or Schedule 13D filings that would indicate a change in intent or control.
Fund-level position size is material to holders and market liquidity.
A single registered fund holding >20% of a company's common units is a material position for portfolio composition and may affect trading liquidity in the security. The filing shows the fund holds the position and the adviser exercises shared voting/dispositive power on the fund's behalf.
Investors and counterparties should note the concentration and observe any changes in the fund's disclosed holdings or voting announcements over the near term.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Suburban Propane Partners LP
(Name of Issuer)
Common Units Representing Limited Partner Interests
(Title of Class of Securities)
864482104
(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.
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
14,327,026.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,327,026.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,327,026.00
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)
21.88 %
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
14,327,026.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,327,026.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,327,026.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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).
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.
What stake do ALPS Advisors and Alerian MLP ETF report in Suburban Propane Partners LP (SPH)?
They report beneficial ownership of 14,327,026 units, equal to 21.88% of the class.
Does ALPS Advisors claim direct beneficial ownership of the SPH units?
No. ALPS Advisors states the securities are owned by funds it advises and disclaims beneficial ownership.
What voting and disposition powers are reported for the SPH units?
The filing shows 0 sole voting or dispositive power and 14,327,026 units of shared voting and dispositive power.
Is the reported position consistent with an intent to influence control of SPH?
The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
Which entities filed the Schedule 13G/A for SPH?
The filing lists ALPS Advisors, Inc. (investment adviser) and Alerian MLP ETF (the fund) as reporting persons.
