ALPS Advisors Reports 23.49 M SUN Units in Latest Schedule 13G/A

Rhea-AI Filing Summary

Schedule 13G/A (Amendment No. 4) filing for Sunoco LP (CUSIP 86765K109) was submitted on 07/01/2025 to report ownership as of 06/30/2025.

Reporting persons: (1) ALPS Advisors, Inc. (registered investment adviser, Colorado) and (2) Alerian MLP ETF (Delaware-domiciled, SEC-registered investment company). The filing is made under Rule 13d-1(b), signalling a passive investment intent rather than an activist stance.

Aggregate ownership: The parties jointly report beneficial ownership of 23,489,829 common units of Sunoco LP, equal to 15.38 % of the outstanding class. All voting and dispositive authority is shared; neither entity claims sole power over the units:

• Sole voting power: 0 units
• Shared voting power: 23,489,829 units
• Sole dispositive power: 0 units
• Shared dispositive power: 23,489,829 units

ALPS Advisors states that the units are held by the funds it manages—most notably the Alerian MLP ETF—and expressly disclaims beneficial ownership beyond Section 13(d) purposes.

Certification: Both signatories, via Chief Compliance Officer Matthew Sutula, certify the securities were acquired in the ordinary course of business and not with the purpose of influencing control of Sunoco LP.

Key takeaway: A single adviser-managed ETF controls over 15 % of Sunoco LP’s units, underscoring significant passive institutional ownership and potential liquidity support, but no control-seeking intent is indicated.

Positive

• 23.49 million units (15.38 %) of Sunoco LP are held by ALPS Advisors/Alerian MLP ETF, indicating strong passive institutional support and trading liquidity.

Negative

• None.

Insights

Financial Analyst

TL;DR – Passive ETF now holds 15.38 % of SUN units; sizeable but non-activist stake.

ALPS Advisors and its Alerian MLP ETF collectively disclose 23.49 million Sunoco LP units. The Schedule 13G classification confirms the holding is passive. A >15 % position is large enough to influence trading liquidity and index representation but, because voting and dispositive powers are shared and no control intent is declared, governance impact remains limited. Investors may view the high institutional ownership as a vote of confidence in Sunoco’s cash-flow-oriented MLP model. The disclosure does not reveal purchase timing, cost basis, or changes versus prior amendments, so valuation impact can’t be quantified.

Corporate Governance Specialist

TL;DR – One adviser-led fund controls >15 % yet explicitly waives control intent.

The 13G/A shows concentration: one ETF, advised by ALPS, holds more than one-seventh of Sunoco LP’s outstanding units. Because the adviser disclaims beneficial ownership and files under 13d-1(b), the position is classified as passive, meaning no board influence or activist proposals are anticipated. Nevertheless, the size alone means any future reclassification to 13D would be material. From a governance perspective, Sunoco’s unitholders should monitor future amendments for stake changes or intent shifts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Sunoco LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

86765K109

(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. 86765K109

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 23,489,829.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 23,489,829.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,489,829.00

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)

15.38 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 86765K109

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 23,489,829.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 23,489,829.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,489,829.00

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)

15.38 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sunoco LP
(b)	Address of issuer's principal executive offices: 8111 Westchester Dr, Suite 400, Dallas, TX, 75225
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.: 86765K109
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.: 23489829 (2) Alerian MLP ETF: 23489829
(b)	Percent of class: (1) ALPS Advisors, Inc.: 15.38% (2) Alerian MLP ETF: 15.38%
(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.: 23489829 (2) Alerian MLP ETF: 23489829
	(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.: 23489829 (2) Alerian MLP ETF: 23489829
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 Sunoco LP (SUN) units are reported in this Schedule 13G/A?

The filing reports 23,489,829 common units beneficially owned.

What percentage of Sunoco LP’s outstanding units does the ALPS/Alerian position represent?

The position equals 15.38 % of the total class.

Is the holding considered passive or activist?

It is passive; the report is filed under Rule 13d-1(b) as a Schedule 13G and certifies no intent to influence control.

Who are the reporting entities in this filing?

ALPS Advisors, Inc. (investment adviser) and Alerian MLP ETF (an ETF managed by ALPS).

Does either entity have sole voting or dispositive power over the SUN units?

No. Both sole voting and sole dispositive power are reported as 0; all authority is shared.

When was the filing made and what is the event date?

The filing date is 07/01/2025; the ownership information is as of 06/30/2025.