Western Midstream (WES) holdings: ALPS 34.77M units (9.14%)

Schedule 13G/A shows that Alerian MLP ETF and ALPS Advisors, Inc. report shared voting and dispositive power over substantial stakes in Western Midstream Partners LP common units.

Rhea-AI Filing Summary

Schedule 13G/A shows that Alerian MLP ETF and ALPS Advisors, Inc. report shared voting and dispositive power over substantial stakes in Western Midstream Partners LP common units. Alerian MLP ETF holds 34,395,602 units, representing 9.04% of the class, while ALPS Advisors, Inc. reports 34,774,726 units, or 9.14%. Both reporting persons state they have no sole voting or dispositive power and that the securities are held in the ordinary course of business. The filing clarifies that ALPS Advisors acts as investment adviser to funds (including Alerian MLP ETF) and disclaims beneficial ownership of the funds' securities. The statement is certified by the Chief Compliance Officer on 10/01/2025.

Positive

• Transparent disclosure of holdings with exact unit counts and percentages (34,774,726 units / 9.14% and 34,395,602 units / 9.04%)
• Firm certification by the Chief Compliance Officer confirming accuracy and ordinary-course holding intent

Negative

• Concentrated exposure: two affiliated reporting persons collectively represent meaningful stake sizes (> 9% each) that may warrant investor attention
• Shared voting power only (no sole control) could complicate clarity on who will direct votes in contested situations

Insights

Investment Adviser Compliance Officer

TL;DR: Both entities disclose >9% holdings and emphasize adviser role and lack of sole control.

The filing documents that ALPS Advisors acts as adviser to funds that collectively hold a material stake in the issuer, with reported shared voting and dispositive power over 34.8M and 34.4M units respectively. This classification as an investment adviser (Type IA) and as an investment company (Type IV) aligns with standard Schedule 13G reporting when holdings are passive.

Key dependencies include the adviser-client relationships and the funds' ownership structures, which the filing explicitly notes. Watch for any later Schedule 13D/A or Form 4 filings that would indicate a change from passive to active intent within the next 45 days.

Equity Governance Analyst

TL;DR: Reported stakes (~9%) are material for governance visibility but are disclosed as shared control.

Each reporting person exceeds the 5% threshold that triggers public reporting; both show 0 sole voting power and full shared voting/dispositive power, signaling collective influence rather than unilateral control. That distribution matters for board/majority votes where coordination among holders could be relevant.

Investors can monitor ownership updates and any voting coordination disclosures around quarterly meeting cycles or announced corporate actions in the next 3–6 months.

FAQ

What stake does ALPS Advisors hold in Western Midstream Partners (WES)?

ALPS Advisors reports beneficial ownership of 34,774,726 units, equal to 9.14% of the class.

What stake does Alerian MLP ETF hold in WES?

Alerian MLP ETF reports ownership of 34,395,602 units, equal to 9.04% of the class.

Do either reporting persons have sole voting or dispositive power over the WES units?

No. Both report 0 sole voting power and 0 sole dispositive power; voting and dispositive power is reported as shared.

Does the filing say the holdings are passive or for control?

Yes. The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Who signed the Schedule 13G/A and when?

The Chief Compliance Officer, Matthew Sutula, signed for both filers on 10/01/2025.

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

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Accepted by SEC EDGAR 10/07/2025 - 10:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Western Midstream Partners LP

(Name of Issuer)

Common Units Representing Limited Partner Interests

(Title of Class of Securities)

958669103

(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. 958669103

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 34,395,602.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 34,395,602.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

34,395,602.00

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)

9.04 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

CUSIP No. 958669103

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 34,774,726.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 34,774,726.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

34,774,726.00

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)

9.14 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Western Midstream Partners LP
(b)	Address of issuer's principal executive offices: 9950 Woodloch Forest Drive, Suite 2800, The Woodlands, TX, 77380-7046
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.: 958669103
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.: 34774726 (2) Alerian MLP ETF: 34395602
(b)	Percent of class: (1) ALPS Advisors, Inc.: 9.14% (2) Alerian MLP ETF: 9.04%
(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.: 34774726 (2) Alerian MLP ETF: 34395602
	(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.: 34774726 (2) Alerian MLP ETF: 34395602
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.

Alerian MLP ETF

Signature:	/s/ Matthew Sutula
Name/Title:	Matthew Sutula, Chief Compliance Officer
Date:	10/01/2025

ALPS Advisors, Inc.

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.