SCHEDULE: Alerian MLP ETF Discloses 10.78% Stake in Plains All American

Alerian MLP ETF and ALPS Advisors, Inc. report a 10.78% beneficial ownership stake in Plains All American Pipeline LP as of December 31, 2025, in a routine Schedule 13G amendment.

Summary

• Alerian MLP ETF and ALPS Advisors, Inc. jointly reported beneficial ownership of 76,051,589 common units representing limited partner interests in Plains All American Pipeline LP.
• This ownership stake represents 10.78% of the total class of securities.
• The beneficial ownership was reported as of December 31, 2025.
• ALPS Advisors, Inc. serves as an investment adviser to Alerian MLP ETF, an investment company, and disclaims beneficial ownership, stating that the securities are owned by the Funds.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Plains All American Pipeline LP.

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure (Schedule 13G/A) by institutional investors, indicating a significant but standard holding in the issuer. It does not contain operational or financial performance data to assess positive or negative sentiment for the issuer.

Future Outlook

This filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding the issuer's future performance or operations.

Industry Context

This filing reflects a significant institutional holding in Plains All American Pipeline LP, a major player in the midstream energy sector, by an ETF focused on Master Limited Partnerships (MLPs). Such holdings are common for MLPs, which are often included in specialized investment vehicles.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can be interpreted as a sign of confidence from large, specialized investors.
• Management: Awareness of a substantial, passive institutional holder in the company's common units.

Key Dates

Keywords

Plains All American Pipeline, PAA, Alerian MLP ETF, ALPS Advisors, beneficial ownership, Schedule 13G, limited partner interests, energy infrastructure, midstream