SCHEDULE: ALPS Advisors, Alerian MLP ETF Disclose WES Stakes

ALPS Advisors, Inc. and Alerian MLP ETF have filed an amended Schedule 13G, disclosing significant beneficial ownership in Western Midstream Partners LP as of December 31, 2025.

Summary

• ALPS Advisors, Inc. reported beneficial ownership of 35,074,357 common units of Western Midstream Partners LP, representing 8.6% of the class.
• Alerian MLP ETF reported beneficial ownership of 34,658,430 common units of Western Midstream Partners LP, representing 8.49% of the class.
• ALPS Advisors, Inc. acts as an investment adviser to investment companies, including Alerian MLP ETF, and disclaims beneficial ownership of the securities, stating they are owned by the Funds.
• Both reporting persons hold shared voting and dispositive power over their respective reported shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure (Schedule 13G Amendment No. 8), providing factual information about institutional holdings without expressing a positive or negative sentiment regarding the issuer's performance or future prospects.

Positives

• Significant institutional ownership by ALPS Advisors, Inc. (8.6%) and Alerian MLP ETF (8.49%) indicates strong institutional interest in Western Midstream Partners LP.
• The filing certifies that the holdings are for ordinary course of business, not for control-influencing purposes, suggesting a passive investment strategy.

Negatives

• This filing is a disclosure of ownership and does not contain information that would typically be categorized as 'negatives' regarding the issuer's performance or outlook.

Risks

• NA

Future Outlook

NA

Management Comments

• "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."

Industry Context

This filing highlights significant institutional investment in Western Midstream Partners LP, a master limited partnership (MLP) operating in the midstream energy sector. The reporting entities, ALPS Advisors, Inc. (an investment adviser) and Alerian MLP ETF (an exchange-traded fund specializing in MLPs), demonstrate continued interest in the energy infrastructure space, which is often sought by investors for its income-generating potential and specific tax treatment.

Stakeholder Impact

• Shareholders: The disclosure of significant institutional ownership by ALPS Advisors and Alerian MLP ETF may be viewed positively, indicating institutional confidence and liquidity for Western Midstream Partners LP units.

Key Dates

Keywords

Western Midstream Partners LP, WES, ALPS Advisors, Alerian MLP ETF, MLP, Midstream, Beneficial Ownership, Schedule 13G, Investment Adviser, ETF, Common Units