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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13G
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UNDER THE SECURITIES EXCHANGE ACT OF 1934
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(Amendment No. 5)
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Hess Midstream LP (Name of Issuer) |
Class A Shares Representing Limited Partner Interests (Title of Class of Securities) |
428103105 (CUSIP Number) |
12/31/2025 (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)
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 Rule 13d-1(c)
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| Rule 13d-1(d)
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SCHEDULE 13G
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| CUSIP No. | 428103105 |
| 1 | Names of Reporting Persons
ALPS Advisors, Inc. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
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| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
COLORADO
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
30,303,091.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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| 11 | Percent of class represented by amount in row (9)
23.42 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA |
SCHEDULE 13G
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| CUSIP No. | 428103105 |
| 1 | Names of Reporting Persons
Alerian MLP ETF | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
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| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
DELAWARE
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
29,908,345.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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| 11 | Percent of class represented by amount in row (9)
23.11 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IV |
SCHEDULE 13G
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| Item 1. | ||
| (a) | Name of issuer:
Hess Midstream LP | |
| (b) | Address of issuer's principal executive offices:
1400 SMITH STREET, Houston, TX, 77002 | |
| 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:
Class A Shares Representing Limited Partner Interests | |
| (e) | CUSIP No.:
428103105 | |
| 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);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (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);
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| (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).
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| Item 4. | Ownership | |
| (a) | Amount beneficially owned:
As of December 31, 2025, ALPS Advisors, Inc. ("AAI") may be deemed to beneficially own 30,303,091 Class A shares ("Class A Shares") representing limited partner interests of Hess Midstream LP (the "Issuer"). Of such Class A Shares, 29,908,345 are held by the Alerian MLP ETF, an investment company registered under the Investment Company Act of 1940, for which AAI serves as investment adviser. The remaining 394,746 Class A Shares are held by other funds or accounts for which AAI serves as investment adviser or in a similar capacity.
The percentage of Class A Shares beneficially owned by each Reporting Person is calculated based on 129,392,378 Class A Shares outstanding as of October 31, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2025.
The Issuer operates through an Up-C organizational structure under which affiliates of Chevron Corporation hold Class B units of Hess Midstream Operations LP, the Issuer's consolidated operating subsidiary. Class B units are exchangeable into Class A Shares on a one-for-one basis. The Reporting Persons do not hold any Class B units. The total number of Class A Shares and Class B units on a consolidated, as-exchanged basis is approximately 207 million. The percentage of beneficial ownership reported herein is calculated using the outstanding Class A Shares as the denominator, as those are the sole class registered under Section 12 of the Exchange Act. Prior amendments to this Schedule 13G used the total consolidated share and unit count (inclusive of Class B units) as the denominator for calculating the percentage of class, which resulted in a lower reported percentage. This amendment updates that calculation. | |
| (b) | Percent of class:
(1) ALPS Advisors, Inc.: 23.42%
(2) Alerian MLP ETF: 23.11% | |
| (c) | Number of shares as to which the person has:
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| (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.: 30303091
(2) Alerian MLP ETF: 29908345 | ||
| (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.: 30303091
(2) Alerian MLP ETF: 29908345 | ||
| Item 5. | Ownership of 5 Percent or Less of a Class. | |
Not Applicable
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| 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.
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
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| Item 8. | Identification and Classification of Members of the Group. | |
Not Applicable
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| Item 9. | Notice of Dissolution of Group. | |
Not Applicable
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| 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.
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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.