# EDGAR Filing Document

**Accession Number:** 0001901443
**File Stem:** 0001049169-25-000535
**Filing Date:** 2025-11
**Character Count:** 10171
**Document Hash:** 516f5487a8db896391b6f7fb15b0d04d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000535.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001049169-25-000535

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** X-SQUARE SERIES TRUST
- **CENTRAL INDEX KEY:** 0001901443

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23769
- **FILM NUMBER:** 251474131

**BUSINESS ADDRESS:**
- **STREET 1:** 208 PONCE DE LEON AVENUE
- **STREET 2:** SUITE 1111
- **CITY:** SAN JUAN
- **STATE:** DE
- **ZIP:** 00918
- **BUSINESS PHONE:** 787.282.1621

**MAIL ADDRESS:**
- **STREET 1:** 208 PONCE DE LEON AVENUE
- **STREET 2:** SUITE 1111
- **CITY:** SAN JUAN
- **STATE:** DE
- **ZIP:** 00918

## Series and Classes Contracts Data

### X-Square Municipal Income ETF (Series ID: S000075551)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000234742 | X-Square Municipal Income ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** X-Square Series Trust

- **b. Investment Company Act file number:** 811-23769

- **c. CIK number of Registrant:** 0001901443

- **d. LEI of Registrant:** 549300BOIDL43A72WY95

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 90 CARR 165 Suite 803

  - **City:** Guaynabo

  - **State:** PR

  - **Foreign country:** US

  - **Zip / Postal Code:** 00968

  - **Telephone number:** 7872821621

**Item A.2. Information about the Series.**

- **a. Name of Series:** X-Square Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000075551

- **c. LEI of Series:** 5493000JSRY4R3A1Y464

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4626768.97

**Total Liabilities:** $124878.47

**Net Assets:** $4501890.50

**Cash Not Reported:** $136.43

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 56.45411900 | **10-Year:** 2.96099400 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 2.54136800 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234742 | -0.65%               | 0.45%                | 2.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-42438.23                                 |
| Month 2  | $0.00                    | $5038.71                                   |
| Month 3  | $-2231.83                | $112555.01                                 |

### Schedule of Portfolio Investments

| Name                                              | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Puerto Rico Cmwlth                                | Commonwealth of Puerto Rico                             | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    249000 | PA      | $276095.56    | 6.13%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue    | Puerto Rico Commonwealth Aqueduct & Sewer Authority     | CUSIP: 745160TP6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    250000 | PA      | $256761.55    | 5.70%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Cmwlth                                | Commonwealth of Puerto Rico                             | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     71000 | PA      | $67447.31     | 1.50%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Liquidity Funds Municash                | BlackRock Liquidity Funds MuniCash                      | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |     88897 | NS      | $88906.26     | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Puerto Rico Cmwlth                                | Commonwealth of Puerto Rico                             | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    337000 | PA      | $348914.37    | 7.75%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Fing Corp Sales Tax Revenue | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | PR        |   1060000 | PA      | $985678.31    | 21.89%            | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue    | Puerto Rico Commonwealth Aqueduct & Sewer Authority     | CUSIP: 745160UD1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    250000 | PA      | $258749.43    | 5.75%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue    | Puerto Rico Commonwealth Aqueduct & Sewer Authority     | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    280000 | PA      | $273074.90    | 6.07%             | 2047-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Cmwlth                                | Commonwealth of Puerto Rico                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     18000 | PA      | $16136.61     | 0.36%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue    | Puerto Rico Commonwealth Aqueduct & Sewer Authority     | CUSIP: 745160TT8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    250000 | PA      | $225163.40    | 5.00%             | 2042-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Guam Govt Business Privilege Tax Revenue          | Territory of Guam                                       | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     90000 | PA      | $90367.21     | 2.01%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Fing Corp Sales Tax Revenue | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | CUSIP: 74529JRH0<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | PR        |    450000 | PA      | $431058.33    | 9.58%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Cmwlth                                | Commonwealth of Puerto Rico                             | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    621000 | PA      | $606198.03    | 13.47%            | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Spl Purpose Securitiztn Corp        | Matching Fund Special Purpose Securitization Corp.      | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    425000 | PA      | $432413.36    | 9.61%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Govt Business Privilege Tax Revenue          | Territory of Guam                                       | CUSIP: 40065NBY2<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    200000 | PA      | $200545.34    | 4.45%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** X-Square Series Trust

**Signature:** Cristina Perez

**Name of Signer:** Cristina Perez

**Title:** Chief Compliance Officer