# EDGAR Filing Document

**Accession Number:** 0001901443
**File Stem:** 0001752724-25-185359
**Filing Date:** 2025-8
**Character Count:** 13824
**Document Hash:** 0f159b685f24bf235cb884c809627c08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-185359.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001752724-25-185359

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**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:** 251188124

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

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal**<br>**Amount** |<br>**Value** |
| **MUNICIPAL BONDS (98.96%)** | **MUNICIPAL BONDS (98.96%)** | **MUNICIPAL BONDS (98.96%)** | **MUNICIPAL BONDS (98.96%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, Series 2022 A-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/35, 4.00% |  | $621000 | $598484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/37, 4.00% |  | 71000 | 67715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/41, 4.00% |  | 58000 | 51602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/27, 5.63% |  | 337000 | 346887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/31, 5.75% |  | 249000 | 268742 |
|  |  |  | 1333430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/39, 5.00% |  | 425000 | 417563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/42, 4.00%<sup>(a)</sup> |  | 250000 | 217882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28, 5.00%<sup>(a)</sup> |  | 250000 | 256994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/37, 5.00%<sup>(a)</sup> |  | 250000 | 257234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/47, 5.00%<sup>(a)</sup> |  | 280000 | 272088 |
|  |  |  | 1004198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series Restructured Series A-2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/40, 4.33% |  | 450000 | 422701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/58, 4.78% |  | 1060000 | 967471 |
|  |  |  | 1390172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Territory of Guam |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/01/36, 4.00% |  | 90000 | 86622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27, 5.00% |  | 200000 | 200634 |
|  |  |  | 287256 |
| **TOTAL MUNICIPAL BONDS (Cost $4,493,918)** |  |  | **4432619** |
|  | **7-Day Yield** |  |  |
|  | **Annualized** | **Shares** |  |
| **SHORT-TERM INVESTMENTS (1.73%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds MuniCash | 2.18% | 77609 | $77617 |
| **TOTAL SHORT TERM INVESTMENTS (Cost $77,617)** |  |  | **77617** |
| **TOTAL INVESTMENTS (100.69%) (Cost $4,571,535)** |  |  | **4510236** |
| **Liabilities in Excess of Other Assets (-0.69%)** |  |  | (30740) |
| **NET ASSETS (100.00%)** |  |  | $**4479496** |

---

*<sup>(a)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. The total value of Rule 144A securities amounts to $1,004,198, which represents 22.42% of net assets as of June 30, 2025.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $– | $4432619 | $– | $4432619 |
| Short-Term Investments | 77617 | – | – | 77617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $77617 | $4432619 | $– | $4510236 |

---

## 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:** 2025-06-30

**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:** $4618555.43

**Total Liabilities:** $139058.94

**Net Assets:** $4479496.49

**Cash Not Reported:** $126.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 16.85035400 | **10-Year:** 42.43432200 | **30-Year:** 0.00000000

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

- **3-Month:** 6.24993000 | **1-Year:** 1.23353900 | **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 | -2.63%               | 0.29%                | 1.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-132478.48                                |
| Month 2  | $0.00                    | $-29288.57                                 |
| Month 3  | $0.00                    | $63465.82                                  |

### 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      | $268741.67    | 6.00%             | 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      | $256994.38    | 5.74%             | 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      | $67715.19     | 1.51%             | 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        |     77609 | NS      | $77617.03     | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Puerto Rico Cmwlth                                | Commonwealth of Puerto Rico                             | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    337000 | PA      | $346887.38    | 7.74%             | 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      | $967470.48    | 21.60%            | 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      | $257234.25    | 5.74%             | 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      | $272087.23    | 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        |     58000 | PA      | $51602.14     | 1.15%             | 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      | $217882.43    | 4.86%             | 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      | $86621.83     | 1.93%             | 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      | $422701.11    | 9.44%             | 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      | $598483.97    | 13.36%            | 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      | $417562.97    | 9.32%             | 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      | $200633.78    | 4.48%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Cristina Perez

**Name of Signer:** Cristina Perez

**Title:** Chief Compliance Officer