# EDGAR Filing Document

**Accession Number:** 0001901443
**File Stem:** 0001398344-26-001743
**Filing Date:** 2026-1
**Character Count:** 30513
**Document Hash:** 58304f1d05e812050b93395abed36d01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-001743.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001398344-26-001743

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-261910
- **FILM NUMBER:** 26584248

**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 |  |

![](fp0097151-3_i.jpg)

X-Square Series Trust

X-Square Municipal Income ETF (ZTAX)

Principal U.S. Listing Exchange for the Fund: NYSE Arca, Inc.

Summary Prospectus Dated:

January 26, 2026

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, shareholder reports, and other information about the Fund online at www.xsquarecapital.com. You can also get this information at no cost by emailing info@xsquarecapital.com. The Fund's Prospectus and Statement of Additional Information, each dated January 26, 2026, are incorporated by reference into this Summary Prospectus.

X-Square Series Trust<br> Centro Internacional de Mercadeo II, 90 Carr. 165, Suite 803, <br> Guaynabo, Puerto Rico 000968<br> +1 787-282-1621 <br> www.xsquarecapital.com <br> info@xsquarecapital.com

X-Square Municipal Income ETF

**Investment Objective** 

X-Square Municipal Income ETF (the "Fund") seeks to provide income exempt from federal income tax.

**Fund Fees and Expenses** 

The table below describes the fees and expenses that you pay if you buy, hold, and sell shares of the Fund ("Shares"). Future expenses may be greater or less. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or the example below.** Please contact your financial intermediary about whether such a commission may apply to your transaction. More information about these fees is available from your financial intermediary and in Shareholder Information on page 21 of this Prospectus.

&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |
| &nbsp;&nbsp;Management Fee  | 0.65% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees  |  |
| &nbsp;&nbsp;Other Expenses <sup>(1)</sup> | 5.17% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses <sup>(2)</sup> | 0.00% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 5.82% |
| &nbsp;&nbsp;Fee Waiver/Reimbursement <sup>(3)</sup> | (4.90%) |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver/Reimbursement | 0.92% |

---

<sup>(1)</sup> <br> Other expenses are based on estimated amounts for the current fiscal year and are calculated as a percentage of the Fund's net assets. <br>

<sup>(2)</sup> <br> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. <br>

<sup>(3)</sup> The Fund's adviser, X-Square Capital LLC (the "Adviser"), has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses so that the total annual operating expenses (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser))) of the Fund do not exceed 0.85% of the Fund's average daily net assets through October 31, 2027. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of foregoing expense limit in place at the time of waiver/reimbursement or the expense limits at the time of recoupment. This agreement may only be terminated by the Board of Trustees on sixty days' notice to the Adviser. 

1 1-833-X-SQUARE \| www.xsquarecapital.com

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares. The example reflects the fee waiver and expense reimbursements for the duration of the waiver/reimbursement period only.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% annual return and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| $94 | $1295 | $2478 | $5353 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may result in higher transaction costs and higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses table or in the Example above, may affect the Fund's performance. During the most recent fiscal year ended September 30, 2025, the Fund's portfolio turnover rate was 0.82% of the average value of its portfolio.

**Principal Investment Strategies of the Fund** 

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in a non-diversified portfolio of U.S. dollar-denominated municipal securities issued by Puerto Rico, Guam and the U.S. Virgin Islands.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes, if any) in tax-exempt municipal securities, the income from which is exempt from both federal and state income tax. The Fund expects to invest up to 100% of its assets in tax-exempt municipal securities issued by Puerto Rico, Guam and the U.S. Virgin Islands. Municipal securities may be of any maturity, duration or credit rating including those rated below investment grade (commonly known as "junk bonds"). The Fund considers non-investment grade fixed income securities to be those that are rated lower than Baa3 by Moody's Investors Service ("Moody's") or lower than BBB- by Standard and Poor's Rating Group ("S&P").

Under normal market conditions, the Adviser expects to invest the Fund's assets in accordance with the following ranges:

● Puerto Rico: 65% - 80%

● U.S. Virgin Islands: 10% - 25%

● Guam: 5% - 10%

Summary Prospectus \| January 26, 2026 2

X-Square Municipal Income ETF

The Adviser identifies municipal security investments by analyzing the issuer's legal and economic fundamentals, strength and quality of revenues and other fundamentals. The Adviser seeks to maximize the liquidity of the Fund's portfolio by identifying individual bonds with favorable liquidity and trading volume characteristics. In seeking to provide attractive yield for the Fund, the Adviser will invest in individual bonds that it considers to be attractive relative values. In particular, the Adviser intends to analyze the macroeconomic environment of each issuer, including levels and trends of tax receipts, inflation, demographic trends, existing and proposed legislation, as well as their debt issuance calendar and ratios of debt to GDP and debt to GNP. Furthermore, as a consequence of the debt restructuring of Puerto Rico, its financial reporting has improved. This transparency enables the Adviser to conduct timely, fundamental analysis for tax supported debt, revenue bonds, industry factors, revenue trends, state of infrastructure, CAPEX trends and maintenance schedules.

The Fund is a "non-diversified" fund which means that the Fund may invest in fewer securities at any one time than a diversified fund.

*Other Principal Investments* 

During temporary defensive periods (e.g., in response to adverse market, economic or political conditions), the Fund may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Fund may not achieve its investment objective under these circumstances. The Adviser's determination that it is temporarily unable to follow the Fund's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Fund's investment strategy is extremely limited or absent.

**Principal Risks of Investing in the Fund** 

***There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.***

*Fixed Income Risk.* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

3 1-833-X-SQUARE \| www.xsquarecapital.com

*Municipal Securities Risk.* The municipal securities market could be significantly affected by adverse political and legislative changes, as well as uncertainties related to taxation or the rights of municipal security holders. Changes in the financial health of a municipality or other issuer, or an insurer of municipal securities, may make it difficult for it to pay interest and principal when due and may affect the overall municipal securities market. To the extent that the Fund invests a significant portion of its assets in the municipal securities of a particular state or U.S. territory or possession, there is greater risk that political, regulatory, economic or other developments within that jurisdiction may have a significant impact on the Fund's investment performance. Declines in real estate prices and general business activity may reduce the tax revenues of state and local governments. Municipal issuers have on occasion defaulted on obligations, been downgraded, or commenced insolvency proceedings.

The governments of Puerto Rico, Guam and the U.S. Virgin Islands are subject to the Puerto Rico Oversight Management, and Economic Stability Act which provides that any bankruptcy restructuring regarding these territories is to be overseen by a financial oversight and control board, instead of a bankruptcy court. Accordingly, the Fund may not receive the same treatment in a bankruptcy overseen by the financial oversight and control board as it would in a bankruptcy proceeding overseen by a court.

● *Puerto Rico.* Because the Fund invests a substantial percentage of its assets in municipal bonds issued by Puerto Rico, the Fund is susceptible to economic, political, regulatory or other factors adversely affecting issuers in Puerto Rico.

● *Guam.* Guam's economy is heavily dependent upon support from the U.S. Treasury and tourism, particularly from Japan, which makes Guam's economy sensitive to fluctuations in Japan's economy.

● *U.S. Virgin Islands.* The economy of the U.S. Virgin Islands is driven by tourism, which typically accounts for a substantial portion of gross domestic product and a significant share of employment. The U.S. Virgin Islands government carries a large public sector payroll and taxes continue account for a significant share of government revenues and had numerous years of budget imbalances.

*Tax Risk*. The Fund will be treated as a "C" corporation for federal tax purposes. Because of its concentration in certain investments, the Fund is not eligible to elect to be a regulated investment company under the Internal Revenue Code. Accordingly, unlike such a company (which has no entity level federal income tax liability if it distributes all of its taxable income to its shareholders), the Fund generally is subject to federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state and local income taxes. The payment of corporate income taxes imposed on the Fund will decrease cash available for distribution to shareholders.

*High-Yield Bond Risk.* Lower-quality fixed income securities, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. These securities are considered speculative. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the

Summary Prospectus \| January 26, 2026 4

X-Square Municipal Income ETF

Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price. Defaulted securities or those subject reorganization proceeding may become worthless and are illiquid.

*Credit Risk.* The risk that the Fund could lose money if the issuer or guarantor of a security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

*Interest Rate Risk.* The risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes than a fund with a shorter average portfolio duration.

*Absence of Prior Active Market Risk.* While the Shares are listed on the Fund's listing exchange, there can be no assurance that active trading markets for the Shares will be maintained. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the Shares and in executing creation and redemption orders, which could cause a material deviation in the Fund's market price from its NAV.

*Active Management Risk.* The Fund is actively managed, which means that investment decisions are made based on the Adviser's investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences.

*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as authorized participants ("Authorized Participants"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Early Close/Trading Halt Risk:* An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

5 1-833-X-SQUARE \| www.xsquarecapital.com

*ETF Structure Risk.* The Fund is structured as an ETF and as a result is subject to the special risks, including:

● *Not Individually Redeemable.* Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* An active trading market for the Shares may not be developed or maintained. Trading in Shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The market price of the Shares may deviate from an ETF's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF's domestic trading day, which could lead to differences between the market value of the Shares and an ETF's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF's NAV.

*Issuer Risk.* Changes in the financial condition or credit rating of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security's or instrument's value. The values of securities of smaller, less well-known issuers can be more volatile than those of larger issuers. Issuer-specific events can have a negative impact on the value of the Fund.

Summary Prospectus \| January 26, 2026 6

X-Square Municipal Income ETF

*Liquidity Risk.* If the Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Fund shares at an inopportune time and shareholders may lose money and/or be taxed on their investment. In stressed market conditions, the market for the Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. This adverse effect on liquidity for the Shares in turn could lead to differences between the market price of the Shares and the underlying value of those shares.

*Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, war, terrorism, tariffs and trade wars, regulatory events, governmental or quasi-governmental actions, and public health emergencies. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

*Non-Diversification Risk.* The Fund's portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund.

*Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

**Performance** 

The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year. The bar chart shows performance of the Shares for each calendar year since inception. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. Fund performance current to the most recent month-end is available and may be obtained on the Fund's website at www.xsquarecapital.com or by calling (787) 282-1621, which may provide some indication of the risks of investing in the Fund.

**Annual Total Returns as of December 31** 

During the periods shown in the bar chart below, the Fund's highest quarterly return was 2.76% (quarter ended March 31, 2024) and the Fund's lowest quarterly return was -2.02% (quarter ended December 31, 2024). The calendar year-to-date total return of the Fund as of September 30, 2025 was 3.60%.

7 1-833-X-SQUARE \| www.xsquarecapital.com

**Average Annual Total Returns** 

*(For the Periods Ended December 31, 2025)*![](fp0097151-3_8.jpg)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br> (May 18, 2023)** |
| Return Before Taxes | 3.60% | 5.39% |
| Return After Taxes on Distributions | 1.66% | 4.35% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.09% | 3.70% |
| Bloomberg Municipal Bond: High Yield (non-Investment Grade) Index (reflects no deduction for fees, expenses or taxes) | 2.46% | 5.66% |
| Bloomberg U.S. Municipal Index (reflects no deduction for fees, expenses or taxes) | 4.25% | 3.63% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In particular, federal income taxes may not be applicable to certain Puerto Rico Investors (as such term is defined, and as further discussed, under "Dividends, Distributions and Taxes" below). After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

The Bloomberg U.S. Municipal Index has been added as the Fund's primary benchmark for regulatory purposes. The Bloomberg U.S. Municipal Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

Summary Prospectus \| January 26, 2026 8

X-Square Municipal Income ETF

**Management** 

*Investment Adviser* 

X-Square Capital LLC

Ignacio Canto and Gabriel Medina are jointly and primarily responsible for the day-to-day management of the Fund and have served as the portfolio managers for the Fund since its inception on May 18, 2023.

**Purchase and Sale of Fund Shares** 

The Fund issues and redeems Shares at NAV only in a large, specified number of Shares each called a Creation Unit, or multiples thereof, and only with Authorized Participants which have entered into contractual arrangements with ALPS Distributors, Inc., the Fund's distributor (the "Distributor"). A Creation Unit consists of 25,000 Shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities in the Fund's portfolio and/or cash.

Individual Shares of the Fund may only be purchased and sold on a national securities exchange through brokers. Shares of the Fund are listed on the Exchange and because Shares will trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than or less than NAV.

**Premium/Discount Information** 

Most investors will buy and sell shares of the Fund in secondary market transactions through brokers at market prices and the Shares will trade at market prices. The market price of shares of the Fund may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares of the Fund.

Information regarding how often Shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past four calendar quarters, or since inception, as applicable, can be found at the Fund's website at http://www.xsquarecapital.com.

**Tax Information** 

The part of the Fund's dividends that it reports as "exempt-interest dividends" will be excludable from your gross income for federal income tax purposes. (Accordingly, investment in the Shares is not appropriate for tax-exempt investors, including retirement plans and accounts, which will not benefit from that exclusion.) Distributions of the Fund's taxable net investment income and net capital gains, if any, will be taxable to you. Exempt-interest dividends the Fund pays may be subject to state and local income taxes. In addition, a portion of those dividends is expected to be attributable to interest on private activity bonds that you must treat as a Tax Preference Item for purposes of calculating your liability, if any, for the federal alternative minimum tax.

9 1-833-X-SQUARE \| www.xsquarecapital.com

**Payments to Broker-Dealer and Other Financial Intermediaries** 

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank), the Adviser or other related companies may pay the intermediary for the sale of Shares or related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Summary Prospectus \| January 26, 2026 10