# EDGAR Filing Document

**Accession Number:** 0001901443
**File Stem:** 0001398344-25-021973
**Filing Date:** 2025-12
**Character Count:** 88674
**Document Hash:** 26051a6f9de46a3c52e63c7ef0e55062
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021973.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-021973

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23769
- **FILM NUMBER:** 251552305

**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 |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: 811-23769

**X-Square Series Trust**

(Exact name of Registrant as specified in charter)

**Centro Internacional de Mercadeo II**

**90 Carr 165, Suite 803**

**Guaynabo, PR 00968**

(Address of Principal Executive Offices) (Zip code)

**The Corporation Trust Company**

**Corporation Trust Center** 

**1209 Orange Street** 

**New Castle County** 

**Wilmington, DE 19801**

(Name and address of agent for service)

*With copies of communications to:*

**Ignacio Canto**

**X-Square Capital LLC** 

**Centro Internacional de Mercadeo II** 

**90 Carr 165, Ste 803** 

**Guaynabo, Puerto Rico, 00968208**

**Andrew Davalla**

**Thompson Hine LLP**

**41 S. High Street, Suite 1700** 

**Columbus, OH 43215**

Registrant's Telephone Number, including Area Code: (787) 282-1621

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>October 1, 2024 - September 30, 2025</u>

Item 1. **Report to Stockholders.**

(a) **# X-SQUARE MUNICIPAL INCOME ETF
Principal Listing Exchange: NYSE Arca, Inc.

ZTAX - ANNUAL SHAREHOLDER REPORT - September 30, 2025

![Image](i24abcf4c705defaea6238d86.jpg)

![Image](i4d72cee42e0ddae5c14167ea.jpg)

## Fund Overview
This annual shareholder report contains important information about X- Square Municipal Income ETF for the period of October 1, 2024 to September 30, 2025.

You can find additional information about the Fund at https://www.x2etfs.com/resources/x-square-municipal. You can also request this information by contacting us at 1-787-282-1621.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| X- Square Municipal Income ETF | $92 | 0.92% |

---

## How did the Fund perform last year?
Although the interest-rate environment has remained in restrictive territory, ZTAX has remained resilient, supported by the durable underlying fundamentals of Puerto Rico's fiscal landscape. Tax revenues remain elevated and are tracking above expectations, providing an ongoing tailwind for the Island's finances. In addition, the Central Government's cash reserves continue to sit near record highs, keeping Puerto Rico among the most well-capitalized jurisdictions within the United States on a relative basis. Puerto Rico municipal bonds, however, have underperformed over the past year and year-to-date due to their unrated status and the perception of higher relative risk within the sector. We believe this view is misplaced, as Puerto Rico's fundamentals remain solid, supported by robust liquidity. At the broader market level, elevated issuance volumes driven by higher construction costs and the depletion of pandemic-era stimulus funds have pressured prices across longer-dated maturities. However, cheaper valuations, wider relative yields, and expectations for gradual Federal Reserve rate cuts later in 2025 have supported renewed demand. We will continue to closely monitor the fiscal and economic landscape in Puerto Rico and seek to capitalize on opportunities that may create long-term shareholder value.

## How did the Fund perform since inception?
The X- Square Municipal Income ETF, ZTAX, returned 0.75% for the year ended September 30, 2025. This is in contrast to the Bloomberg Municipal Bond: High Yield (non-Investment Grade)Index, which had a 0.20% return for the same time period.

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](ib47e39d1928eb354c052482c.jpg)

---

| | | |
|:---|:---|:---|
| | X- Square Municipal Income ETF | Bloomberg Municipal Bond: High Yield (non-Investment Grade)Index |
| 5/18/23 | $10000.00 | $10000.00 |
| 5/31/23 | $10008.00 | $9964.95 |
| 6/30/23 | $10180.00 | $10141.78 |
| 7/31/23 | $10219.83 | $10207.89 |
| 8/31/23 | $10195.49 | $10053.09 |
| 9/30/23 | $9912.58 | $9711.32 |
| 10/31/23 | $9883.95 | $9555.76 |
| 11/30/23 | $10473.06 | $10296.48 |
| 12/31/23 | $10775.79 | $10605.74 |
| 1/31/24 | $10817.98 | $10556.51 |
| 2/29/24 | $10960.21 | $10639.46 |
| 3/31/24 | $11073.16 | $10765.83 |
| 4/30/24 | $10967.01 | $10699.74 |
| 5/31/24 | $11046.63 | $10780.92 |
| 6/30/24 | $11080.15 | $11044.62 |
| 7/31/24 | $11143.20 | $11165.79 |
| 8/31/24 | $11177.42 | $11297.41 |
| 9/30/24 | $11185.97 | $11399.02 |
| 10/31/24 | $11223.72 | $11225.34 |
| 11/30/24 | $11343.81 | $11466.63 |
| 12/31/24 | $11077.90 | $11275.77 |
| 1/31/25 | $11193.92 | $11361.26 |
| 2/28/25 | $11307.79 | $11503.09 |
| 3/31/25 | $11053.78 | $11367.83 |
| 4/30/25 | $10763.56 | $11165.33 |
| 5/31/25 | $10794.29 | $11173.23 |
| 6/30/25 | $10987.44 | $11238.68 |
| 7/31/25 | $10915.49 | $11069.28 |
| 8/31/25 | $10964.80 | $11128.35 |
| 9/30/25 | $11269.62 | $11421.78 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

### AVERAGE ANNUAL TOTAL RETURNS
&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| X-Square Municipal Income ETF | 1 Year | Since Inception |
| X- Square Municipal Income ETF - NAV (Incep. May 18, 2023) | 0.75% | 5.17% |
| Bloomberg Municipal Bond: High Yield (non-Investment Grade)Index | 0.20% | 5.77% |

---

### FUND STATISTICS
* Total Net Assets$4,500,273

* # of Portfolio Holdings15

* Portfolio Turnover Rate 0.82%

* Advisory Fees Paid$27,941

Past performance does not guarantee future results. Call 1-787-282-1621 for current month-end performance.

## What did the Fund invest in?

### MATURITY WEIGHTINGS (as of % Net Assets)
![Group By Maturity Chart](i1b5974f8c62ea96207420d33.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| 1-3 Years | 17.92% |
| 5-10 Years | 19.61% |
| > 10 Years | 61.76% |

---

### TOP 10 HOLDINGS (as of % Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.784%, 07/01/2058 | 21.90% |
| Commonwealth of Puerto Rico, 4.00%, 07/01/2035 | 13.47% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, 10/01/2039 | 9.61% |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.329%, 07/01/2040 | 9.58% |
| Commonwealth of Puerto Rico, 5.625%, 07/01/2027 | 7.75% |
| Commonwealth of Puerto Rico, 5.75%, 07/01/2031 | 6.13% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2047 | 6.07% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2037 | 5.75% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2028 | 5.70% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 4.00%, 07/01/2042 | 5.00% |

---

## Material Fund Changes
There have been no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-787-282-1621.

![Image](i4d72cee42e0ddae5c14167ea.jpg)

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.x2etfs.com/resources/x-square-municipal.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://x2etfs.com/resources/x-square-municipal](i718159314a177b49dbb51910.jpg)

*Distributor, ALPS Distributors, Inc.*

CONNECT WITH US

Phone: 1-787-282-1621

Email: ztax@xsquarecapital.com

![Image](i24abcf4c705defaea6238d86.jpg)

#### X-SQUARE MUNICIPAL INCOME ETF

#### ZTAX - ANNUAL SHAREHOLDER REPORT - September 30, 2025
98422R104–A–09302025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 2. **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant, as of the end of the period covered
 by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer,
 principal accounting officer or controller or any persons performing similar functions on behalf of the Registrant, regardless of whether
 these individuals are employed by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments
 to the provisions of the code of ethics referred to above in Item 2(a) were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit
 or explicit waivers to the provisions of the code of ethics referred to above in Item 2(a) were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics is attached
 as Exhibit 19(a)(1) hereto.

Item 3. **Audit Committee Financial Expert.**

(a)(1) The Board of Trustees ("Trustees") of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee.

(a)(2) The Board has designated Ramon Ponte and Luis Roig as the Registrant's Audit Committee Financial Experts. Mr. Ponte and Mr. Roig are "independent" as that term is defined in paragraph (a)(2) of Item 3 to Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: Audit fees are fees related to the audit of and review of the Fund's financial statements included in annual
 reports and registration statements and other services that are normally provided by the independent registered public accounting
 firm in connection with statutory and regulatory filings or engagements. The aggregate fees billed for the last fiscal year for
 professional services rendered by Cohen & Co for the audit of the Fund's annual financial statements or services that are
 normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were
 $18,450 and $18,450 for fiscal year ended September 30, 2024 and fiscal year ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: Audit-related fees are fees for assurance and related services that are reasonably related to the performance of the audit
 or review of financial statements, but are not reported as audit fees. The aggregate fees billed in the last fiscal year for assurance
 and related services by Cohen & Co that are reasonably related to the performance of the audit of the Fund's financial statements
 were $0 and $0 for the fiscal years ended September 30, 2024 and fiscal year ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>:
 Tax fees are fees associated with tax compliance, tax advice and tax planning. The aggregate fees billed in the last fiscal year for professional
 services rendered by Cohen & Co for tax compliance were $7,000 and $7,000 for the fiscal year ended September 30, 2024 and fiscal year
 ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: No fees were billed by Cohen & Co for products and services provided to the Fund other than the services reported in
 "Audit Fees," "Audit-Related Fees," and "Tax Fees" above for the fiscal year ended September 30, 2024
 and fiscal year ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the Registrant's principal accountant must
 be pre-approved by the Registrant's Audit Committee.

(e)(2) No services described in paragraphs (b) through (d) of this Item 4 were approved by the Registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

### Item 4. **Principal Accountant Fees and Services** 
Item 5. **Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant is a listed issuer as defined in Rule
 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A)
 of the Exchange Act. The Registrant's audit committee members are Luis Roig, Denisse Rodriguez, and Ramon Ponte.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 6. **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments (as set forth in 17 CFR 210.12-12)
 is included in the Financial Statements filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0096379-1_01.jpg)

![](fp0096379-1_02.jpg)

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 3 |
| Statement of Operations | 4 |
| Statements of Changes in Net Assets | 5 |
| Financial Highlights | 6 |
| Notes to Financial Statements and Financial Highlights | 8 |
| Report of Independent Registered Public Accounting Firm | 17 |

---

<u>X-Square Municipal Income ETF</u> <u>Schedule of Investments</u> <br> *September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS (99.29%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rico, Series 2022 A-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/35, 4.00% | $621000 | $606198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/37, 4.00% | 71000 | 67447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/41, 4.00% | 18000 | 16137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/27, 5.63% | 337000 | 348914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/31, 5.75% | 249000 | 276096 |
|  |  | 1314792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/39, 5.00% | 425000 | 432414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Commonwealth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqueduct & Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/42, 4.00%<sup>(a)</sup> | 250000 | 225163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28, 5.00%<sup>(a)</sup> | 250000 | 256762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/37, 5.00%<sup>(a)</sup> | 250000 | 258749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/47, 5.00%<sup>(a)</sup> | 280000 | 273075 |
|  |  | 1013749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing Corp. Sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Revenue, Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructured Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/40, 4.33% | 450000 | 431058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/58, 4.78% | 1060000 | 985679 |
|  |  | 1416737 |
| &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 | 90367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27, 5.00% | 200000 | 200545 |
|  |  | 290912 |
| **TOTAL MUNICIPAL BONDS (Cost $4,454,748)** |  | **4468604** |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 1

<u>X-Square Municipal Income ETF</u> <u>Schedule of Investments</u> <br> *September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield<br> Annualized** | **Shares** | |
| **SHORT-TERM INVESTMENTS (1.98%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds MuniCash Inst Class | 2.79% | 88897 | $88906 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $88,906)** |  |  | **88906** |
| **TOTAL INVESTMENTS (101.27%) (Cost $4,543,654)** |  |  | **4557510** |
| **Liabilities in Excess of Other Assets (-1.27%)** |  |  | $(57237) |
| **NET ASSETS (100.00%)** |  |  | $**4500273** |

---

*<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 $1,013,749, which represents 22.53% of net assets as of September 30, 2025.*

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 2 www.x2etfs.com

<u>X-Square Municipal Income ETF</u> <u>Statement of Assets and Liabilities</u> <br> *September 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at fair value (Cost $4,543,654) | $4557510 |
| Cash | 136 |
| Interest receivable | 60527 |
| Prepaid expenses and other assets | 523 |
| Total Assets | 4618696 |
| **LIABILITIES:** |  |
| Accrued chief compliance officer fees payable | 1130 |
| Payable due to advisor (see Note 4) | 35450 |
| Accrued fund administration and accounting fees payable | 13520 |
| Deferred Tax Liability (see Note 6) | 2441 |
| Transfer Agent fees payable | 31130 |
| Accrued professional fees payable | 27295 |
| Accrued trustees' fees payable | 1500 |
| Other payables and accrued expenses | 5957 |
| Total Liabilities | 118423 |
| Net Assets | $4500273 |
| **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO SHARES:** |  |
| Paid-in capital | $4520698 |
| Total distributable earnings/accumulated losses | (20425) |
| Net Assets | $4500273 |
| **NET ASSET VALUE** |  |
| Net assets | $4500273 |
| Shares outstanding (unlimited shares authorized, no par value) | 179000 |
| Net Asset Value per Share<sup>(a)</sup> | $25.14 |

---

*<sup>(a)</sup>* *Net asset value per share includes GAAP adjustments.*

 

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 3

<u>X-Square Municipal Income ETF</u> <u>Statement of Operations</u> <br> *For the Year Ended September 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Interest | $202922 |
| Total Investment Income | 202922 |
| **EXPENSES:** |  |
| Investment advisory fee (see Note 4) | 27941 |
| Fund accounting, administration and compliance fees | 121837 |
| Professional fees | 50862 |
| Trustees' fees and expenses | 1500 |
| Printing expense | 18142 |
| Transfer agent fees | 16980 |
| Other expenses | 13043 |
| Total Expenses | 250305 |
| Reimbursement from Adviser/Advisory fee waiver (see Note 4) | (210618) |
| Net Expenses | 39687 |
| **Net Investment Income, Before Income Taxes** | 163235 |
| Current and deferred tax benefit/(expense) (see Note 6) | – |
| **Net Investment Income, Net of Income Taxes** | 163235 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | (2232) |
| Net realized loss: | (2232) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities, before taxes | (165417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax benefit/(expense) (see Note 6) | 35206 |
| Net change in unrealized appreciation/ (depreciation), net of taxes | (130211) |
| Net Realized and Unrealized Loss on Investments | (132443) |
| **Net Increase in Net Assets Resulting from Operations** | $30792 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 4 www.x2etfs.com

<u>X-Square Municipal Income ETF</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $163235 | $135731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | (2232) | 18984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (130211) | 244796 |
| **Net Increase in Net Assets from Operations** | 30792 | 399511 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (196906) | (163697) |
| **Decrease in Net Assets from Distributions to Shareholders** | (196906) | (163697) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from sale of shares | 639397 | 663600 |
| Cost of shares redeemed | – | (603978) |
| **Net Increase from Capital Share Transactions** | 639397 | 59622 |
| **Net Increase in Net Assets** | 473283 | 295436 |
| **NET ASSETS:** |  |  |
| Beginning of period | 4026990 | 3731554 |
| End of period | $4500273 | $4026990 |
| **OTHER INFORMATION:** |  |  |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 154000 | 154000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | – | (25000) |
| Ending Shares | 179000 | 154000 |

---

 

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 5

<u>X-Square Municipal Income ETF</u> <u>Financial Highlights</u> <br> *For a Share Outstanding Throughout the Year/Period Presented*

---

| | | | |
|:---|:---|:---|:---|
| | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** | **For the Period<br> May 18, 2023<br> (Commencement of<br> Operations) to<br> September 30, 2023** |
| **PER SHARE OPERATING PERFORMANCE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value - beginning of period | $26.15 | $24.23 | $25.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.96 | 1.00 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.79) | 2.09 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in Net Asset Value | 0.17 | 3.09 | (0.20) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (1.18) | (1.17) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | – | – | (0.11) |
| **Total Distributions to Shareholders** | (1.18) | (1.17) | (0.57) |
| Net asset value per share - end of period | $25.14 <sup>(b)</sup> | $26.15 <sup>(b)</sup> | $24.23 |
| **Total Investment Return - Net Asset Value<sup>(c)</sup>** | 0.75% | 12.85% | (0.88 %)<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |
| Net assets attributable to shares, end of period (000s) | $4500 | $4027 | $3732 |
| Ratio of actual expenses to average net assets including fee waivers and reimbursements | 0.92% | 1.09 %<sup>(e)</sup> | 1.70 %<sup>(f)</sup> |
| Ratio of actual expenses to average net assets excluding fee waivers and reimbursements | 5.82% | 7.72 %<sup>(e)(g)</sup> | 9.85 %<sup>(f)(h)</sup> |
| Ratio of net investment income to average net assets | 3.80% | 3.85 %<sup>(e)</sup> | 4.13 %<sup>(f)</sup> |
| Portfolio turnover rate | 0.82% | 53.76% | 0.90 %<sup>(i)</sup> |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> 6 www.x2etfs.com

<u>X-Square Municipal Income ETF</u> <u>Financial Highlights</u> <br> *For a Share Outstanding Throughout the Year/Period Presented*

*<sup>(a)</sup>* *Calculated using average shares outstanding.*

*<sup>(b)</sup>* *Net asset value per share includes GAAP adjustments.*

*<sup>(c)</sup>* *Total investment return is calculated assuming a purchase of shares at the opening on the first day and a sale at closing on the last day of the period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.*

*<sup>(d)</sup>* *Periods less than one full year have not been annualized.*

*<sup>(e)</sup>* *Ratio includes 0.09% of tax expense attributable to federal statutory income tax.*

*<sup>(f)</sup>* *Ratio includes $5,948 or 0.60% of tax expense attributable to federal statutory income tax. The fund did not accrue a net deferred tax expense or benefit.*

*<sup>(g)</sup>* *Ratio includes $26,752 or 0.76% of offering costs that have not been annualized.*

*<sup>(h)</sup>* *Ratio includes $19,968 or 0.75% of organizational expenses and offering costs that have not been annualized.*

*<sup>(i)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 7

<u>X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

NOTE 1 — ORGANIZATION AND REGISTRATION

X-Square Municipal Income ETF (the "Fund") is a series of X-Square Series Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Prior to January 29, 2024, the X-Square Municipal Income ETF was known as the X-Square Municipal Income Tax Free ETF. The Trust was organized as a statutory trust on December 2, 2021 under the laws of the State of Delaware. The Fund is an actively managed and non - diversified investment company with an investment objective which seeks to provide income exempt from federal income tax. The Fund's investment adviser is X-Square Capital, LLC (the "Adviser").

The Fund offers and issues shares at their net asset value ("NAV") to certain financial institutions such as registered broker-dealers and banks only in aggregations of a specified number of Shares (each, a "Creation Unit"). A Creation Unit consists of 25,000 Shares. Creation Units generally are issued in exchange for a basket of securities ("Deposit Securities"), together with the deposit of a specified cash payment ("Balancing Amount"). Shares will be listed on the NYSE Arca, Inc. (the "Exchange") and trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Balancing Amount, if applicable. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities. A fixed creation or redemption transaction fee of $500, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with each creation or redemption. The Fund may adjust the creation or redemption transaction fee from time to time or waive the fee on certain orders if the Fund's custodian has determined to waive some or all of the fee or another party, such as the Adviser, has agreed to pay such fee.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946. The financial statements have been prepared as of the close of the New York Stock Exchange ("NYSE") as of the fiscal year end of the Fund.

**Use of Estimates:** The financial statements are prepared in United States Dollars and in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

**Portfolio Valuation:** The Fund values its portfolio of securities at fair value. The net asset value ("NAV") per common share of the Fund is determined daily, on each day that there is a regular trading session on the NYSE as of the close of regular trading. The Fund's NAV per common share is calculated by dividing the value of the Fund's total assets, less its liabilities, by the number of shares outstanding and rounding the result to the nearest full cent.

8 www.x2etfs.com

<u> X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

The Fund generally values its Level 1 securities based on market prices determined at the close of regular trading on the NYSE (normally, 4 p.m. Eastern time) on each business day (Monday through Friday). The Fund will not value its securities on any day that the NYSE is closed, including the following observed holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Fund's currency valuations are done as of the close of regular trading on the NYSE (normally, 4 p.m. Eastern time).

For equity securities that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange, provided such price is not deemed stale, and that it represents fair value. In the case of securities not traded on an exchange, or if such closing prices are not otherwise available, the market price is typically determined by independent third party pricing vendors approved by the Fund's Board of Trustees ("the Board") using a variety of pricing techniques and methodologies.

The price for debt obligations (including short-term debt obligations with remaining maturities of 60 days or less) is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. In certain circumstances, bid and ask prices may be obtained from: (i) a broker/ dealer specified and deemed reliable by the Adviser, (ii) pink sheets, yellow sheets or the blue list, or (iii) a pricing agent that obtains quotations from broker/dealers or evaluates the value of the respective bid and ask prices. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers/dealers that make a market in the security.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined when such prices or quotations are not available, or when the Adviser (the Valuation Designee, as defined in Rule 2a-5) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The Fund may also use fair value procedures if the Adviser determines that a significant event has occurred between the time at which a market price is determined and the time at which the Fund NAV is calculated. In particular, the value of foreign securities may be materially affected by events occurring after the close of the market on which they are traded, but before the Fund prices its shares.

The Fund may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. In considering whether fair value pricing is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the Fund values its securities. In addition, the Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign securities.

Annual Report \| September 30, 2025 9

<u> X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. A fund that uses fair value to price securities may value those securities higher or lower than another fund using market quotations or its own fair value methodologies to price the same securities. There can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Fund's valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

**Cash and Cash Equivalents:** The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day. Cash equivalents are defined as invests in short-term instruments including money market instruments.

**Securities Transactions and Investment Income:** Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis method for financial reporting purposes. Dividends are recorded net of foreign withholding taxes. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities.

**Federal Income Taxes:** The Fund is taxed as a regular C-corporation for federal income tax purposes and as such is obligated to pay federal and state income tax. For the year ended September 30, 2025, the federal income tax rate is 21%. This treatment differs from most investment companies, which elect to be treated as "regulated investment companies" under the Internal Revenue Code of 1986, as amended (the "Code") in order to avoid paying entity level income taxes. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations.

**Indemnification:** The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties that provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

10 www.x2etfs.com

<u> X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

NOTE 3 — FAIR VALUE MEASUREMENTS

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $– | $4468604 | $– | $4468604 |
| Short-Term Investments | 88906 | – | – | 88906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $88906 | $4468604 | $– | $4557510 |

---

There were no Level 3 securities held in the Fund at September 30, 2025. There were no transfers in or out from Level 3 as of and for the period ended September 30, 2025.

Annual Report \| September 30, 2025 11

<u> X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

NOTE 4 — INVESTMENT ADVISORY AGREEMENT

As compensation for its services, the Fund pays to the Adviser a monthly management fee at an annual rate of 0.65% of its average daily net assets.

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 investments in other collective investment vehicles or derivative instruments (including, for example, option 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 1.10% of the Fund's average daily net assets for the period ended October 31, 2023, and 1.00% for the period of November 1, 2023 thru September 30, 2025. Effective April 1, 2025, the adviser's contractual waiver agreement was revised to reflect an expense limitation of 0.85% of the Fund's average daily net assets. The Adviser may recoup these fee waivers and expense reimbursements 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 the foregoing expense limit in place at the time of waiver/reimbursement or the expense limits in place at the time of recoupment.

As of September 30, 2025, the following amounts were available for recoupment by the Adviser based upon their potential expiration date:

---

| | | |
|:---|:---|:---|
| **Expiring in 2026** | **Expiring in 2027** | **Expiring in 2028** |
| $93045 | $206168 | $210618 |

---

NOTE 5 — OTHER AGREEMENTS

**Distribution and Services Agreement**

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees.

ALPS Distributors, Inc. (the "Distributor") serves as the Fund's distributor and is an affiliate of the Administrator (defined below). The Distributor acts as an agent for the Fund and the distributor of the Fund's shares. No commissions were earned by the Distributor for services rendered as a registered broker-dealer in securities transactions during the year ended September 30, 2025 for the Fund.

**Administration Agreement**

ALPS Fund Services, Inc. (the "Administrator" or "ALPS"), provides various accounting services to the Fund pursuant to the fund accounting servicing agreement. The Trust and the Administrator have entered into the fund administration servicing agreement ("Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative services, including providing certain operational, clerical, recordkeeping and/or bookkeeping services. The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from the Administrator's refusal or failure to comply with the terms of the Administration Agreement or from the Administrator's bad faith, negligence, or willful misconduct in the performance of its duties under the Administration Agreement.

12 www.x2etfs.com

<u> X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

ALPS, pursuant to a chief compliance officer services agreement with the Trust, provides chief compliance officer ("CCO") services to the Fund whereby an employee of ALPS serves as the CCO of the Fund. Additionally, ALPS provides services in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act. ALPS receives an annual fee for these services and is reimbursed for certain out-of-pocket expenses, pursuant to the CCO services agreement. The CCO receives no salary or fees from the Trust.

A Trustee and certain Officers of the Fund are also employees of the Adviser. Officers of the Trust and Trustees who are "interested persons" of the Trust or the Adviser receive no salary or fees from the Trust. Each Trustee who is not an "interested person" receives an annual retainer of $2,000 paid quarterly. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at Board meetings.

**Transfer Agency Agreement**

State Street Bank serves as the Transfer Agent to the Trust. Under the Transfer Agency Agreement, State Street Bank is responsible for maintaining all shareholder records for the Trust.

NOTE 6 — FEDERAL TAX AND TAX BASIS INFORMATION

The Fund accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the method, the Fund determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Fund recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, the Fund utilizes all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If it's determined that the Fund would be able to realize deferred tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Fund records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than not recognition threshold, the Fund recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

Annual Report \| September 30, 2025 13

<u> X-Square Municipal Income ETF</u> <u> Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

Total income tax (expense) benefit for the Fund differs from the amount computed by applying the federal statutory income tax rate of 21% to net investment income and net realized and unrealized gains (losses) on investments for the year ended September 30, 2025 as follows:

---

| | |
|:---|:---|
| Application of Statutory income tax rate: | $927 |
| Permanent Difference for Tax-Exempt Interest Income, Net of Expenses Related to Tax-Exempt Interest Income: | $34279 |
| Total Income Tax (Expense) Benefit: | $35206 |

---

Currently the federal income tax rate for a corporation is 21%. As of September 30, 2025, the Fund recorded a net deferred tax liability for its investments. Should a deferred tax asset exist in the future, the Fund will assess whether a valuation allowance should be booked to reserve against that asset. Components of the Fund's deferred tax asset (liability) are as follows:

---

| | |
|:---|:---|
| | **As of September 30, 2025** |
| Deferred tax assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforwards | $469 |
| Total deferred tax assets | $469 |
| Deferred tax liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | $(2910) |
| Total deferred tax liabilities | $(2910) |
| Net deferred tax liability | $(2441) |

---

The Fund's income tax provision consists of the following as of September 30, 2025:

---

| | |
|:---|:---|
| Current: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $– |
| Deferred & other: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $35206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $35206 |
| Total Income Tax (Expense) Benefit | $35206 |

---

14 www.x2etfs.com

<u> X-Square Municipal Income ETF</u> <u>Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

As of September 30, 2025, the cost of investments for federal income tax purposes and net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| Cost of investments for income tax purposes: | $4543654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross appreciation: | $60445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross depreciation: | $(46589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation): | $13856 |

---

The tax character of the distributions paid during the fiscal year ended September 30, 2024 was as follows:

---

| | |
|:---|:---|
| Ordinary Income: | $163697 |
| Return of Capital: | $– |

---

The tax character of the distributions paid during the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Ordinary Income: | $196906 |
| Return of Capital: | $– |

---

NOTE 7 — INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding short-term securities) for the period ended September 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Cost of Investments Purchased** | **Proceeds from Investments Sold** |
| $688354 | $35266 |

---

There no purchases or sales of long-term U.S. government securities for the period ended September 30, 2025.

NOTE 8 — SEGMENT REPORTING

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment. Disclosures ("ASU 2023-07") during the year. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Fund's internal organizational structure. The Fund uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Fund's CODM has been identified as the Chief Executive Officer, who reviews consolidated results presented within the Fund's financial statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the CODMs assesses performance.

Annual Report \| September 30, 2025 15

<u> X-Square Municipal Income ETF</u> <u> Notes to Financial Statements and Financial Highlights</u>

*September 30, 2025*

NOTE 9 — NEW ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

NOTE 10 — SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements.

16 www.x2etfs.com

<u> X-Square Municipal Income ETF</u> <u> Report of Independent Registered Public Accounting Firm</u>

To the Shareholders of X-Square Municipal Income ETF and

Board of Trustees of X-Square Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of X-Square Municipal Income ETF (the "Fund"), a series of X-Square Series Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended September 30, 2025 and 2024 and for the period May 18, 2023 (commencement of operations) to September 30, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2022.

![](fp0096379-1_03.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 28, 2025

Annual Report \| September 30, 2025 17

![](fp0096379-1_04.jpg)

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

Item 9. **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

Item 10. **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

Item 11. **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

Item 12. **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

Item 13. **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

Item 14. **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

Item 15. **Submission of Matters to Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since last provided in response to this Item.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer
 and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a
 date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There was no change in the Registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting.

Item 17. **Disclosure of Securities Lending Activities for Closed-end Management Investment Companies.**

Not applicable.

Item 18. **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 19. **Exhibits.**

(a)(1) [The Code of Ethics that applies to the Registrant's principal executive officer and principal financial officer is attached hereto as Exhibit 19(a)(1).](fp0096379-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.](fp0096379-1_ex99cert.htm)

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.](fp0096379-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| X-Square Series Trust | X-Square Series Trust |
| By: | */s/ Ignacio Canto* |
|  | Ignacio Canto |
|  | Principal Executive Officer/President |
| Date: | December 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| X-Square Series Trust | X-Square Series Trust |
| By: | */s/ Cristina Perez* |
|  | Cristina Perez |
|  | Principal Financial Officer/Treasurer |
| Date: | December 5, 2025 |

---

## Ex-99.Code

Exhibit 19(a)(1)

**CODE OF ETHICS**

***Background***

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Advisers Act requires each registered investment adviser to adopt and implement a written code of ethics that contains provisions regarding:

● The adviser's fiduciary duty to its clients;

● Compliance with all applicable Federal Securities Laws;

● Reporting and review of personal Securities transactions and holdings;

● Reporting of violations of the code; and

● The provision of the code to all supervised persons.

***Policies and Procedures***

**<u>Fiduciary Standards and Compliance with the Federal Securities Laws</u>**

At all times, X-Square and its Employees must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets. The CCO administers the Code of Ethics (or the "Code"). All questions regarding the Code should be directed to the CCO or in his absence the EVP.

All Employees will act with competence, dignity, integrity, and in an ethical manner, when dealing with Clients, the public, prospects, third-party service providers and fellow Employees. Employees must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting X-Square's services, and engaging in other professional activities.

We expect all Employees to adhere to the highest standards with respect to any potential conflicts of interest with Clients. As a fiduciary, X-Square must act in its Clients' best interests. Notify the CCO promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

**<u>Reporting Violations</u>**

Employees must promptly report any improper or suspicious activities, including any suspected violations of the Code*,* to the CCO. Issues can be reported to the CCO in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO. Any problems identified during the review will be addressed in ways that reflect X-Square's fiduciary duty to its Clients.

An Employee's identification of a material compliance issue will be viewed favorably by the Company. Retaliation against any Employee who reports a violation of the Code in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal.

Violations of this Code, or the other policies and procedures set forth in the Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Employee to civil, regulatory or criminal sanctions. No Employee will determine whether he or she committed a violation of the Code, or impose any sanction against himself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

**<u>Distribution of the Code and Acknowledgement of Receipt</u>**

X-Square will distribute this Manual, which contains the Company's Code, to each Employee (1) upon the commencement of employment, (2) annually by February 14<sup>th</sup>, (3) upon any change to the Code, and (4) upon any material change to another portion of the Manual.

All Employees must acknowledge that they have received, read, understood, and agree to comply with X-Square's policies and procedures described in this Manual, including this Code. Each Employee should complete the attached *Compliance Manual Acknowledgement Form* and submit the completed form to the CCO (1) upon the commencement of employment, (2) annually by February 14<sup>th</sup>, (3) upon any change to the Code, and (4) upon any material change to another portion of the Manual. The CCO will track Employees' acknowledgement forms.

**<u>Conflicts of Interest</u>**

Conflicts of interest may exist between various individuals and entities, including X-Square, Employees, and current or prospective Clients and Investors. X-Square's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. However, written policies and procedures cannot address every potential conflict, so Employees must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve X-Square and/or its Employees on one hand, and Clients and/or Investors on the other hand, will generally be fully disclosed and/or resolved in a way that favors the interests of Clients and/or Investors over the interests of X-Square and its Employees. If an Employee believes that a conflict of interest has not been identified or appropriately addressed, that Employee should promptly bring the issue to the CCO's attention.

In some instances conflicts of interest may arise between Clients and/or Investors. Employees should notify the CCO promptly if it appears that any actual or apparent conflict of interest between Clients and/or Investors has not been appropriately addressed.

It may sometimes be beneficial for X-Square to be able to retroactively demonstrate that it carefully considered particular conflicts of interest. The CCO should document the Company's assessment of, and response to, such conflicts.

**<u>Personal Securities Transactions</u>**

Employee trades should be executed in a manner consistent with our fiduciary obligations to our Clients: trades should avoid actual improprieties, as well as the appearance of impropriety.

Employees are prohibited from trading securities that are blacklisted for a period of seven calendar days. Blacklisted securities are those securities that are traded on behalf of a Client. These securities are blacklisted beginning on trade date. However, Employees can trade on blacklisted securities only if trades are executed simultaneously with Clients.

**Accounts Covered by the Policies and Procedures**

X-Square's Personal Securities Transactions policies and procedures apply to all accounts holding any Securities over which Employees have any beneficial ownership interest, which typically includes accounts held by immediate family members sharing the same household.<sup>1</sup>

**Reportable Securities and Pre-clearance Procedures**

X-Square requires Employees to provide periodic reports regarding transactions and holdings in all Securities.

Employees must have written clearance for all Securities transactions, including IPOs and Private Placements before completing the transactions. X-Square may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. If clearance is granted for a specified period of time, the Employee receiving the approval is responsible for ensuring that his trading is completed before the clearance's expiration, which is the next business day unless a longer expiration is requested.

Employees must use attached *Trade Pre-clearance Form* to seek pre-clearance. All pre-clearance requests must be submitted to the CCO. The CCO will track pre-clearance requests and keep copies of all of the forms.

**Restricted List**

X-Square's CCO will maintain a Restricted List of Securities about which X-Square might have received Material Non-Public Information or might be associated with a conflict of interest. In addition, the CCO will maintain a Restricted List of Securities that X-Square has traded, whether purchased or sold, for any of X-Square's Clients, including the Funds, for a seven-day period. This blackout period will begin on trade date (i.e. the day the transactions are executed for any of X-square's Clients, including the Funds). The CCO will not pre-clear any personal transactions in Securities that are associated with any issuers on the Restricted List.

The CCO will update the Restricted List as needed and keep a copy of the Restricted List, which should contain the reason that each security is placed on the list as well as the date that it was placed on the list. The CCO will also keep a record of each security that is removed from the list, including the reason that it was removed from the list as well as the date that it was removed from the list.

**Reporting**

X-Square must collect information regarding the personal trading activities and holdings of all Employees. Employees must submit quarterly reports regarding Securities transactions and newly opened accounts, as well as annual reports regarding holdings and existing accounts.

<sup>1</sup> Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

*Quarterly Transaction Reports*

Each quarter, Employees must report all Securities transactions in accounts in which they have a Beneficial Interest. Employees must also report any accounts opened during the quarter that hold any Securities. Reports regarding Securities transactions and newly opened accounts must be submitted to the CCO within 30 days of the end of each calendar quarter.

To fulfill quarterly reporting obligations, Employees may (1) utilize the attached *Quarterly Reporting Forms,* (2) provide duplicate account statements, signing and dating each such statement before submitting it to the CCO, or (3) instruct the institution hosting their accounts to send the CCO duplicate account statements. The CCO must receive all such statements within 30 days of the end of each calendar quarter. Any trades that did not occur through a broker-dealer, such as the purchase of a private fund, must be reported on the *Quarterly Reporting Forms*.

If an Employee did not have any transactions or account openings to report, this should be indicated in the attached *Quarterly Reporting Forms* within 30 days of the end of each calendar quarter.

*Initial and Annual Holdings Reports*

Employees must periodically report the existence of any account that holds any Securities (including Securities excluded from the definition of a Reportable Security), as well as all Securities holdings. Reports regarding accounts and holdings must be submitted to the CCO within 10 days of an individual first becoming an Employee and on or before February 14<sup>th</sup> of each year. Initial reports must be current as of a date no more than 45 days prior to the date that the person became an Employee. Annual reports must be current as of December 31<sup>st</sup>. Initial and annual holdings reports should be submitted (1) using the attached *Periodic Holdings Reporting Forms* or (2) using copies of account statements that contain all of the same information that would be required by the form and that are current as of the dates noted above. Employees should sign and date each such statement before submitting it to the CCO. Securities not appearing on an attached account statement must be reported directly on the Reportable Securities section of the *Periodic Holdings Reporting Form*.

If an Employee does not have any holdings and/or accounts to report, this should be indicated on the *Periodic Holdings Reporting Form* within 10 days of becoming an Employee and by February 14<sup>th</sup> of each year.

*Personal Trading and Holdings Reviews*

X-Square's *Personal Securities Transactions* policies and procedures are designed to mitigate any potential material conflicts of interest associated with Employees' personal trading activities. Accordingly, the CCO will closely monitor Employees' investment patterns to detect potentially abusive behavior. Upon review, the CCO will initial and date each report received, and will attach a written description of any issues noted. Any personal trading that appears abusive may result in further inquiry by the CCO and/or sanctions, up to and including dismissal.

The EVP will monitor the CCO's personal Securities transactions for compliance with the Personal Securities Transactions policies and procedures.

**<u>Disclosure of the Code of Ethics</u>**

X-Square will describe its Code in Part 2A of Form ADV and, upon request, furnish Clients and Investors with a copy of the Code. All requests for X-Square's Code should be directed to the CCO.

X-Square will deliver Part 2 of Form ADV to separately managed accounts initially and annually. X-Square does not anticipate providing Part 2 to Investors initially. X-Square anticipates that the Fund's Administrator will deliver Part 2 of Form ADV to Investors annually.

## Ex-99.Cert

**Exhibit 99.Cert**

I, Ignacio Canto, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of X-Square Series Trust (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge,
 this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
 covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge,
 the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
 to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure
 controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
 that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness
 of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such
 evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in the
 report any change in the Registrant's internal control over financial reporting that occurred during the period covered
 by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal
 control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's
 other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's
 board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant
 deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
 likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether
 or not material, that involves management or other employees who have a significant role in the Registrant's internal
 control over financial reporting.

---

| | |
|:---|:---|
| X-Square Series Trust | X-Square Series Trust |
| By: | */s/ Ignacio Canto* |
|  | Ignacio Canto |
|  | Principal Executive Officer/President |
| Date: | December 5, 2025 |

---

I, Cristina Perez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of X-Square Series Trust (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge,
 this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
 covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge,
 the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
 to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure
 controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
 that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness
 of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such
 evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in the
 report any change in the Registrant's internal control over financial reporting that occurred during the period covered
 by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal
 control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's
 other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's
 board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant
 deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
 likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether
 or not material, that involves management or other employees who have a significant role in the Registrant's internal
 control over financial reporting.

---

| | |
|:---|:---|
| X-Square Series Trust | X-Square Series Trust |
| By: | */s/ Cristina Perez* |
|  | Cristina Perez |
|  | Principal Financial Officer/Treasurer |
| Date: | December 5, 2025 |

---

## Exhibit 99.906

Exhibit 99.906Cert

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended September 30, 2025 of X-Square Series Trust (the "Registrant").

I, Ignacio Canto, the Principal Executive Officer/President of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully
 complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m
 or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information
 contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
 Registrant.

---

| | |
|:---|:---|
| Dated: | December 5, 2025 |
| By: | */s/ Ignacio Canto* |
|  | Ignacio Canto |
|  | Principal Executive Officer/President |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended September 30, 2025 of X-Square Series Trust (the "Registrant").

I, Cristina Perez, the Principal Financial Officer/Treasurer of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully
 complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m
 or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information
 contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
 Registrant.

---

| | |
|:---|:---|
| Dated: | December 5, 2025 |
| By: | */s/ Cristina Perez* |
|  | Cristina Perez |
|  | Principal Financial Officer/Treasurer |

---