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N-CSR/A
N-1A
X-SQUARE SERIES TRUST
0001901443
X-SQUARE MUNICIPAL INCOME ETF
2024-09-30
true
This
<span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_z33F8D9SKmFb">annual
shareholder report</span> contains important information about X- Square Municipal Income ETF for the period of October 1, 2023 to September
30, 2024.
annual shareholder report
You
can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_z1D1Rumf6vfb">https://x2etfs.com/</span>
. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_zXc26Jmu9St1">1-787-282-1621</span>.
https://x2etfs.com/
1-787-282-1621
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund's cost for the last year?</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>(based on a hypothetical $10,000 investment) </i></p>
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="background-color: Black; width: 34%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: White"><b>Class
Name</b></span></td>
<td style="background-color: Black; width: 33%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: White"><b>Cost
of a $10,000 Investment</b></span></td>
<td style="background-color: Black; width: 33%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: White"><b>Cost
Paid as a percentage of a $10,000 Investment</b></span></td></tr>
<tr style="vertical-align: bottom; background-color: Gainsboro">
<td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span><span>X-
Square Municipal Income ETF</span></span></b></span></td>
<td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>$<span id="xdx_903_eoef--ExpensesPaidAmt_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_zGrrY8ig647l">127</span></b></span></td>
<td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_907_eoef--ExpenseRatioPct_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_zv6nl0OHLYE1">1.27%</span></b></span></td></tr>
</table>
127
0.0127
<div>
<table cellpadding="4" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: Gainsboro">
<td style="width: 100%">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>How did the Fund perform last year?</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">Although the interest rate environment has remained in restrictive
territory, ZTAX has performed well, thanks to the robust underlying fundamentals of Puerto Rico’s fiscal environment. Tax revenues,
which are at record levels and surpassing expectations, have acted as a tailwind for the Island’s finances. In addition, the Central
Government's cash reserves, also at record highs, make the Island the most well-capitalized jurisdiction within the U.S. on a relative
basis. As a result, Puerto Rico’s restructured municipal bonds have outperformed their U.S. counterparts. Additionally, the anticipation
and aggressive pricing of Federal Reserve rate cuts in the second half of 2024 and throughout 2025 have supported municipal bonds more
broadly. However, an increase in supply, driven by election uncertainty, has led to a rise in issuances across the municipal bond market,
which has acted as a headwind. We will continue to closely monitor the fiscal and economic landscape in Puerto Rico and capitalize on
any opportunities that may create shareholder value.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0"> </p></td></tr>
</table></div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><img alt="" src="fp0100836-1_03.jpg"/></p>
X-
Square Municipal Income ETF
Bloomberg
Municipal Bond: High Yield (non-Investment Grade)Index
10000
10000
10037
9930
10191
10121
10237
10155
10231
9978
9934
9623
9923
9452
10506
10224
10791
10572
10820
10503
10946
10599
11083
10722
10974
10647
11054
10742
11089
11049
11129
11125
11180
11295
11186
11390
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.
<div>
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td colspan="3" style="background-color: Black; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: White"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="vertical-align: top; width: 60%; padding-right: 0.25pt"> </td>
<td style="vertical-align: bottom; width: 20%; padding-right: 0.25pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>1
Year</b></span></td>
<td style="vertical-align: bottom; width: 20%; padding-right: 0.25pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Since
Inception</b></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top; padding-right: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">X- Square
Municipal Income ETF - NAV (Incep. May 18, 2023)</span></td>
<td style="vertical-align: bottom; padding-right: 0.25pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_zghCqJhwFZsj">12.85%</span></span></td>
<td style="vertical-align: bottom; padding-right: 0.25pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20230517__20240930__oef--ClassAxis__custom--C000234742Member_zbU2tD2VE6Qa">8.53%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_91A_ecustom--BloombergMunicipalBondHighYieldnonInvestmentGradeIndexMember_z6FSndGpdTB4">Bloomberg
Municipal Bond: High Yield (non-Investment Grade)Index</span></span></td>
<td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20231001__20240930__oef--AdditionalIndexAxis__custom--BloombergMunicipalBondHighYieldnonInvestmentGradeIndexMember_zyoIwfjxllG7">17.38%</span></span></td>
<td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20230517__20240930__oef--AdditionalIndexAxis__custom--BloombergMunicipalBondHighYieldnonInvestmentGradeIndexMember_zWCPcgf6oqW6">10.03%</span></span></td></tr>
</table></div>
0.1285
0.0853
0.1738
0.1003
<div>
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td colspan="2" style="background-color: Black; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: White"><b>FUND
STATISTICS</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 83%; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total Net Assets</span></td>
<td style="width: 17%; padding-right: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_907_eus-gaap--AssetsNet_iI_c20240930__oef--ClassAxis__custom--C000234742Member_zjxxRxlYEGt6">4,026,990</span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"># of Portfolio Holdings</span></td>
<td style="padding-right: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_eoef--HoldingsCount_iI_uHolding_c20240930__oef--ClassAxis__custom--C000234742Member_z7ELvuOZ9RVj">13</span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Portfolio Turnover Rate</span></td>
<td style="padding-right: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_uRatio_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_zG2ncgvYf9D">54%</span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Advisory Fees Paid</span></td>
<td style="padding-right: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_904_eoef--AdvisoryFeesPaidAmt_c20231001__20240930__oef--ClassAxis__custom--C000234742Member_zYUtS5x0Z6N9">23,035</span></span></td></tr>
</table></div>
4026990
13
0.54
23035
<div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><img alt="" src="fp0100836-1_04.jpg"/></p></div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none; width: 50%"><span id="xdx_91A_ecustom--OneToThreeYearsMember_zD37cLK9rpYe" style="display: none">1-3 Years</span></td>
<td style="display: none; width: 50%"><span id="xdx_900_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--MaturityAxis__custom--OneToThreeYearsMember_zhffsEzJDD8k" style="display: none">8.47%</span></td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none"><span id="xdx_918_ecustom--ThreeToFiveYearsMember_zl1w39vAS2Xl" style="display: none">3-5 Years</span></td>
<td style="display: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--MaturityAxis__custom--ThreeToFiveYearsMember_zn7q9hIMEiPb" style="display: none">6.49%</span></td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none"><span id="xdx_919_ecustom--FiveToTenYearsMember_zJqgrzugUy6d" style="display: none">5-10 Years</span></td>
<td style="display: none"><span id="xdx_900_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--MaturityAxis__custom--FiveToTenYearsMember_zPjcfQYMqFNc" style="display: none">6.88%</span></td></tr>
<tr style="display: none; vertical-align: top; text-align: left">
<td style="display: none"><span id="xdx_912_ecustom--TenYearsMember_zdPepZjhO9ib" style="display: none">10 Years</span></td>
<td style="display: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--MaturityAxis__custom--TenYearsMember_z03JIB3k7Rla" style="display: none">76.95%</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
0.0847
0.0649
0.0688
0.7695
<div>
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td colspan="2" style="background-color: Black; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: White"><b>TOP
10 HOLDINGS (as of % Net Assets)</b></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="vertical-align: top; width: 80%; padding-right: 0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_919_ecustom--PuertoRicoSalesTaxFinancingCorpSalesTaxRevenueMember_z9zjOPJU9cg">Puerto
Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.784%, 07/01/2058</span></span></td>
<td style="width: 20%; padding-right: 0.05in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--PuertoRicoSalesTaxFinancingCorpSalesTaxRevenueMember_zc4vNy1MZ1A9">26.39%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_91E_ecustom--CommonwealthOfPuertoRicoMember_z93uYv5oy288">Commonwealth
of Puerto Rico, 4.00%, 07/01/2035</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--CommonwealthOfPuertoRicoMember_z8rUuRPOG6Y4">15.41%</span></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_91A_ecustom--MatchingFundSpecialPurposeSecuritizationCorpMember_z8PzAdDsOebf">Matching
Fund Special Purpose Securitization Corp., 5.00%, 10/01/2039</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--MatchingFundSpecialPurposeSecuritizationCorpMember_zvfeC9D8v9Aa">11.05%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_917_ecustom--CommonwealthOfPuertoRico1Member_z6RHcLK8xeRk">Commonwealth
of Puerto Rico, 5.625%, 07/01/2027</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--CommonwealthOfPuertoRico1Member_zsvXScM39Jcf">8.74%</span></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_910_ecustom--PuertoRicoCommonwealthAqueductAndSewerAuthorityMember_zPEGrhg2rosh">Puerto
Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2047</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--PuertoRicoCommonwealthAqueductAndSewerAuthorityMember_zEXxTFuRazr9">7.12%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_917_ecustom--CommonwealthOfPuertoRico2Member_z8vQ9R90Vkm4">Commonwealth
of Puerto Rico, 5.75%, 07/01/2031</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--CommonwealthOfPuertoRico2Member_zyyD9y4Broa6">6.88%</span></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_911_ecustom--PuertoRicoCommonwealthAqueductAndSewerAuthority1Member_zxqOkt1Z0Nee">Puerto
Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2037</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--PuertoRicoCommonwealthAqueductAndSewerAuthority1Member_zcXJOM7yaht3">6.60%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_91C_ecustom--PuertoRicoCommonwealthAqueductAndSewerAuthority2Member_z6xxBSkIWM17">Puerto
Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2028</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--PuertoRicoCommonwealthAqueductAndSewerAuthority2Member_zyl00vR1CBYa">6.49%</span></span></td></tr>
<tr style="background-color: Gainsboro">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_918_ecustom--PuertoRicoSalesTaxFinancingCorpSalesTaxRevenue1Member_zCMLbWD0G2lk">Puerto
Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.329%, 07/01/2040</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90E_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--PuertoRicoSalesTaxFinancingCorpSalesTaxRevenue1Member_z1K2RcD2u694">4.97%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_91A_ecustom--TerritoryOfGuamMember_zlQsHEaRE325">Territory
of Guam, 4.00%, 01/01/2036</span></span></td>
<td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_eoef--PctOfNav_iI_c20240930__oef--ClassAxis__custom--C000234742Member__oef--LargestHoldingAxis__custom--TerritoryOfGuamMember_zj4WJQ0Smsja">2.27%</span></span></td></tr>
</table></div>
0.2639
0.1541
0.1105
0.0874
0.0712
0.0688
0.0660
0.0649
0.0497
0.0227
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Material Fund Changes</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">There have been no material fund changes during the reporting period.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
X-SQUARE MUNICIPAL INCOME ETF