# X-Square Capital

> X-Square Capital is an SEC-registered investment advisory firm in Guaynabo, PR, registered since 2015, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated April 13, 2026.

- CRD: 167237
- Filed as: X-SQUARE CAPITAL
- Legal name: X-Square Capital, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Guaynabo, PR
- Filing period: October 2026
- Form ADV filing dated: April 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/167237
- AdvisorCensus page: https://advisorcensus.com/firm/x-square-capital-guaynabo-pr-167237

## Quick answers

**How is X-Square Capital compensated?**
On its Form ADV (Item 5.E, October 2026), X-Square Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is X-Square Capital located?**
X-Square Capital's principal office is in Guaynabo, PR, according to its Form ADV.

**Is X-Square Capital registered with the SEC or a state?**
X-Square Capital is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 167237.

**How much does X-Square Capital manage?**
X-Square Capital reports $790,900,970 in regulatory assets under management in its Form ADV filing dated April 13, 2026 (65% discretionary).

**How have X-Square Capital's assets and staff changed since 2021?**
In the Form ADV data for X-Square Capital: Regulatory assets under management: $373,530,183 in the October 2021 data and $790,900,970 in the October 2026 data, up 112%. Total employees: 7 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does X-Square Capital serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (130); pension and profit sharing plans (but not the plan participants or government pension plans) (80); corporations or other businesses not listed above (75).

**Which custodians does X-Square Capital use?**
X-Square Capital's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., J.P. Morgan Securities Inc., Jefferies LLC, State Street Corporation and Usbank, N.A. as custodians holding 10% or more of its separately managed account assets.

**Does X-Square Capital report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/167237

**What changed in X-Square Capital's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $616,864,678 to $790,900,970 (+28%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- J.P. Morgan Securities Inc.
- Jefferies LLC
- State Street Corporation
- Usbank, N.A.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $790,900,970
- Discretionary: $516,578,559
- Non-discretionary: $274,322,411

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 130 | $27,750,483 |
| High net worth individuals | 37 | $35,168,289 |
| Investment companies | 2 | $87,270,490 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $70,827,489 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 80 | $62,692,616 |
| Insurance companies | 1 | $16,745,385 |
| Corporations or other businesses not listed above | 75 | $490,446,218 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2015 (11 years)
- Employees: 7 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PR
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- balancedira.com
- open.spotify.com/show/5B9CwgWjJdRE99pjhGnw1x
- x2etfs.com
- xsquarecapital.com
- Facebook @xsquarecapital
- Instagram @xsquarecapital
- LinkedIn @x2-square-capital
- TikTok @xsquarecapital
- X @ZTAXetf
- YouTube @xsquarecapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $373,530,183 | 7 | July 2, 2021 |
| October 2022 | $294,264,777 | 7 | September 29, 2022 |
| October 2023 | $286,875,158 | 7 | April 28, 2023 |
| October 2024 | $423,636,050 | 7 | April 3, 2024 |
| October 2025 | $623,933,455 | 7 | May 14, 2025 |
| October 2026 | $790,900,970 | 7 | April 13, 2026 |

Regulatory assets under management: $373,530,183 in the October 2021 data and $790,900,970 in the October 2026 data, up 112%.
Total employees: 7 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $616,864,678 to $790,900,970 (+28%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. X-Square Capital (CRD 167237): Form ADV filing data as of October 2026.