# EDGAR Filing Document

**Accession Number:** 0001645192
**File Stem:** 0001413042-25-000554
**Filing Date:** 2025-7
**Character Count:** 45385
**Document Hash:** e6f4e6e41751e9c4b791d7b2bccc86b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000554.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001413042-25-000554

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WP Trust
- **CENTRAL INDEX KEY:** 0001645192

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23086
- **FILM NUMBER:** 251132793

**BUSINESS ADDRESS:**
- **STREET 1:** 127 NW 13TH STREET SUITE 13
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432
- **BUSINESS PHONE:** 800-950-9112

**MAIL ADDRESS:**
- **STREET 1:** 127 NW 13TH STREET SUITE 13
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432

## Series and Classes Contracts Data

### IPS Strategic Capital Absolute Return Fund (Series ID: S000053361)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000167870 | Institutional Class Shares | IPSAX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** |
|  |  | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **Shares/Principal Amount** | **Shares/Principal Amount** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |  |
| **Equity Funds** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | SPDR S&P 500 ETF Trust |  |  | $589 | 0.00% |
| **Fixed Income** | **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514021 | Invesco BulletShares 2025 Corporate Bond ETF + | Invesco BulletShares 2025 Corporate Bond ETF + |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10629954 | 20.36% |
| **Total for Exchange Traded Funds (Cost $10,630,037)** | **Total for Exchange Traded Funds (Cost $10,630,037)** | **Total for Exchange Traded Funds (Cost $10,630,037)** | **Total for Exchange Traded Funds (Cost $10,630,037)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10630544 | 20.36% |
| **U.S. TREASURY BILLS** | **U.S. TREASURY BILLS** |  |  |  |  |
| $1750000 | 3.80%, due 6/26/2025 \*\* + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | 4.09%, due 7/31/2025 \*\* + |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737854 |  |
| **Total for Government Securities (Cost $3,482,086)** | **Total for Government Securities (Cost $3,482,086)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482936 | 6.67% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530822 | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class 4.17% \*\*\* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530822 | 2.93% |
| **Total for Money Market Funds (Cost $1,530,822)** | **Total for Money Market Funds (Cost $1,530,822)** |  |  |  |  |
| **CALL/PUT OPTIONS PURCHASED** | **CALL/PUT OPTIONS PURCHASED** |  | **Notional** |  |  |
| **Expiration Date/Exercise Price** | **Expiration Date/Exercise Price** | **Contracts** | **Amount** | **Fair Value** | **% of Net Assets** |
| **Call Options Purchased** | **Call Options Purchased** |  |  |  |  |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 2, 2025 Calls @ $5,635 | &nbsp;&nbsp;&nbsp;&nbsp;June 2, 2025 Calls @ $5,635 | 48 | $27048000 | $1297680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Calls @ $5,000 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 Calls @ $5,700 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 Calls @ $5,700 | 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Calls @ $6,000 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Calls @ $5,000 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Calls @ $5,000 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Calls @ $5,000 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Calls @ $5,000 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Calls @ $5,000 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Calls @ $5,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Calls @ $5,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221680 |  |
| **Total for Call Options Purchased (Premiums Paid - $35,923,315)** | **Total for Call Options Purchased (Premiums Paid - $35,923,315)** | **Total for Call Options Purchased (Premiums Paid - $35,923,315)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244868000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33073225 |  |
| **Put Options Purchased** | **Put Options Purchased** |  |  |  |  |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $6,000 | 55 | $33000000 | $698225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 Puts @ $5,850 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 Puts @ $5,850 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $5,950 | &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $5,950 | 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $7,000 | &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $7,000 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Puts @ $6,000 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Puts @ $6,000 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Puts @ $6,000 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $4,850 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $4,850 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $6,000 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,000 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Puts @ $6,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Puts @ $6,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937440 |  |
| **Total for Put Options Purchased (Premiums Paid - $14,525,699)** | **Total for Put Options Purchased (Premiums Paid - $14,525,699)** | **Total for Put Options Purchased (Premiums Paid - $14,525,699)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106615 |  |
| **Total Options Purchased (Premiums Paid - $50,449,014)** | **Total Options Purchased (Premiums Paid - $50,449,014)** | **Total Options Purchased (Premiums Paid - $50,449,014)** | $583023000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47179840 | 90.35% |
| **Total Investment Securities (Cost - $66,091,959)** | **Total Investment Securities (Cost - $66,091,959)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62824142 | 120.31% |
|  | Liabilities in Excess of Other Assets |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10607867) | -20.31% |
|  | Net Assets |  |  | $52216275 | 100.00% |
| **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** | **IPS Strategic Capital Absolute Return Fund** |  |  |
|  |  | **Schedule of Options Written** | **Schedule of Options Written** | **Schedule of Options Written** | **Schedule of Options Written** |
|  |  | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **CALL/PUT OPTIONS WRITTEN** | **CALL/PUT OPTIONS WRITTEN** |  | **Notional** |  |  |
| **Expiration Date/Exercise Price** | **Expiration Date/Exercise Price** | **Contracts** | **Amount** | **Fair Value** |  |
| **Call Options Written** | **Call Options Written** |  |  |  |  |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Calls @ $6,000 | 55 | $33000000 | $241450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Calls @ $7,000 | &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Calls @ $7,000 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Calls @ $6,000 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Calls @ $6,000 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Calls @ $6,000 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Calls @ $6,000 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Calls @ $6,000 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Calls @ $6,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Calls @ $6,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132040 |  |
| **Total for Call Options Written (Premiums Received - $9,467,283)** | **Total for Call Options Written (Premiums Received - $9,467,283)** | **Total for Call Options Written (Premiums Received - $9,467,283)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904313 |  |
| **Put Options Written** | **Put Options Written** |  |  |  |  |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 2, 2025 Puts @ $5,640 | &nbsp;&nbsp;&nbsp;&nbsp;June 2, 2025 Puts @ $5,640 | 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $4,050 | &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $4,050 | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $4,650 | &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $4,650 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;June 20, 2025 Puts @ $5,000 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 Puts @ $5,580 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 Puts @ $5,580 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $5,435 | &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $5,435 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;July 18, 2025 Puts @ $6,000 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;September 19, 2025 Puts @ $5,000 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;October 17, 2025 Puts @ $5,000 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;November 21, 2025 Puts @ $5,000 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $5,000 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $5,000 | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Puts @ $5,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;March 20, 2026 Puts @ $5,000 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327320 |  |
| **Total for Put Options Written (Premiums Received - $5,185,184)** | **Total for Put Options Written (Premiums Received - $5,185,184)** | **Total for Put Options Written (Premiums Received - $5,185,184)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653305 |  |
| **Total Options Written (Premiums Received - $14,652,467)** | **Total Options Written (Premiums Received - $14,652,467)** | **Total Options Written (Premiums Received - $14,652,467)** | $645340000 | $10557618 |  |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |  |
| \*\* Zero coupon bond. Coupon rate disclosed represents yield at May 31, 2025. | \*\* Zero coupon bond. Coupon rate disclosed represents yield at May 31, 2025. | \*\* Zero coupon bond. Coupon rate disclosed represents yield at May 31, 2025. | \*\* Zero coupon bond. Coupon rate disclosed represents yield at May 31, 2025. |  |  |
| \*\*\* The rate shown represents the 7-day yield at May 31, 2025. | \*\*\* The rate shown represents the 7-day yield at May 31, 2025. | \*\*\* The rate shown represents the 7-day yield at May 31, 2025. |  |  |  |
| + Portion or all of the security is pledged as collateral for options written. | + Portion or all of the security is pledged as collateral for options written. | + Portion or all of the security is pledged as collateral for options written. | + Portion or all of the security is pledged as collateral for options written. |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** WP Trust

- **b. Investment Company Act file number:** 811-23086

- **c. CIK number of Registrant:** 0001645192

- **d. LEI of Registrant:** 549300N7GBLBE3X3CK58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 127 NW 13th Street

  - **City:** Boca Raton

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33432

  - **Telephone number:** 619-588-9700

**Item A.2. Information about the Series.**

- **a. Name of Series:** IPS Strategic Capital Absolute Return Fund

- **b. EDGAR series identifier (if any):** S000053361

- **c. LEI of Series:** 549300EAVV1HID2KUA21

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $62847179.04

**Total Liabilities:** $10630904.42

**Net Assets:** $52216274.62

**Cash Not Reported:** $6659.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000167870 | -2.81%               | -0.19%               | 2.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $232.34                  | $-816.64                                   |
| Month 2  | $0.00                    | $5192.51                                   |
| Month 3  | $0.00                    | $-4263.32                                  |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** S&P500TR

### Schedule of Portfolio Investments

| Name                                                                                           | Title                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Money Market Obligations Trust                                                                 | Federated Hermes Money Market Obligations Fund - Institutional Class | CUSIP: 60934N104<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |   1530822 | NS      | $1530821.85   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange-Traded Self-Indexed Fund Trust - Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2025 Corporate Bond ETF                         | CUSIP: 46138J825<br>LEI: 549300LMVWJSP9L6QN78 | Long             | EC               | CORP              | US        |    514021 | NS      | $10629954.28  | 20.36%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                                                                         | SPDR S&P 500 ETF Trust                                               | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |         1 | NS      | $589.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 02/20/26 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        28 | NC      | $3166660.00   | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 02/20/26 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -28 | NC      | $-1061900.00  | -2.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 02/20/26 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -28 | NC      | $-299180.00   | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 02/20/26 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        28 | NC      | $901040.00    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 03/20/26 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        28 | NC      | $3221680.00   | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 03/20/26 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -28 | NC      | $-1132040.00  | -2.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 03/20/26 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -28 | NC      | $-327320.00   | -0.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 03/20/26 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        28 | NC      | $937440.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 06/20/25 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        55 | NC      | $5032225.00   | 9.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 06/20/25 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -55 | NC      | $-241450.00   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 06/20/25 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -55 | NC      | $-14437.50    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 06/20/25 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        55 | NC      | $698225.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 10/17/25 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        60 | NC      | $6158400.00   | 11.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 10/17/25 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -60 | NC      | $-1434900.00  | -2.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 10/17/25 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -60 | NC      | $-344400.00   | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 10/17/25 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        60 | NC      | $1512000.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 11/21/25 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $1056450.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 11/21/25 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -10 | NC      | $-283450.00   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 11/21/25 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -10 | NC      | $-73350.00    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 11/21/25 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $277450.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 01/16/26 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        30 | NC      | $3314250.00   | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 01/16/26 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -30 | NC      | $-1034100.00  | -1.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 01/16/26 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -30 | NC      | $-282000.00   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 01/16/26 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        30 | NC      | $913950.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 06/20/25 P4050                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        -9 | NC      | $-427.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 06/20/25 P4650                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -124 | NC      | $-16430.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 07/18/25 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        41 | NC      | $400365.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 07/18/25 C7000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -41 | NC      | $-922.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 07/18/25 P5435                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -210 | NC      | $-746550.00   | -1.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 07/18/25 P5950                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       140 | NC      | $1969100.00   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 07/18/25 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -41 | NC      | $-666865.00   | -1.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 07/18/25 P7000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        41 | NC      | $4353380.00   | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 09/19/25 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        31 | NC      | $3098295.00   | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 09/19/25 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -31 | NC      | $-616900.00   | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 09/19/25 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -31 | NC      | $-136245.00   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 09/19/25 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        31 | NC      | $709280.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 12/19/25 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        35 | NC      | $3776500.00   | 7.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 12/19/25 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -35 | NC      | $-1098650.00  | -2.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 12/19/25 P4850                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         3 | NC      | $21075.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 12/19/25 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -35 | NC      | $-296975.00   | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 12/19/25 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        35 | NC      | $1029175.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 06/02/25 C5635                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        48 | NC      | $1297680.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 06/02/25 P5640                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -50 | NC      | $-625.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 06/30/25 C5700                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        96 | NC      | $2550720.00   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 06/30/25 P5580                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -150 | NC      | $-448500.00   | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 06/30/25 P5850                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       100 | NC      | $784500.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Department Of The Treasury                                                       | U.S. Government Treasury Bill, 0%, 6/26/2025                         | CUSIP: 912797NW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1745082.50   | 3.34%             | 2025-06-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Department Of The Treasury                                                       | U.S. Government Treasury Bill, 0%, 7/31/2025                         | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1737853.79   | 3.33%             | 2025-07-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-17

**Name of Applicant:** WP Trust

**Signature:** /s/ James Craft

**Name of Signer:** James Craft

**Title:** Treasurer