# EDGAR Filing Document

**Accession Number:** 0001645192
**File Stem:** 0001413042-26-000033
**Filing Date:** 2026-1
**Character Count:** 32605
**Document Hash:** 5dd4b2e8d1998674f7f23abf0d467890
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-26-000033.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001413042-26-000033

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**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:** 26544888

**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** |
|  |  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 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 | SPDR S&P 500 ETF Trust |  | $683 |  |
| **Fixed Income** | **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523227 | Invesco BulletShares 2025 Corporate Bond ETF + | Invesco BulletShares 2025 Corporate Bond ETF + | Invesco BulletShares 2025 Corporate Bond ETF + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10822951 |  |
| **Total for Exchange Traded Funds (Cost $10,820,619)** | **Total for Exchange Traded Funds (Cost $10,820,619)** | **Total for Exchange Traded Funds (Cost $10,820,619)** | **Total for Exchange Traded Funds (Cost $10,820,619)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10823634 | 21.96% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585573 | Federated Hermes Government Obligations Fund - Institutional | Federated Hermes Government Obligations Fund - Institutional |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class 3.84% \*\* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585573 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585573 | 3.22% |
| **Total for Money Market Funds (Cost $1,585,573)** | **Total for Money Market Funds (Cost $1,585,573)** | **Total for Money Market Funds (Cost $1,585,573)** | **Total for Money Market Funds (Cost $1,585,573)** |  |  |
| **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;December 4, 2025 Calls @ $5,200 | &nbsp;&nbsp;&nbsp;&nbsp;December 4, 2025 Calls @ $5,200 | 91 | $47320000 | $14966770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 5, 2025 Calls @ $6,845 | &nbsp;&nbsp;&nbsp;&nbsp;December 5, 2025 Calls @ $6,845 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 |  |
| &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;6486375 |  |
| &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;5616750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 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;6621825 |  |
| &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;5339740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Calls @ $5,000 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Calls @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Calls @ $5,000 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7776600 |  |
| **Total for Call Options Purchased (Premiums Paid - $38,417,022)** | **Total for Call Options Purchased (Premiums Paid - $38,417,022)** | **Total for Call Options Purchased (Premiums Paid - $38,417,022)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51667485 |  |
| **Put Options Purchased** | **Put Options Purchased** |  |  |  |  |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Puts @ $6,000 | 35 | $21000000 | $15050 |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;48150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,185 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,185 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,755 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,755 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 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;&nbsp;&nbsp;&nbsp;&nbsp;131950 |  |
| &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;159740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Puts @ $6,000 | 25 | &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;186875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Puts @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Puts @ $6,000 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370800 |  |
| **Total for Put Options Purchased (Premiums Paid - $8,955,246)** | **Total for Put Options Purchased (Premiums Paid - $8,955,246)** | **Total for Put Options Purchased (Premiums Paid - $8,955,246)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910365 |  |
| **Total Options Purchased (Premiums Paid - $47,372,268)** | **Total Options Purchased (Premiums Paid - $47,372,268)** | **Total Options Purchased (Premiums Paid - $47,372,268)** | $498245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54577850 | 110.75% |
| **Total Investment Securities (Cost - $59,778,460)** | **Total Investment Securities (Cost - $59,778,460)** | **Total Investment Securities (Cost - $59,778,460)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66987057 | 135.93% |
|  | Liabilities in Excess of Other Assets | Liabilities in Excess of Other Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17706628) | -35.93% |
|  | Net Assets | Net Assets |  | $49280429 | 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** |
|  |  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 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;December 19, 2025 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;December 19, 2025 Calls @ $6,000 | 35 | $21000000 | $3007900 |  |
| &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;2672250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 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;3250625 |  |
| &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;2689260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Calls @ $6,000 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Calls @ $6,000 | &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Calls @ $6,000 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096800 |  |
| **Total for Call Options Written (Premiums Received - $9,667,696)** | **Total for Call Options Written (Premiums Received - $9,667,696)** | **Total for Call Options Written (Premiums Received - $9,667,696)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18198085 |  |
| **Put Options Written** | **Put Options Written** |  |  |  |  |
| CBOE S&P 500 Index \* | CBOE S&P 500 Index \* |  |  |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063 |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;13200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $5,830 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $5,830 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,265 | &nbsp;&nbsp;&nbsp;&nbsp;January 16, 2026 Puts @ $6,265 | 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;February 20, 2026 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;&nbsp;&nbsp;&nbsp;&nbsp;39725 |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;50820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 Puts @ $5,000 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Puts @ $5,000 | &nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 Puts @ $5,000 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 |  |
| **Total for Put Options Written (Premiums Received - $3,725,252)** | **Total for Put Options Written (Premiums Received - $3,725,252)** | **Total for Put Options Written (Premiums Received - $3,725,252)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327483 |  |
| **Total Options Written (Premiums Received - $13,392,948)** | **Total Options Written (Premiums Received - $13,392,948)** | **Total Options Written (Premiums Received - $13,392,948)** | $537560000 | $19525568 |  |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |  |
| \*\* The rate shown represents the 7-day yield at November 30, 2025. | \*\* The rate shown represents the 7-day yield at November 30, 2025. | \*\* The rate shown represents the 7-day yield at November 30, 2025. | \*\* The rate shown represents the 7-day yield at November 30, 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:** 2025-11-30

**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:** $68892614.69

**Total Liabilities:** $19612185.85

**Net Assets:** $49280428.84

**Cash Not Reported:** $1856939.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000167870 | 2.75%                | 1.90%                | -1.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-24.52                                    |
| Month 2  | $0.00                    | $2603.84                                   |
| Month 3  | $0.00                    | $-5230.94                                  |

**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        |   1585573 | NS      | $1585572.57   | 3.22%             |  |  |  | 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        |    523227 | NS      | $10822950.50  | 21.96%            |  |  |  | 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      | $683.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX US 01/16/26 P5830                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -300 | NC      | $-361500.00   | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX US 01/16/26 P6185                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       200 | NC      | $465000.00    | 0.94%             |  |  |  | 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        |        35 | NC      | $6621825.00   | 13.44%            |  |  |  | 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        |       -35 | NC      | $-3250625.00  | -6.60%            |  |  |  | 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        |       -35 | NC      | $-39725.00    | -0.08%            |  |  |  | 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        |        35 | NC      | $131950.00    | 0.27%             |  |  |  | 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      | $5339740.00   | 10.84%            |  |  |  | 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      | $-2689260.00  | -5.46%            |  |  |  | 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      | $-50820.00    | -0.10%            |  |  |  | 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      | $159740.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 04/17/26 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        25 | NC      | $4815625.00   | 9.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 04/17/26 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -25 | NC      | $-2481250.00  | -5.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 04/17/26 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -25 | NC      | $-63375.00    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | SPX Us 04/17/26 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        25 | NC      | $186875.00    | 0.38%             |  |  |  | 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      | $5616750.00   | 11.40%            |  |  |  | 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      | $-2672250.00  | -5.42%            |  |  |  | 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      | $-13200.00    | -0.03%            |  |  |  | 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      | $48150.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 01/16/26 P6265                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -240 | NC      | $-664800.00   | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 01/16/26 P6755                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       160 | NC      | $1532800.00   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 05/15/26 C5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        40 | NC      | $7776600.00   | 15.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 05/15/26 C6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -40 | NC      | $-4096800.00  | -8.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 05/15/26 P5000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -40 | NC      | $-131000.00   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spx Us 05/15/26 P6000                                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        40 | NC      | $370800.00    | 0.75%             |  |  |  | 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      | $6486375.00   | 13.16%            |  |  |  | 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      | $-3007900.00  | -6.10%            |  |  |  | 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      | $-3062.50     | -0.01%            |  |  |  | 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      | $15050.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 12/04/25 C5200                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        91 | NC      | $14966770.00  | 30.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                                                         | Spxw Us 12/05/25 C6845                                               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $43800.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-20

**Name of Applicant:** WP Trust

**Signature:** /s/ James Craft

**Name of Signer:** James Craft

**Title:** Treasurer