| Label |
Element |
Value |
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Document Type |
dei_DocumentType |
485BPOS
|
|
| Document Period End Date |
dei_DocumentPeriodEndDate |
Dec. 28, 2018
|
|
| Entity Registrant Name |
dei_EntityRegistrantName |
WP Trust
|
|
| Entity Central Index Key |
dei_EntityCentralIndexKey |
0001645192
|
|
| Amendment Flag |
dei_AmendmentFlag |
false
|
|
| Document Creation Date |
dei_DocumentCreationDate |
Dec. 28, 2018
|
|
| Document Effective Date |
dei_DocumentEffectiveDate |
Dec. 28, 2018
|
|
| Prospectus Date |
rr_ProspectusDate |
Dec. 28, 2018
|
|
| WP Large Cap Income Plus Fund |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
WP Large Cap Income Plus Fund
|
|
| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective.
|
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The investment objective of the WP Large Cap Income Plus Fund (the “Fund”) is total return.
|
|
| Expense [Heading] |
rr_ExpenseHeading |
Fees and Expenses of the Fund.
|
|
| Expense Narrative [Text Block] |
rr_ExpenseNarrativeTextBlock |
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
You may qualify for sales charge discounts if you and your household invest, or agree to invest in the future, at least $50,000
in the Fund. More information about these and other discounts is available from your financial professional and in the section
captioned “Purchasing Shares” on page 13 of this prospectus and the section captioned “Purchases” beginning
on page 34 of the Fund’s Statement of Additional Information (“SAI”). Expense Information in the annual fund
operating expenses table is as of February 28, 2018.
|
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
Shareholder Fees (fees paid directly from your investment)
|
|
| Operating Expenses Caption [Text] |
rr_OperatingExpensesCaption |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
Portfolio Turnover.
|
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,
affect the Fund’s performance. For the fiscal year ended August 31, 2018, the Fund’s portfolio turnover rate was 4.01%
of the average value of its portfolio.
|
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
4.01%
|
|
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 50,000
|
|
| Expense Example [Heading] |
rr_ExpenseExampleHeading |
Example.
|
|
| Expense Example Narrative [Text Block] |
rr_ExpenseExampleNarrativeTextBlock |
The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
This
expense example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares
at the end of those periods. The expense example also assumes that your investment has a 5% return each year and the Fund’s
operating expenses remain the same. The Contingent Deferred Sales Charges (the “CDSCs”) are not included in these
calculations for Class A Shares and Class C shares. If the CDSCs were included, your costs would be higher. See “Purchasing
Shares – Choosing a Share Class” below. Although your actual costs may be higher or lower, based on these assumptions
your cost would be:
|
|
| Strategy [Heading] |
rr_StrategyHeading |
Principal Investment Strategy of the Fund.
|
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The Fund’s investment objective is total return. To meet its investment objective,
the Fund will invest at least 80% of its total assets in large cap domestic equity securities and exchange traded funds (“ETFs”)
that primarily invest in large cap domestic equity securities. The Fund will seek income through dividends paid on such securities.
The Fund will also seek to produce income (e.g., premium income on the sale of an option) and return stability through
an options strategy.
Winning
Points Advisors, LLC (the “Adviser”) intends to sell covered call options on a portion of the Fund’s stock holdings.
The extent of option selling will depend on market conditions and the Adviser’s consideration of the advantages of selling
call options on the Fund’s equity investments.
The
Fund may also sell put options on stocks and ETFs the Adviser believes are attractive for purchase at prices at or above the exercise
price of the put options sold. The Fund may, in certain circumstances, purchase put options on the S&P 500 Composite Stock
Price Index (the “S&P 500”) and on individual stocks to protect against a loss of principal value due to stock
price decline. The extent of option selling and purchasing activity depends on market conditions and the Adviser’s judgment.
The Fund may also seek to pursue its investment objective by selling a series of call and put option spread combinations on the
S&P 500.
The
Fund may be appropriate for investors with long-term horizons who are not sensitive to short-term losses and want to participate
in the long-term growth of the financial markets. The Fund seeks to minimize the effects of inflation on its portfolio.
|
|
| Risk [Heading] |
rr_RiskHeading |
Principal Risks of Investing in the Fund.
|
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
An investment in the Fund is subject to investment risks, including the possible loss of some
or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment
objective. Generally, the Fund will be subject to the following additional risks:
| ● | Market
risk –Market risk refers to the risk that the value of securities in the Fund’s
portfolio may decline due to daily fluctuations in the securities markets, including
fluctuation in interest rates, national and international economic conditions and general
equity market conditions. |
| ● | Dividend
strategy risk – There can be no assurances that the Adviser will be able to
correctly anticipate the level of dividends that companies will pay in any given timeframe.
If the Adviser’s expectations as to potential dividends are wrong, the Fund’s
performance may be adversely affected. |
| ● | Management
style risk – To the extent the Fund focuses on a particular style of stocks,
such as growth or value, its performance may at times be better or worse than that of
similar funds with other focuses or that have a broader investment style. |
| ● | Large
company risk – The Fund will invest in larger, more established companies,
which may be unable to respond quickly to new competitive challenges such as changes
in consumer tastes or innovative smaller competitors. Also, large companies are sometimes
unable to attain the high growth rates of successful, smaller companies, especially during
extended periods of economic expansions. |
| ● | Interest
rate risk – Increases in interest rates typically lower the present value of
a company’s future earnings stream. Accordingly, stock prices will generally decline
when investors anticipate or experience rising interest rates. |
| ● | Issuer
risk – The value of an individual security or particular type of security can
be more volatile and thus perform differently than the market as a whole. |
| ● | Equity
risk – Equity risk is the risk that securities held by the Fund will fall due
to general market or economic conditions, perceptions regarding the industries in which
the issuers of securities held by the Fund participate, and the particular circumstances
and performance of those companies whose securities the Fund holds. |
| ● | Shares
of other investment companies and ETFs risk – You will indirectly bear fees
and expenses charged by the underlying funds in which the Fund may invest in addition
to the Fund’s direct fees and expenses and, as a result, your cost of investing
in the Fund will generally be higher than the cost of investing directly in the underlying
fund shares. Investments in ETFs bear the risk that the market price of the ETF’s
shares may trade at a discount to their net asset value or that an active trading market
for an ETF’s shares may not develop or be maintained. The Fund may place otherwise
uninvested cash in money market mutual funds. |
| ● | Options
risk - Purchasing and selling put and call options are highly specialized activities
and entail greater than ordinary investment risks. The successful use of options depends
in part on the ability of the Adviser to manage future price fluctuations and the degree
of correlation between the options and securities (or currency) markets. By selling put
options on equity securities, the Fund gives up the opportunity to benefit from potential
increases in the value of the underlying securities above the strike prices of the sold
put options, but continues to bear the risk of declines in the value of underlying securities
held by the Fund. The Fund will receive a premium from the purchaser of a covered call
option sold by the Adviser, which it retains whether or not the option is exercised.
The premium received from the sold options may not be sufficient to offset any losses
sustained from the volatility of the underlying equity securities over time. |
| ● | Limits
on option selling risk – The number of call options the Fund can sell is limited
by the number of shares of common stock or ETFs or other securities the Fund holds, and
is further subject to limitations established by each of the exchanges, boards of trade
or other trading facilities on which such options are traded. |
| ● | Options
strategy risk – The Fund’s option strategy consists of selling and purchasing
put and call options on equity indexes and ETFs. The sale of put options generates income
for the Fund, but exposes it to the risk of declines in the value of the underlying assets.
The risk in purchasing options is limited to the premium paid by the Fund for the options.
The sale of call options generates income for the Fund, but may limit the Fund’s
participation in equity market gains. The Fund’s investment advisor seeks to reduce
the overall volatility of returns for the Fund by managing a portfolio of options. |
| ● | Derivatives
risk – The use of derivatives can lead to losses because of adverse movements
in the price. Losses may also occur because the value of the asset, index, rate or instrument
underlying a derivative loses value, or due to failure of a counterparty or due to tax
or regulatory constraints. Derivatives may create economic leverage in the Fund, which
magnifies the Fund’s exposure to the underlying investment. The loss on derivative
transactions may significantly exceed the initial investment. |
| ● | Transaction
cost risk – Transaction costs refer to the charges that are associated with
buying and selling securities for the Fund. As a result of the Fund’s options strategy,
the Fund may incur higher brokerage and transactional related charges than those associated
with an average equity fund. These transaction costs increase the cost of your investment
in the Fund. |
| ● | General
fund investing risk – The Fund is not a complete investment program and you
may lose money by investing in the Fund. All investments carry a certain amount of risk
and there is no guarantee that the Fund will be able to achieve its investment objective. |
|
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
Performance.
|
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The Fund was reorganized on August 20, 2018 from a series of 360 Funds, a Delaware statutory trust (the “Predecessor
Fund”), to a series of WP Trust, a Delaware statutory trust (the “Reorganization”). While the Fund is substantially
similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund’s performance
may be different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.
The
bar chart and performance table below show the variability of the Predecessor Fund’s returns, which is some indication of
the risks of investing in the Fund. The bar chart shows performance of the Predecessor Fund’s Institutional Class shares
for each full calendar year since the Predecessor Fund’s inception. The performance table compares the performance of the
Predecessor Fund’s Institutional Class shares over time to the performance of a broad-based securities market index. You
should be aware that the Predecessor Fund’s past performance (before and after taxes) may not be an indication of how the
Fund will perform in the future. Updated performance information will be available at no cost by calling (877) 244-6235. Performance
is not presented for Class A and Class C shares because they have not begun operations.
|
|
| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
Updated performance information will be available at no cost by calling (877) 244-6235.
|
|
| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
You should be aware that the Predecessor Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
|
|
| Bar Chart [Heading] |
rr_BarChartHeading |
Year-by-Year Total Return (for periods ended December 31, 2017)
|
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
The
Fund’s Institutional Class Shares year-to-date total return through September 30, 2018 was 8.19%.
During
the period shown in the bar chart, the highest return for a quarter was 13.09% during the quarter ended December 31, 2015 and
the lowest return for a quarter was -13.56% during the quarter ended September 30, 2015.
|
|
| Performance Table Heading |
rr_PerformanceTableHeading |
Average Annual Total Returns (for periods ended December 31, 2017)
|
|
| Performance Table Closing [Text Block] |
rr_PerformanceTableClosingTextBlock |
After-tax
returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2017 and
do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirements accounts (“IRAs”).
Current
performance of the Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained
by calling (877) 244-6235.
|
|
| WP Large Cap Income Plus Fund | Class A Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
5.50%
|
|
| Maximum Contingent Deferred Sales Charge (Load) (as a percentage of original purchase price or the amount redeemed, whichever is less) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
1.00%
|
[1] |
| Management Fees (as a percentage of Assets) |
rr_ManagementFeesOverAssets |
1.35%
|
[2] |
| Distribution and Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
|
[2] |
| Other Expenses |
rr_OtherExpensesOverAssets |
1.13%
|
[2],[3] |
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.09%
|
[2] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
2.82%
|
[2],[4] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 819
|
|
| 3 Years |
rr_ExpenseExampleYear03 |
1,376
|
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
1,957
|
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 3,524
|
|
| WP Large Cap Income Plus Fund | Class C Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
none
|
|
| Maximum Contingent Deferred Sales Charge (Load) (as a percentage of original purchase price or the amount redeemed, whichever is less) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
1.00%
|
|
| Management Fees (as a percentage of Assets) |
rr_ManagementFeesOverAssets |
1.35%
|
[2] |
| Distribution and Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
1.00%
|
[2] |
| Other Expenses |
rr_OtherExpensesOverAssets |
1.13%
|
[2],[3] |
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.09%
|
[2] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
3.57%
|
[2],[4] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 360
|
|
| 3 Years |
rr_ExpenseExampleYear03 |
1,094
|
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
1,850
|
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 3,836
|
|
| WP Large Cap Income Plus Fund | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
WPLCX
|
|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
none
|
|
| Maximum Contingent Deferred Sales Charge (Load) (as a percentage of original purchase price or the amount redeemed, whichever is less) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
none
|
|
| Management Fees (as a percentage of Assets) |
rr_ManagementFeesOverAssets |
1.35%
|
|
| Distribution and Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
|
|
| Other Expenses |
rr_OtherExpensesOverAssets |
1.13%
|
[3] |
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.09%
|
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
2.82%
|
[4] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 285
|
|
| 3 Years |
rr_ExpenseExampleYear03 |
874
|
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
1,489
|
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 3,147
|
|
| 2014 |
rr_AnnualReturn2014 |
(5.20%)
|
|
| 2015 |
rr_AnnualReturn2015 |
(0.13%)
|
|
| 2016 |
rr_AnnualReturn2016 |
18.78%
|
|
| 2017 |
rr_AnnualReturn2017 |
23.73%
|
|
| Year to Date Return, Label |
rr_YearToDateReturnLabel |
Institutional Class Shares year-to-date total return
|
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Sep. 30, 2018
|
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
8.19%
|
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
highest return for a quarter
|
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Dec. 31, 2015
|
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
13.09%
|
|
| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
lowest return for a quarter
|
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Sep. 30, 2015
|
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(13.56%)
|
|
| Performance Table Uses Highest Federal Rate |
rr_PerformanceTableUsesHighestFederalRate |
After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2017 and do not reflect the impact of state and local taxes.
|
|
| Performance Table Not Relevant to Tax Deferred |
rr_PerformanceTableNotRelevantToTaxDeferred |
After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirements accounts ("IRAs").
|
|
| Performance Table One Class of after Tax Shown [Text] |
rr_PerformanceTableOneClassOfAfterTaxShown |
Performance is not presented for Class A and Class C shares because they have not begun operations.
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
23.73%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
8.97%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Oct. 10, 2013
|
|
| WP Large Cap Income Plus Fund | Return After Taxes on Distributions | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
22.56%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
8.68%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Oct. 10, 2013
|
|
| WP Large Cap Income Plus Fund | Return After Taxes on Distributions and Sale of Fund Shares | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
14.38%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
7.21%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Oct. 10, 2013
|
|
| WP Large Cap Income Plus Fund | Dow Jones Industrial Average Total Return Index |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
28.11%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
14.18%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Oct. 10, 2013
|
|
|
|
