<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001645192</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000051314</seriesId>
        <classId>C000161808</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regName>WP Trust</regName>
      <regFileNumber>811-23086</regFileNumber>
      <regCik>0001645192</regCik>
      <regLei>549300N7GBLBE3X3CK58</regLei>
      <regStreet1>127 NW 13th Street</regStreet1>
      <regStreet2>Suite 13</regStreet2>
      <regCity>Boca Raton</regCity>
      <regStateConditional regCountry="US" regState="US-FL"/>
      <regZipOrPostalCode>33432</regZipOrPostalCode>
      <regPhone>619-588-9700</regPhone>
      <seriesName>WP Income Plus Fund</seriesName>
      <seriesId>S000051314</seriesId>
      <seriesLei>549300YVRYGU5HCS5725</seriesLei>
      <repPdEnd>2021-11-30</repPdEnd>
      <repPdDate>2021-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>4713029.36</totAssets>
      <totLiabs>1619623.63</totLiabs>
      <netAssets>3093405.73</netAssets>
      <assetsAttrMiscSec>0.00</assetsAttrMiscSec>
      <assetsInvested>0.00</assetsInvested>
      <amtPayOneYrBanksBorr>0.00</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00</amtPayAftOneYrOther>
      <delayDeliv>0.00</delayDeliv>
      <standByCommit>0.00</standByCommit>
      <liquidPref>0.00</liquidPref>
      <cshNotRptdInCorD>0.00</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
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            <optionCategory>
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              <instrMon3 netRealizedGain="52245.06" netUnrealizedAppr="-261585.95"/>
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        <othMon2 netRealizedGain="0.00" netUnrealizedAppr="31302.75"/>
        <othMon3 netRealizedGain="8864.35" netUnrealizedAppr="-145569.68"/>
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      <mon1Flow redemption="150827.19" reinvestment="0.00" sales="1000.00"/>
      <mon2Flow redemption="93768.06" reinvestment="0.00" sales="7000.00"/>
      <mon3Flow redemption="1557071.32" reinvestment="0.00" sales="2000.00"/>

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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Federal National Mortgage Association</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
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        <units>NS</units>
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        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc. ADR</title>
        <cusip>606822104</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <identifiers>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6532.50</valUSD>
        <pctVal>0.21</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>S&amp;P 500 Index</issuerName>
                <issueTitle>S&amp;P 500 Index</issueTitle>
                <identifiers>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-12-03</expDt>
            <delta>XXXX</delta>
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      <invstOrSec>
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        <lei>549300CII6SLYGKNHA04</lei>
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        <identifiers>
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        <units>NC</units>
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        <pctVal>-51.15</pctVal>
        <payoffProfile>N/A</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>S&amp;P 500 Index</issuerName>
                <issueTitle>S&amp;P 500 Index</issueTitle>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-12-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-301977.13</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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      </invstOrSec>
      <invstOrSec>
        <name>SPDR Bloomberg High Yield Bond ETF</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR Bloomberg High Yield Bond ETF</title>
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        <balance>26600.00</balance>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The PNC Financial Services Group, Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>The PNC Financial Services Group, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Company</title>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Trust</name>
        <lei>549300FCCXHK7O37PQ68</lei>
        <title>iShares iBoxx $ High Yield Corporate Bond ETF</title>
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          <isin value="US4642885135"/>
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        <balance>4800.00</balance>
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        <curCd>USD</curCd>
        <valUSD>411072.00</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-24</ncom:dateSigned>
      <ncom:nameOfApplicant>WP Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ James Craft</ncom:signature>
      <ncom:signerName>James Craft</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
