<?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">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

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


      <seriesClassInfo>
        <seriesId>S000051313</seriesId>
        <classId>C000161807</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <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 International Companies Income Plus Fund</seriesName>
      <seriesId>S000051313</seriesId>
      <seriesLei>5493001FZW7ZKGUOC045</seriesLei>
      <repPdEnd>2022-11-30</repPdEnd>
      <repPdDate>2022-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>3845938.71</totAssets>
      <totLiabs>851405.23</totLiabs>
      <netAssets>2994533.48</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>1000.00</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000161807" rtn1="5.34" rtn2="-19.52" rtn3="-10.71"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="-416536.86" netUnrealizedAppr="583354.96"/>
            <mon2 netRealizedGain="-83182.88" netUnrealizedAppr="-354913.40"/>
            <mon3 netRealizedGain="-451492.87" netUnrealizedAppr="5638.84"/>
            <optionCategory>
              <instrMon1 netRealizedGain="-416536.86" netUnrealizedAppr="583354.96"/>
              <instrMon2 netRealizedGain="-83182.88" netUnrealizedAppr="-354913.40"/>
              <instrMon3 netRealizedGain="-451492.87" netUnrealizedAppr="5638.84"/>
            </optionCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="88550.99" netUnrealizedAppr="-18213.13"/>
        <othMon2 netRealizedGain="0.00" netUnrealizedAppr="-406856.00"/>
        <othMon3 netRealizedGain="170234.30" netUnrealizedAppr="-87032.63"/>
      </returnInfo>
      <mon1Flow redemption="11981.42" reinvestment="0.00" sales="0.00"/>
      <mon2Flow redemption="66900.00" reinvestment="0.00" sales="0.00"/>
      <mon3Flow redemption="114713.31" reinvestment="0.00" sales="0.00"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Cronos Group Inc.</name>
        <lei>549300CWB04E8UOTWX71</lei>
        <title>Cronos Group Inc. (Canada)</title>
        <cusip>22717L101</cusip>
        <identifiers>
          <isin value="CA22717L1013"/>
        </identifiers>
        <balance>30000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>90300.00</valUSD>
        <pctVal>3.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Money Market Obligations Fund - Institutional Class</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
        </identifiers>
        <balance>99398.46</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>99398.46</valUSD>
        <pctVal>3.32</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc. ADR</title>
        <cusip>606822104</cusip>
        <identifiers>
          <isin value="US6068221042"/>
        </identifiers>
        <balance>40000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>226800.00</valUSD>
        <pctVal>7.57</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>S&amp;P 500 Index, December 18, 2026, Put @ $3,500.00</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SPX US 12/18/26 P3500"/>
        </identifiers>
        <balance>-22.00</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-787050.00</valUSD>
        <pctVal>-26.28</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>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 Index</issuerName>
                <issueTitle>S&amp;P 500 Index</issueTitle>
                <identifiers>
                  <ticker value="SPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.0000</shareNo>
            <exercisePrice>3500.000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>84731.50</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>S&amp;P 500 Index, February 17, 2023, Call @ $4,900.00</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SPX US 02/17/23 C4900"/>
        </identifiers>
        <balance>-1.00</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4400.00</valUSD>
        <pctVal>-0.15</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>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 Index</issuerName>
                <issueTitle>S&amp;P 500 Index</issueTitle>
                <identifiers>
                  <ticker value="SPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.0000</shareNo>
            <exercisePrice>4900.000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-02-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>17198.86</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>S&amp;P 500 Index, June 10, 2022, Put @ $3,400.00</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SPXW US 06/10/22 P3400"/>
        </identifiers>
        <balance>64.00</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4160.00</valUSD>
        <pctVal>0.14</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 Index</issuerName>
                <issueTitle>S&amp;P 500 Index</issueTitle>
                <identifiers>
                  <ticker value="SPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.0000</shareNo>
            <exercisePrice>3400.000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-06-10</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-59922.51</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>S&amp;P 500 Index, June 16, 2023, Put @ $3,950.00</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SPX US 06/16/23 P3950"/>
        </identifiers>
        <balance>-1.00</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-29060.00</valUSD>
        <pctVal>-0.97</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 Index</issuerName>
                <issueTitle>S&amp;P 500 Index</issueTitle>
                <identifiers>
                  <ticker value="SPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.0000</shareNo>
            <exercisePrice>3950.000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-06-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1408.53</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG (Switzerland)</title>
        <cusip>H42097107</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
        </identifiers>
        <balance>23000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>434010.00</valUSD>
        <pctVal>14.49</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares MSCI EAFE ETF</name>
        <lei>549300O0XO3KDQV68404</lei>
        <title>iShares MSCI EAFE ETF</title>
        <cusip>464287465</cusip>
        <identifiers>
          <isin value="US4642874659"/>
        </identifiers>
        <balance>42100.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2947421.00</valUSD>
        <pctVal>98.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-07-13</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>
