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    <isConfidential>false</isConfidential>
    <filerInfo>

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


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        <classId>C000161806</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 Smaller Companies Income Plus Fund</seriesName>
      <seriesId>S000051312</seriesId>
      <seriesLei>549300DUDYRDELYMZI25</seriesLei>
      <repPdEnd>2022-11-30</repPdEnd>
      <repPdDate>2022-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>3334730.27</totAssets>
      <totLiabs>37575.97</totLiabs>
      <netAssets>3297154.30</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>
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      <amtPayAftOneYrOther>0.00</amtPayAftOneYrOther>
      <delayDeliv>0.00</delayDeliv>
      <standByCommit>0.00</standByCommit>
      <liquidPref>0.00</liquidPref>
      <cshNotRptdInCorD>46635.05</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
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        <monthlyTotReturns>
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        <othMon2 netRealizedGain="0.00" netUnrealizedAppr="332091.00"/>
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      <mon3Flow redemption="15750.00" reinvestment="0.00" sales="50000.00"/>

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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Cronos Group Inc.</name>
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        <name>Cytosorbents Corporation</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Hermes Money Market Obligations Fund - Institutional Class</title>
        <cusip>60934N104</cusip>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ImmunityBio, Inc.</name>
        <lei>529900J9XLBR4HFL4B83</lei>
        <title>ImmunityBio, Inc.</title>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc. ADR</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Olaplex Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Olaplex Holdings, Inc.</title>
        <cusip>679369108</cusip>
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      <invstOrSec>
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        <title>Ontrak, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Russell 2000 ETF</name>
        <lei>549300M7WVLJWAVPDO86</lei>
        <title>iShares Russell 2000 ETF</title>
        <cusip>464287655</cusip>
        <identifiers>
          <isin value="US4642876555"/>
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        <balance>10100.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1853350.00</valUSD>
        <pctVal>56.21</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>2022-10-24</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>
  <documents>XXXX</documents>
</edgarSubmission>
