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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
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        <name>Options Clearing Corp.</name>
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              <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>5580.000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>74812.43</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>Spxw Us 06/30/25 P5850</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SPXW US 06/30/25 P5850"/>
        </identifiers>
        <balance>100.00</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>784500.00</valUSD>
        <pctVal>1.50</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>5850.000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>8624.95</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Department Of The Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Government Treasury Bill, 0%, 6/26/2025</title>
        <cusip>912797NW3</cusip>
        <identifiers>
          <isin value="US912797NW34"/>
        </identifiers>
        <balance>1750000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1745082.50</valUSD>
        <pctVal>3.34</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Department Of The Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Government Treasury Bill, 0%, 7/31/2025</title>
        <cusip>912797PG6</cusip>
        <identifiers>
          <isin value="US912797PG65"/>
        </identifiers>
        <balance>1750000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1737853.79</valUSD>
        <pctVal>3.33</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-17</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>
