0001645192 2026-03-01 2026-08-31 0001645192 ips:C000167870Member 2026-03-01 2026-08-31 0001645192 ips:C000167870Member 2016-08-31 2016-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-08-31 2016-08-31 0001645192 ips:C000167870Member 2016-09-01 2017-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2017-08-31 0001645192 ips:C000167870Member 2016-09-01 2018-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2018-08-31 0001645192 ips:C000167870Member 2016-09-01 2019-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2019-08-31 0001645192 ips:C000167870Member 2016-09-01 2020-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2020-08-31 0001645192 ips:C000167870Member 2016-09-01 2021-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2021-08-31 0001645192 ips:C000167870Member 2016-09-01 2022-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2022-08-31 0001645192 ips:C000167870Member 2016-09-01 2023-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2023-08-31 0001645192 ips:C000167870Member 2016-09-01 2024-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2024-08-31 0001645192 ips:C000167870Member 2016-09-01 2025-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2025-08-31 0001645192 ips:C000167870Member 2016-09-01 2026-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2016-09-01 2026-08-31 0001645192 ips:C000167870Member 2025-09-01 2026-08-31 0001645192 ips:C000167870Member 2021-09-01 2026-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2026-03-01 2026-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2025-09-01 2026-08-31 0001645192 ips:IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember 2021-09-01 2026-08-31 0001645192 ips:C000167870Member 2026-08-31 0001645192 ips:C000167870Member ips:OptionsNetMember 2026-08-31 0001645192 ips:C000167870Member ips:NetCashMember 2026-08-31 0001645192 ips:C000167870Member us-gaap:ExchangeTradedFundsMember 2026-08-31 iso4217:USD shares pure false N-1A N-CSRS WP Trust 0001645192 IPS Strategic Capital Absolute Return Fund Institutional Class IPSAX This <span id="xdx_908_eoef--ShareholderReportAnnualOrSemiAnnual_c20260301__20260831_zAEsYsAVpum9">semi-annual shareholder report</span> contains important information about IPS Strategic Capital Absolute Return Fund (the "Fund") for the period of March 1, 2026 to <span id="xdx_902_edei--DocumentPeriodEndDate_c20260301__20260831_zTFi2wnpLT59">August 31, 2026</span>. semi-annual shareholder report 2026-08-31 You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zsOOBNJklBgI"><span class="NoBreak">https://investpsfunds.com</span></span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zUyBqkhGZqzI"><span class="NoBreak">1-866-959-9260</span></span>. https://investpsfunds.com 1-866-959-9260 <div class="section-header"><strong>What were the Fund costs for the six-month period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">IPS Strategic Capital Absolute Return Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zQlOcGbvZXPf">$82</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zPGtN3Z7UK7a">1.62%¹</span></td> </tr></table></div> 82 0.0162 <div class="section-header"><strong>Management's Discussion of Fund Performance</strong></div> <div class="section-subheader" style="margin-bottom: 8px; text-align: justify"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">The Fund underperformed during the period. The shortfall was driven by positions held during the period, specifically China, Gold, and Silver, which underperformed relative to the S&amp;P 500. The rest of the Fund's strategy has remained steady and unchanged. The Fund's investment framework, which combines high positive gamma with low net theta cost and manages vega exposure dynamically, remains in place. The Adviser believes the framework continues to be sound. The Fund's strategy depends on adjusting positions in a timely way. Gamma, theta, and vega exposures must be recalibrated as markets move and volatility regimes shift.</p><p style="margin: 0px"><b>High Gamma, Low Theta: The Core Structural Advantage</b></p><p style="margin: 0px">Conventional options portfolios force a tradeoff. High positive gamma causes a portfolio's market sensitivity to rise in rallies and fall in drawdowns, but it typically comes at the cost of significant time decay. Owning gamma means paying theta. For most funds, that theta drag becomes a persistent headwind that erodes returns in quiet, range-bound markets.</p><p class="MsoNormal" style="margin: 12pt 0in; text-align: justify">The Adviser structures the portfolio to break this tradeoff. Long gamma exposure is financed through the strategic use of OCC-cleared box spreads, which monetize prevailing interest rates to fund synthetic long positions in calls and puts. This allows the portfolio to maintain robust positive gamma without bearing the full theta burden that would ordinarily accompany it. When operating as designed, the portfolio can participate in directional moves in either direction while incurring minimal time-decay cost during periods of low realized volatility.</p><p class="MsoNormal" style="margin: 12pt 0in; text-align: justify">One consequence of a high positive gamma portfolio is that beta management becomes largely self-executing. Gamma is the mechanism by which a portfolio's market sensitivity rises during uptrends and falls during downtrends, which is the behavior an active manager would otherwise engineer manually. The Adviser reinforces this by monitoring and rebalancing beta at key inflection points, increasing exposure during early-stage rebounds and reducing it as momentum matures.</p><p class="MsoNormal" style="break-before: column"><b>Conclusion<br/></b>The period's underperformance reflects the results of specific positions in China, Gold, and Silver rather than any change in the Fund's approach. The integration of high positive gamma, low net theta, and dynamically rebalanced vega remains the foundation of the Fund's strategy. That approach is designed to capture upside during rallies, limit drawdown exposure during dislocations, and maintain positive carry across volatility environments.</p><p class="MsoNormal" style="margin: 12pt 0in; text-align: justify">The Adviser remains committed to this framework and will continue to calibrate vega, gamma, and theta positioning to the prevailing opportunity set as volatility regimes evolve.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> 10000 10000 10136 11623 11433 13909 11064 14315 11840 17455 13869 22895 12541 20325 13215 23566 15823 29960 17342 34718 17884 41793 <img alt="Ad2 Performance Graph" src="fp0100807-3_sa51.jpg" style="width: 348px; height: 290px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>One Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Five Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zBfdLUOhw2kR">IPS Strategic Capital Absolute Return Fund</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--ClassAxis__custom--C000167870Member_znyRY923a2WI">3.12%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--ClassAxis__custom--C000167870Member_zV1qRXR9kiKY">5.22%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--ClassAxis__custom--C000167870Member_zlSOidsBJUMJ">5.99%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20260301__20260831__oef--BroadBasedIndexAxis__custom--IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember_z6bDwZnIMo7m">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--BroadBasedIndexAxis__custom--IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember_zJFMqSEnrrYi">20.38%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--BroadBasedIndexAxis__custom--IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember_z7VIl7GS9eD8">12.79%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--BroadBasedIndexAxis__custom--IPSStrategicCapitalAbsoluteReturnFundInstitutionalClassSampP500sup174supIndexMember_zhtVoBxCPGQi">15.37%</span></td></tr></table></div> IPS Strategic Capital Absolute Return Fund 0.0312 0.0522 0.0599 S&P 500® Index 0.2038 0.1279 0.1537 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260831__oef--ClassAxis__custom--C000167870Member_zYI2uxwZhUji">$40,687,299</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260831__oef--ClassAxis__custom--C000167870Member_zgvo4zteReJx">22</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zB2OVmAzZUdY">0%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--AdvisoryFeesPaidAmt_c20260301__20260831__oef--ClassAxis__custom--C000167870Member_zqKRXkTPPzkz">$215,626</span></td> </tr> </table> </div> 40687299 22 0 215626 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Options - Net </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000167870Member__oef--IndustrySectorAxis__custom--OptionsNetMember_zZNwwa3sycF7">82.47%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000167870Member__oef--IndustrySectorAxis__custom--NetCashMember_zYQmOp4j6O1J">12.42%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000167870Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zC8BxH3mlMSH">5.11%</span></td> </tr> </table><img alt="Af Image" src="fp0100807-3_sa52.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><p>* Net Cash represents money market funds and other assets in excess of liabilities. </p></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.8247 0.1242 0.0511