Hi Rob
How did you manage that? Whenever I set the Water-Settings to Ultra, the P-State of my GTX 980 Ti goes to 2, while otherwise it stays 0, as it should be. While the GPU-usage stays around the same, the Ultra-Water-Setting does have a fps-impact for me (3930k-cpu oc to 4,3 GHz) which it didn't have with my old GTX 680.
Cheers