Managed Futures Premier Warrington 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001353282
Entity Registrant Name	MANAGED FUTURES PREMIER WARRINGTON L.P.
Entity Central Index Key	1,353,282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		47,465.62
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		409.53

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Equity in trading account:
Cash	$ (833,785)	$ 26,494,170
Cash margin	38,768,676	11,471,701
Options purchased, at fair value (cost $330,000 and $577,300 at September 30, 2017 and December 31, 2016, respectively)	198,000	621,000
Total trading equity	38,132,891	38,586,871
Total assets	63,172,691	73,580,357
Liabilities:
Written options, at fair value (premium received $609,650 and $635,950 at September 30, 2017 and December 31, 2016, respectively)	316,012	699,200
Accrued expenses:
Ongoing selling agent fees	103,156	119,813
Advisory fees	103,365	120,573
Administrative fees	51,683	60,287
Professional fees	96,339	44,128
Other	31,569	3,096
Redemptions payable	820,618	732,695
Total liabilities	1,522,742	1,779,792
Partners’ Capital:
Total partners’ capital	61,649,949	71,800,565
Total liabilities and partners’ capital	63,172,691	73,580,357
U.S. Government Securities [Member]
Equity in trading account:
Investments in U.S. government securities, at fair value (cost $25,006,310 and $34,975,633 at September 30, 2017 and December 31, 2016, respectively)	25,039,800	34,993,486
Class GP [Member]
Partners’ Capital:
General Partner, Class GP, (293.0594 and 327.3092 unit equivalents outstanding at September 30, 2017 and December 31, 2016, respectively)	356,553	370,552
Total partners’ capital	$ 356,553	$ 370,552
Net asset value per unit:
Net asset value per unit	$ 1,216.67	$ 1,132.11
Class A [Member]
Partners’ Capital:
Limited Partners	$ 60,738,455	$ 70,225,435
Total partners’ capital	$ 60,738,455	$ 70,225,435
Net asset value per unit:
Net asset value per unit	$ 1,269.85	$ 1,234.93
Class D [Member]
Partners’ Capital:
Limited Partners	$ 554,941	$ 1,204,578
Total partners’ capital	$ 554,941	$ 1,204,578
Net asset value per unit:
Net asset value per unit	$ 1,355.07	$ 1,309.33

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Cost of options purchased	$ 330,000	$ 577,300
Cost of investments in securities	25,006,310	34,975,633
Premium received	$ 609,650	$ 635,950
Class GP [Member]
General Partner unit equivalents outstanding	293.0594	327.3092
Class A [Member]
Limited Partners Redeemable units outstanding	47,831.2589	56,865.8745
Class D [Member]
Limited Partners Redeemable units outstanding	409.5317	919.9988

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2017USD ($)Contract	Dec. 31, 2016USD ($)Contract
Schedule of Investments [Line Items]
% of Partners’ Capital	(0.19%)	(0.11%)
Fair Value	$ 198,000	$ 621,000
Fair Value	(316,012)	(699,200)
Net fair value	$ (118,012)	$ (78,200)
Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
% of Partners’ Capital	0.32%	0.86%
Fair Value	$ 198,000	$ 621,000
Call or Put Written Options [Member]
Schedule of Investments [Line Items]
% of Partners’ Capital	(0.51%)	(0.97%)
Fair Value	$ (316,012)	$ (699,200)
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Fair Value	$ 25,039,800	$ 34,993,486
% of Partners’ Capital	40.62%	48.73%
United States Government Treasury Bills [Member] | Treasury Bill 0% due October 19, 2017 [Member]
Schedule of Investments [Line Items]
Face Value	$ 6,005,900
Fair Value	$ 6,002,922
% of Partners’ Capital	9.74%
United States Government Treasury Bills [Member] | Treasury Bill 0% due November 16, 2017 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,033,700
Fair Value	$ 4,028,443
% of Partners’ Capital	6.53%
United States Government Treasury Bills [Member] | Treasury Bill 0% due January 4, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 7,024,400
Fair Value	$ 7,005,956
% of Partners’ Capital	11.36%
United States Government Treasury Bills [Member] | Treasury Bill 0% due February 22, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 8,037,200
Fair Value	$ 8,002,479
% of Partners’ Capital	12.98%
United States Government Treasury Bills [Member] | Treasury Bill 0% due May 4, 2017 [Member]
Schedule of Investments [Line Items]
Face Value		$ 8,016,200
Fair Value		$ 8,000,314
% of Partners’ Capital		11.14%
United States Government Treasury Bills [Member] | Treasury Bill 0% due April 6, 2017 [Member]
Schedule of Investments [Line Items]
Face Value		$ 9,000,000
Fair Value		$ 8,990,343
% of Partners’ Capital		12.52%
United States Government Treasury Bills [Member] | Treasury Bill 0% due March 2, 2017 [Member]
Schedule of Investments [Line Items]
Face Value		$ 9,010,000
Fair Value		$ 9,004,809
% of Partners’ Capital		12.54%
United States Government Treasury Bills [Member] | Treasury Bill 0% due February 2, 2017 [Member]
Schedule of Investments [Line Items]
Face Value		$ 9,000,000
Fair Value		$ 8,998,020
% of Partners’ Capital		12.53%
Put Option [Member] | Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	264	184
% of Partners’ Capital	0.32%	0.86%
Fair Value	$ 198,000	$ 621,000
Put Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	2,552	920
% of Partners’ Capital	(0.32%)	(0.88%)
Fair Value	$ (200,200)	$ (630,200)
Call Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,325	920
% of Partners’ Capital	(0.19%)	(0.10%)
Fair Value	$ (115,812)	$ (69,000)

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 25,006,310	$ 34,975,633
Options purchased at cost	330,000	577,300
Premium received	609,650	635,950
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 25,006,310	$ 34,975,633
Treasury Bill 0% due October 19, 2017 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Oct. 19, 2017
Investment, Interest rate	0.00%
Treasury Bill 0% due November 16, 2017 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Nov. 16, 2017
Investment, Interest rate	0.00%
Treasury Bill 0% due January 4, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jan. 4, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due February 22, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Feb. 22, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due May 4, 2017 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		May 4, 2017
Investment, Interest rate		0.00%
Treasury Bill 0% due April 6, 2017 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Apr. 6, 2017
Investment, Interest rate		0.00%
Treasury Bill 0% due March 2, 2017 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Mar. 2, 2017
Investment, Interest rate		0.00%
Treasury Bill 0% due February 2, 2017 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Feb. 2, 2017
Investment, Interest rate		0.00%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investment Income:
Interest income		$ 83,724	$ 37,197	$ 207,084	$ 126,676
Expenses:
Ongoing selling agent fees		314,895	386,500	1,004,624	1,216,545
Clearing fees		185,570	183,789	581,357	426,469
Advisory fees		315,543	388,056	1,008,695	1,220,761
Administrative fees		157,772	194,030	504,348	610,383
Other		59,586	98,949	261,671	296,852
Total expenses		1,033,366	1,251,324	3,360,695	3,771,010
Net investment income (loss)		(949,642)	(1,214,127)	(3,153,611)	(3,644,334)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		239,345	2,826,025	5,419,395	6,939,355
Change in net unrealized gains (losses) on open contracts		132,275	84,001	181,189	35,964
Total trading results		371,620	2,910,026	5,600,584	6,975,319
Net income (loss) before allocation to Special Limited Partner		(578,022)	1,695,899	2,446,973	3,330,985
Allocation to Special Limited Partner			(2,221)	(453,819)	(2,221)
Net income (loss):
Net income (loss)		(578,022)	1,693,678	1,993,154	3,328,764
Class A [Member]
Net income (loss):
Net income (loss)		$ (576,595)	$ 1,658,977	$ 1,927,694	$ 3,251,739
Net asset value per unit
Net asset value per unit		$ 1,269.85	$ 1,235.84	$ 1,269.85	$ 1,235.84
Net income (loss) per unit
Net income (loss) per unit	[1]	$ (11.73)	$ 26.94	$ 34.92	$ 52.61
Weighted average units outstanding
Weighted average units outstanding		48,999.75	62,835.59	52,439.35	67,448.94
Class D [Member]
Net income (loss):
Net income (loss)		$ (3,375)	$ 22,348	$ 33,276	$ 48,708
Net asset value per unit
Net asset value per unit		$ 1,355.07	$ 1,306.68	$ 1,355.07	$ 1,306.68
Net income (loss) per unit
Net income (loss) per unit	[1]	$ (8.24)	$ 29.62	$ 45.74	$ 64.54
Weighted average units outstanding
Weighted average units outstanding		409.53	754.69	579.69	754.69
Class GP [Member]
Net income (loss):
Net income (loss)		$ 1,948	$ 12,353	$ 32,184	$ 28,317
Net asset value per unit
Net asset value per unit		$ 1,216.67	$ 1,118.85	$ 1,216.67	$ 1,118.85
Net income (loss) per unit
Net income (loss) per unit		$ 4.04	$ 38.01	$ 84.56	$ 87.13
Weighted average units outstanding
Weighted average units outstanding		581.04	325.66	450.66	325.22
[1]	Based on the change in net asset value per unit.

Statements of Income and Expen7

Statements of Income and Expenses (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Class A [Member]
Units outstanding	47,831.2589	59,936.3255	47,831.2589	59,936.3255
Class D [Member]
Units outstanding	409.5317	754.6927	409.5317	754.6927
Class GP [Member]
Units outstanding	293.0594	326.9846	293.0594	326.9846

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	General Partner [Member]	Limited Partners [Member]	Class A [Member]	Class A [Member]Limited Partners [Member]	Class D [Member]	Class D [Member]Limited Partners [Member]	Class GP [Member]	Class GP [Member]General Partner [Member]
Partners' capital, Amount, beginning balance at Dec. 31, 2015	$ 88,330,055			$ 87,057,316		$ 937,431		$ 335,308
Partners' capital, Units, beginning balance at Dec. 31, 2015	74,655.44			73,575.75		754.69		325
Net Income (loss)	$ 3,328,764			$ 3,251,739		$ 48,708		$ 28,317
Subscriptions, Amount		$ 2,221							$ 2,221
Subscriptions, Units		1.98							1.98
Redemptions, Amount			$ (16,237,518)		$ (16,237,518)
Redemptions, Units			(13,639.42)		(13,639.42)
Partners' capital, Amount, ending balance at Sep. 30, 2016	$ 75,423,522			$ 74,071,537		$ 986,139		$ 365,846
Partners' capital, Units, ending balance at Sep. 30, 2016	61,018			59,936.33		754.69		326.98
Partners' capital, Amount, beginning balance at Dec. 31, 2016	$ 71,800,565			$ 70,225,435		$ 1,204,578		$ 370,552
Partners' capital, Units, beginning balance at Dec. 31, 2016	58,113.18			56,865.87		920		327.31
Net Income (loss)	$ 1,993,154			$ 1,927,694		$ 33,276		$ 32,184
Subscriptions, Amount		$ 453,817	$ 106,760				$ 106,760		$ 453,817
Subscriptions, Units		379.79	79.80				79.80		379.79
Redemptions, Amount		$ (500,000)	$ (12,204,347)		$ (11,414,674)		$ (789,673)		$ (500,000)
Redemptions, Units		(414.05)	(9,624.89)		(9,034.62)		(590.27)		(414.05)
Partners' capital, Amount, ending balance at Sep. 30, 2017	$ 61,649,949			$ 60,738,455		$ 554,941		$ 356,553
Partners' capital, Units, ending balance at Sep. 30, 2017	48,533.84			47,831.25		409.53		293.05

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Organization	1. Organization: Managed Futures Premier Warrington L.P. (formerly known as Warrington Fund L.P.) (the “Partnership”) is a limited partnership organized on November 28, 2005, under the partnership laws of the State of New York to engage in the speculative trading of commodity interests including futures and option contracts. The Partnership does not currently intend to, but may in the future, engage in transactions in spot and forward markets. The Partnership primarily trades futures and options in the stock indices sector. The Partnership may also hold U.S. Treasury bills (“T-Bills”). The Partnership commenced trading on February 21, 2006. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Effective as of the close of business on March 31, 2015, Warrington GP, LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is beneficially owned by Scott C. Kimple. From inception to the close of business on March 31, 2015, Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (“CMF GP”) and commodity pool operator of the Partnership. On January 9, 2015, Scott C. Kimple proposed in a proxy statement (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “SEC”) and distributed to Limited Partners (defined below), that Warrington GP, LLC become the new general partner of the Partnership. The requisite number of each class of limited partnership interests approved the proposals described in the Proxy Statement, and, as a result, Warrington GP, LLC became the new general partner of the Partnership effective as of the close of business on March 31, 2015. CMF GP withdrew as the general partner of the Partnership immediately following Warrington GP, LLC becoming the Partnership’s new general partner. References to the “General Partner” herein refer to Warrington GP, LLC and/or CMF GP, as the context requires. Effective as of the close of business on March 31, 2015, Warrington SLP, LP, a Delaware limited partnership and an affiliate of the General Partner, became a special limited partner of the Partnership (the “Special Limited Partner”) and receives a quarterly profit share allocation equal to 20% of new trading profits from the Partnership in the form of Redeemable Units, subject to a high water mark. All of the trading decisions for the Partnership are made by Warrington Asset Management LLC (the “Advisor”), an affiliate of the General Partner, using the Strategic Trading Program (formerly, the “Core Trading Program”), a proprietary trading program. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2017. On June 15, 2011, the Partnership began offering “Class A” Redeemable Units and “Class D” Redeemable Units pursuant to the offering memorandum. All outstanding Redeemable Units on June 15, 2011 were designated Class A Redeemable Units. The rights, powers, duties and obligations associated with the investment in Class A Redeemable Units were not changed. On October 1, 2011, the first Class D Redeemable Units were issued to limited partners of the Partnership (each a “Limited Partner”). Class A Redeemable Units and Class D Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a Limited Partner receives will generally depend upon the amount invested in the Partnership, although the General Partner may determine to offer Class A Redeemable Units or Class D Redeemable Units to investors in its sole discretion. On May 1, 2015, a new share class of units of general partner interest “Class GP” was initiated to accept an investment from the General Partner. During the three months ended September 30, 2017, the Partnership’s commodity brokers were Wells Fargo Securities, LLC (“Wells Fargo”), Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), all of whom are registered futures commission merchants. Effective April 1, 2015, the Partnership entered into a futures and cleared swaps agreement with Wells Fargo (the “Wells Fargo Customer Agreement”). The Partnership pays Wells Fargo trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wells Fargo will pay the Partnership interest on excess cash held in the Partnership’s account at rates customarily paid by Wells Fargo and as advised to the Partnership from time to time. Effective April 21, 2017, the Partnership entered into a commodity futures customer agreement with Wedbush (the “Wedbush Customer Agreement”); however, the Partnership did not engage in any trading activity through Wedbush until June 26, 2017. The Partnership pays Wedbush trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wedbush does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned. Effective March 13, 2017, the Partnership entered into a commodity futures customer agreement with ADM (the “ADM Customer Agreement”); however, the Partnership did not engage in any trading activity through ADM until April 6, 2017. The Partnership pays ADM trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, ADM does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned. The Partnership maintains a continuing services agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the continuing services agreement, Morgan Stanley Wealth Management will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Morgan Stanley Wealth Management (the “MS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Morgan Stanley Wealth Management shall continue only for as long as the MS Interests remain outstanding. The Partnership maintains a selling agreement with Robert W. Baird & Co. Incorporated (“Baird”). Pursuant to the selling agreement, Baird will receive a monthly ongoing selling agent fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. With respect to current Limited Partners that are customers of Baird, the Partnership shall pay Baird a monthly ongoing maintenance fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units for services provided to such current Limited Partners. The Partnership maintains a continuing services agreement with Credit Suisse Securities (USA) LLC. Pursuant to the continuing services agreement, Credit Suisse Securities (USA) LLC will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Credit Suisse Securities (USA) LLC (the “CS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Credit Suisse Securities (USA) LLC shall continue only for as long as the CS Interests remain outstanding.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition and condensed schedule of investments at September 30, 2017 and December 31, 2016, the results of its operations for the three and nine months ended September 30, 2017 and 2016 and changes in partners’ capital for the nine months ended September 30, 2017 and 2016. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the SEC as of and for the year ended December 31, 2016. The December 31, 2016 information has been derived from the audited financial statements as of and for the year ended December 31, 2016. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. The General Partner and each Limited Partner share in the profits and losses of the Partnership, after the allocation to the Special Limited Partner, in proportion to the amount of Partnership interest owned by each, except that no Limited Partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any. The Partnership’s trading of futures and options contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges. During the three month periods ended September 30, 2017 and 2016, the Partnership engaged in such trading through commodity brokerage accounts primarily maintained with Wells Fargo, with de minimis trading through commodity brokerage accounts at Wedbush and ADM. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Partnership’s Investments: The fair value of exchange-traded futures and options contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses. The Partnership’s investments in U.S. government securities as of September 30, 2017 consist of short-term T-Bills. The T-Bills are reported at cost plus accrued interest, which approximates fair value. Investment Company Status : Based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of FASB Accounting Standards Codification Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses. Income Taxes: Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability. There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2016.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for each Limited Partner Class for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 7.48 $ 7.97 $ 46.03 $ 48.73 $ 102.73 $ 109.12 $ 106.24 $ 112.24 Interest Income 1.67 1.78 0.58 0.62 3.92 4.17 1.85 1.97 Expenses (20.88 ) (17.99 ) (19.67 ) (19.73 ) (71.73 ) (67.55 ) (55.48 ) (49.67 ) Increase (decrease) for the period (11.73 ) (8.24 ) 26.94 29.62 34.92 45.74 52.61 64.54 Net asset value per unit, beginning of period 1,281.58 1,363.31 1,208.90 1,277.06 1,234.93 1,309.33 1,183.23 1,242.14 Net asset value per unit, end of period $ 1,269.85 $ 1,355.07 $ 1,235.84 $ 1,306.68 $ 1,269.85 $ 1,355.07 $ 1,235.84 $ 1,306.68 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Class A Class D Class A Class D Class A Class D Class A Class D Ratios to Average Net Assets:* Net investment income (loss)** (6.0 )% (4.7 )% (6.3 )% (5.0 )% (6.3 )% (4.8 )% (6.1 )% (4.8 )% Allocation to Special Limited Partner — % — % — % (0.2 )% (0.7 )% (1.1 )% — % (0.2 )% Net investment income (loss) after allocation to Special Limited Partner (6.0 )% (4.7 )% (6.3 )% (5.2 )% (7.0 )% (5.9 )% (6.1 )% (5.0 )% Operating expenses 6.5 % 5.3 % 6.5 % 5.2 % 6.8 % 5.1 % 6.3 % 5.0 % Allocation to Special Limited Partner — % — % — % 0.2 % 0.7 % 1.1 % — % 0.2 % Total expenses 6.5 % 5.3 % 6.5 % 5.4 % 7.5 % 6.2 % 6.3 % 5.2 % Total return: Total return before allocation to Special Limited Partner (0.9 )% (0.6 )% 2.2 % 2.5 % 3.6 % 4.6 % 4.4 % 5.4 % Allocation to Special Limited Partner — % — % — % (0.2 )% (0.8 )% (1.1 )% — % (0.2 )% Total return after allocation to Special Limited Partner (0.9 )% (0.6 )% 2.2 % 2.3 % 2.8 % 3.5 % 4.4 % 5.2 % * Annualized (except allocation to Special Limited Partner, if applicable). ** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable). The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios and total return are calculated for the Limited Partner Classes using the Limited Partners’ share of income, expenses and average net assets.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2017
Brokers And Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The Wells Fargo Customer Agreement, the Wedbush Customer Agreement and the ADM Customer Agreement give, and the customer agreement between the Partnership and Morgan Stanley & Co. LLC (“MS&Co.”) gave the Partnership the legal right to net unrealized gains and losses on open futures and option contracts. The Partnership netted as applicable, for financial reporting purposes, the unrealized gains and losses on open futures and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” Ongoing selling agent fees paid to Baird, Morgan Stanley Wealth Management and Credit Suisse Securities (USA) LLC were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor for the Partnership. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “clearing fees”) paid to Wells Fargo, Wedbush, ADM and executing brokers, as applicable, are, and all clearing fees paid to MS&Co. were, borne by the Partnership. All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of put and call option contracts held during the three and nine months ended September 30, 2017 and 2016 were 2,785, 3,499, and 2,913, 2,221, respectively. The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at September 30, 2017 and December 31, 2016, respectively. Gross Amounts not Offset in the Statement of Financial Condition September 30, 2017 Gross Amounts Recognized Gross Offset Statement Financial Condition Amounts Presented Statement Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 198,000 $ — $ 198,000 $ (198,000 ) $ — $ — Total assets 198,000 — 198,000 (198,000 ) — — Liabilities Written options $ (316,012 ) $ — $ (316,012 ) $ 198,000 $ — $ (118,012 ) Total liabilities (316,012 ) — (316,012 ) 198,000 — (118,012 ) Net fair value $ (118,012 ) Gross Amounts not Offset in the Statements of Financial Condition December 31, 2016 Gross Amounts Recognized Gross Offset Statement Financial Condition Amounts Presented Statement of Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 621,000 $ — $ 621,000 $ (699,200 ) $ — $ (78,200 ) Total assets 621,000 — 621,000 (699,200 ) — (78,200 ) Liabilities Written options $ (699,200 ) $ — $ (699,200 ) $ 699,200 $ — $ — Total liabilities (699,200 ) — (699,200 ) 699,200 — — Net fair value $ (78,200 ) The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of September 30, 2017 and December 31, 2016, respectively. September 30, 2017 Assets Options purchased Indices $ 198,000 Total options purchased $ 198,000 * Liabilities Written options Indices $ (316,012 ) Total written options premium received $ (316,012 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options, at fair value” on the Statement of Financial Condition. December 31, 2016 Assets Options purchased Indices $ 621,000 Total options purchased $ 621,000 * Liabilities Written options Indices $ (699,200 ) Total written options $ (699,200 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options, at fair value” on the Statement of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016. Three Months Ended September 30, Nine Months Ended September 30, Sector-Indices 2017 2016 2017 2016 Net realized gains (losses) on closed contracts $ 239,345 $ 2,826,025 $ 5,419,395 $ 6,939,355 Change in net unrealized gains (losses) on open contracts 132,275 84,001 181,189 $ 35,964 Total trading results $ 371,620 *** $ 2,910,026 *** $ 5,600,584 *** $ 6,975,319 *** *** This amount is included in “Total trading results” on the Statements of Income and Expenses. The following table rolls forward the transactions in Options Written for the nine-month period ended September 30, 2017. Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year 920 $ 548,550 $ 57,500 920 $ 480,470 $ 578,450 Options written 20,818 12,910,423 1,461,425 66,108 37,633,889 21,075,151 Options exercised (174 ) (104,183 ) (43,500 ) (130 ) (77,188 ) (14,000 ) Options expired (19,767 ) (12,320,011 ) (1,348,550 ) (49,487 ) (28,017,903 ) (15,811,588 ) Options closed (472 ) (283,200 ) (49,625 ) (14,859 ) (8,497,639 ) (5,295,613 ) Outstanding options, end of period 1,325 $ 751,579 $ 77,250 2,552 $ 1,521,629 $ 532,400

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Partnership’s Fair Value Measurements . Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded. The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of futures and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the nine month period ended September 30, 2017 and the twelve month period ended December 31, 2016, the Partnership did not hold any derivative instruments for which market quotations were not readily available and which were priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Any transfers between levels are recognized at the beginning of the period. During the nine months ended September 30, 2017 and the twelve months ended December 31, 2016, there were no transfers of assets or liabilities between Level 1 and Level 2. Total September 30, 2017 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investments in U.S. government securities, at fair value $ 25,039,800 $ — $ 25,039,800 $ — Options purchased 198,000 198,000 — — Total assets 25,237,800 198,000 25,039,800 — Liabilities Written options $ 316,012 $ 316,012 $ — $ — Total liabilities 316,012 316,012 — — Net fair value $ 24,921,788 $ (118,012 ) $ 25,039,800 $ — Total December 31, 2016 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investments in U.S. government securities, at fair value $ 34,993,486 $ — $ 34,993,486 $ — Options purchased 621,000 621,000 — — Total assets 35,614,486 621,000 34,993,486 — Liabilities Written options $ 699,200 $ 699,200 $ — $ — Total liabilities 699,200 699,200 — — Net fair value $ 34,915,286 $ (78,200 ) $ 34,993,486 $ —

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instrument Risks	6. Financial Instrument Risks: In the normal course of business, the Partnership is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments on specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward and option contracts. OTC contracts are negotiated between contracting parties and include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer, or seller, of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s current contracts are traded OTC, although contracts may be traded OTC in the future. Futures Contracts . The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 ® Options . The Partnership may purchase and write (sell), both exchange listed and OTC, options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership writes an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Partnership purchases an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership had credit risk and concentration risk during the reporting period and prior periods included in this report, as MS&Co. and/or Wells Fargo, Wedbush and ADM, or their affiliates, were the sole counterparties or brokers with respect to the Partnership’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or Wells Fargo, Wedbush or ADM, or their affiliates, the Partnership’s counterparty is an exchange or clearing organization. The Partnership continues to be subject to such risks with respect to Wells Fargo, Wedbush and ADM. However, the Partnership’s concentration risk has been mitigated with the addition of Wedbush and ADM in this reporting period. The Partnership’s trading will be concentrated in exchange-traded futures and options on the S&P 500 ® As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership does not consider these contracts to be guarantees. The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and, accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The risk to the Limited Partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluated events that occurred after the balance sheet date but before financial statements were issued and included in this Quarterly Report on Form 10-Q. The General Partner has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Use of Estimates	The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
Partnership’s Investments	Partnership’s Investments: The fair value of exchange-traded futures and options contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses. The Partnership’s investments in U.S. government securities as of September 30, 2017 consist of short-term T-Bills. The T-Bills are reported at cost plus accrued interest, which approximates fair value.
Investment Company Status	Investment Company Status : Based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of FASB Accounting Standards Codification Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.
Income Taxes	Income Taxes: Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Partnership's Fair Value Measurements	Partnership’s Fair Value Measurements . Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Financial Highlights for Each Limited Partner Class	Financial highlights for each Limited Partner Class for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 7.48 $ 7.97 $ 46.03 $ 48.73 $ 102.73 $ 109.12 $ 106.24 $ 112.24 Interest Income 1.67 1.78 0.58 0.62 3.92 4.17 1.85 1.97 Expenses (20.88 ) (17.99 ) (19.67 ) (19.73 ) (71.73 ) (67.55 ) (55.48 ) (49.67 ) Increase (decrease) for the period (11.73 ) (8.24 ) 26.94 29.62 34.92 45.74 52.61 64.54 Net asset value per unit, beginning of period 1,281.58 1,363.31 1,208.90 1,277.06 1,234.93 1,309.33 1,183.23 1,242.14 Net asset value per unit, end of period $ 1,269.85 $ 1,355.07 $ 1,235.84 $ 1,306.68 $ 1,269.85 $ 1,355.07 $ 1,235.84 $ 1,306.68
Summary of Ratios to Average Net Assets	Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Class A Class D Class A Class D Class A Class D Class A Class D Ratios to Average Net Assets:* Net investment income (loss)** (6.0 )% (4.7 )% (6.3 )% (5.0 )% (6.3 )% (4.8 )% (6.1 )% (4.8 )% Allocation to Special Limited Partner — % — % — % (0.2 )% (0.7 )% (1.1 )% — % (0.2 )% Net investment income (loss) after allocation to Special Limited Partner (6.0 )% (4.7 )% (6.3 )% (5.2 )% (7.0 )% (5.9 )% (6.1 )% (5.0 )% Operating expenses 6.5 % 5.3 % 6.5 % 5.2 % 6.8 % 5.1 % 6.3 % 5.0 % Allocation to Special Limited Partner — % — % — % 0.2 % 0.7 % 1.1 % — % 0.2 % Total expenses 6.5 % 5.3 % 6.5 % 5.4 % 7.5 % 6.2 % 6.3 % 5.2 % Total return: Total return before allocation to Special Limited Partner (0.9 )% (0.6 )% 2.2 % 2.5 % 3.6 % 4.6 % 4.4 % 5.4 % Allocation to Special Limited Partner — % — % — % (0.2 )% (0.8 )% (1.1 )% — % (0.2 )% Total return after allocation to Special Limited Partner (0.9 )% (0.6 )% 2.2 % 2.3 % 2.8 % 3.5 % 4.4 % 5.2 % * Annualized (except allocation to Special Limited Partner, if applicable). ** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Brokers And Dealers [Abstract]
Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition	The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at September 30, 2017 and December 31, 2016, respectively. Gross Amounts not Offset in the Statement of Financial Condition September 30, 2017 Gross Amounts Recognized Gross Offset Statement Financial Condition Amounts Presented Statement Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 198,000 $ — $ 198,000 $ (198,000 ) $ — $ — Total assets 198,000 — 198,000 (198,000 ) — — Liabilities Written options $ (316,012 ) $ — $ (316,012 ) $ 198,000 $ — $ (118,012 ) Total liabilities (316,012 ) — (316,012 ) 198,000 — (118,012 ) Net fair value $ (118,012 ) Gross Amounts not Offset in the Statements of Financial Condition December 31, 2016 Gross Amounts Recognized Gross Offset Statement Financial Condition Amounts Presented Statement of Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 621,000 $ — $ 621,000 $ (699,200 ) $ — $ (78,200 ) Total assets 621,000 — 621,000 (699,200 ) — (78,200 ) Liabilities Written options $ (699,200 ) $ — $ (699,200 ) $ 699,200 $ — $ — Total liabilities (699,200 ) — (699,200 ) 699,200 — — Net fair value $ (78,200 )
Gross Fair Values of Derivative Instruments of Futures and Option Contracts as Separate Assets and Liabilities	The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of September 30, 2017 and December 31, 2016, respectively. September 30, 2017 Assets Options purchased Indices $ 198,000 Total options purchased $ 198,000 * Liabilities Written options Indices $ (316,012 ) Total written options premium received $ (316,012 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options, at fair value” on the Statement of Financial Condition. December 31, 2016 Assets Options purchased Indices $ 621,000 Total options purchased $ 621,000 * Liabilities Written options Indices $ (699,200 ) Total written options $ (699,200 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options, at fair value” on the Statement of Financial Condition.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016. Three Months Ended September 30, Nine Months Ended September 30, Sector-Indices 2017 2016 2017 2016 Net realized gains (losses) on closed contracts $ 239,345 $ 2,826,025 $ 5,419,395 $ 6,939,355 Change in net unrealized gains (losses) on open contracts 132,275 84,001 181,189 $ 35,964 Total trading results $ 371,620 *** $ 2,910,026 *** $ 5,600,584 *** $ 6,975,319 *** *** This amount is included in “Total trading results” on the Statements of Income and Expenses.
Summary of Transactions in Options Written	The following table rolls forward the transactions in Options Written for the nine-month period ended September 30, 2017. Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year 920 $ 548,550 $ 57,500 920 $ 480,470 $ 578,450 Options written 20,818 12,910,423 1,461,425 66,108 37,633,889 21,075,151 Options exercised (174 ) (104,183 ) (43,500 ) (130 ) (77,188 ) (14,000 ) Options expired (19,767 ) (12,320,011 ) (1,348,550 ) (49,487 ) (28,017,903 ) (15,811,588 ) Options closed (472 ) (283,200 ) (49,625 ) (14,859 ) (8,497,639 ) (5,295,613 ) Outstanding options, end of period 1,325 $ 751,579 $ 77,250 2,552 $ 1,521,629 $ 532,400

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs	During the nine months ended September 30, 2017 and the twelve months ended December 31, 2016, there were no transfers of assets or liabilities between Level 1 and Level 2. Total September 30, 2017 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investments in U.S. government securities, at fair value $ 25,039,800 $ — $ 25,039,800 $ — Options purchased 198,000 198,000 — — Total assets 25,237,800 198,000 25,039,800 — Liabilities Written options $ 316,012 $ 316,012 $ — $ — Total liabilities 316,012 316,012 — — Net fair value $ 24,921,788 $ (118,012 ) $ 25,039,800 $ — Total December 31, 2016 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investments in U.S. government securities, at fair value $ 34,993,486 $ — $ 34,993,486 $ — Options purchased 621,000 621,000 — — Total assets 35,614,486 621,000 34,993,486 — Liabilities Written options $ 699,200 $ 699,200 $ — $ — Total liabilities 699,200 699,200 — — Net fair value $ 34,915,286 $ (78,200 ) $ 34,993,486 $ —

Organization - Additional Infor

Organization - Additional Information (Detail)	Apr. 01, 2015	Mar. 31, 2015
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Incentive fee		20.00%
Class A [Member] | Morgan Stanley Wealth Management [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.1667%
Ongoing selling agent fees per year	2.00%
Class A [Member] | Robert W- Baird And Company [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.1667%
Ongoing selling agent fees per year	2.00%
Class A [Member] | Robert W- Baird And Company [Member] | Customer Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of maintenance fee	0.1667%
Maintenance fees per year	2.00%
Class A [Member] | Credit Suisse Securities (USA) LLC [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.1667%
Ongoing selling agent fees per year	2.00%
Class D [Member] | Morgan Stanley Wealth Management [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.0625%
Ongoing selling agent fees per year	0.75%
Class D [Member] | Robert W- Baird And Company [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.0625%
Ongoing selling agent fees per year	0.75%
Class D [Member] | Robert W- Baird And Company [Member] | Customer Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of maintenance fee	0.0625%
Maintenance fees per year	0.75%
Class D [Member] | Credit Suisse Securities (USA) LLC [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.0625%
Ongoing selling agent fees per year	0.75%

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Accounting Policy [Line Items]
Provision for income tax	$ 0
Latest Tax Year [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2,016
Earliest Tax Year [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2,013

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ 7.48	$ 46.03	$ 102.73	$ 106.24
Interest Income	1.67	0.58	3.92	1.85
Expenses	(20.88)	(19.67)	(71.73)	(55.48)
Increase (decrease) for the period	(11.73)	26.94	34.92	52.61
Net asset value per unit, beginning of period	1,281.58	1,208.90	1,234.93	1,183.23
Net asset value per unit, end of period	1,269.85	1,235.84	1,269.85	1,235.84
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	7.97	48.73	109.12	112.24
Interest Income	1.78	0.62	4.17	1.97
Expenses	(17.99)	(19.73)	(67.55)	(49.67)
Increase (decrease) for the period	(8.24)	29.62	45.74	64.54
Net asset value per unit, beginning of period	1,363.31	1,277.06	1,309.33	1,242.14
Net asset value per unit, end of period	$ 1,355.07	$ 1,306.68	$ 1,355.07	$ 1,306.68

Financial Highlights - Summary

Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(6.00%)	(6.30%)	(6.30%)	(6.10%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	0.00%	(0.70%)	0.00%
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(6.00%)	(6.30%)	(7.00%)	(6.10%)
Ratios to Average Net Assets, Operating expenses	6.50%	6.50%	6.80%	6.30%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.00%	0.70%	0.00%
Ratios to Average Net Assets, Total expenses	6.50%	6.50%	7.50%	6.30%
Total return:
Total return before allocation to Special Limited Partner	(0.90%)	2.20%	3.60%	4.40%
Total return, Allocation to Special Limited Partner	0.00%	0.00%	(0.80%)	0.00%
Total return after allocation to Special Limited Partner	(0.90%)	2.20%	2.80%	4.40%
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(4.70%)	(5.00%)	(4.80%)	(4.80%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	(0.20%)	(1.10%)	(0.20%)
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(4.70%)	(5.20%)	(5.90%)	(5.00%)
Ratios to Average Net Assets, Operating expenses	5.30%	5.20%	5.10%	5.00%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.20%	1.10%	0.20%
Ratios to Average Net Assets, Total expenses	5.30%	5.40%	6.20%	5.20%
Total return:
Total return before allocation to Special Limited Partner	(0.60%)	2.50%	4.60%	5.40%
Total return, Allocation to Special Limited Partner	0.00%	(0.20%)	(1.10%)	(0.20%)
Total return after allocation to Special Limited Partner	(0.60%)	2.30%	3.50%	5.20%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - Contract	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Brokers And Dealers [Abstract]
Monthly average number of put and call option contract held	2,785	2,913	3,499	2,221

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 198,000	$ 621,000
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	198,000	621,000
Financial Instruments, Assets	(198,000)	(699,200)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	0	(78,200)
Gross Amounts Recognized, Liabilities	(316,012)	(699,200)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(316,012)	(699,200)
Financial Instruments, Liabilities	198,000	699,200
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(118,012)	0
Net fair value	(118,012)	(78,200)
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	198,000	621,000
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	198,000	621,000
Financial Instruments, Assets	(198,000)	(699,200)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	0	(78,200)
Written Options [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(316,012)	(699,200)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(316,012)	(699,200)
Financial Instruments, Liabilities	198,000	699,200
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ (118,012)	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Options Purchased Indices [Member]
Assets
Total options purchased	$ 198,000	$ 621,000
Options Purchased [Member]
Assets
Total options purchased	198,000	621,000
Written Options Premium Received Indices [Member]
Liabilities
Total written options	(316,012)
Written Options Premium Received [Member]
Liabilities
Total written options	$ (316,012)
Written Options Indices [Member]
Liabilities
Total written options		(699,200)
Written Options [Member]
Liabilities
Total written options		$ (699,200)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	$ 239,345	$ 2,826,025	$ 5,419,395	$ 6,939,355
Change in net unrealized gains (losses) on open contracts	132,275	84,001	181,189	35,964
Total trading results	371,620	2,910,026	5,600,584	6,975,319
Indices [Member]
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	239,345	2,826,025	5,419,395	6,939,355
Change in net unrealized gains (losses) on open contracts	132,275	84,001	181,189	35,964
Total trading results	$ 371,620	$ 2,910,026	$ 5,600,584	$ 6,975,319

Trading Activities - Summary 28

Trading Activities - Summary of Transactions in Options Written (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)Contract
Summary Of Investment Holdings [Line Items]
Outstanding options, Premiums Received, beginning of year	$ 635,950
Outstanding options, Premiums Received, end of year	$ 609,650
Calls [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	920
Options written, Contracts | Contract	20,818
Options exercised, Contracts | Contract	(174)
Options expired, Contracts | Contract	(19,767)
Options closed, Contracts | Contract	(472)
Outstanding options, Contracts, end of year | Contract	1,325
Outstanding options, Notional, beginning of year	$ 548,550,000
Options written, Notional	12,910,423,000
Options exercised, Notional	(104,183,000)
Options expired, Notional	(12,320,011,000)
Options closed, Notional	(283,200,000)
Outstanding options, Notional, end of year	751,579,000
Outstanding options, Premiums Received, beginning of year	57,500
Options written, Premiums Received	1,461,425
Options exercised, Premiums Received	(43,500)
Options expired, Premiums Received	(1,348,550)
Options closed, Premiums Received	(49,625)
Outstanding options, Premiums Received, end of year	$ 77,250
Puts [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	920
Options written, Contracts | Contract	66,108
Options exercised, Contracts | Contract	(130)
Options expired, Contracts | Contract	(49,487)
Options closed, Contracts | Contract	(14,859)
Outstanding options, Contracts, end of year | Contract	2,552
Outstanding options, Notional, beginning of year	$ 480,470,000
Options written, Notional	37,633,889,000
Options exercised, Notional	(77,188,000)
Options expired, Notional	(28,017,903,000)
Options closed, Notional	(8,497,639,000)
Outstanding options, Notional, end of year	1,521,629,000
Outstanding options, Premiums Received, beginning of year	578,450
Options written, Premiums Received	21,075,151
Options exercised, Premiums Received	(14,000)
Options expired, Premiums Received	(15,811,588)
Options closed, Premiums Received	(5,295,613)
Outstanding options, Premiums Received, end of year	$ 532,400

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 25,237,800	$ 35,614,486
Liabilities	316,012	699,200
Net fair value	24,921,788	34,915,286
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	198,000	621,000
Liabilities	316,012	699,200
Net fair value	(118,012)	(78,200)
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	25,039,800	34,993,486
Net fair value	25,039,800	34,993,486
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	25,039,800	34,993,486
U.S. Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	25,039,800	34,993,486
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	198,000	621,000
Options Purchased Indices [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	198,000	621,000
Written Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	316,012	699,200
Written Options [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 316,012	$ 699,200

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year