Managed Futures Premier Warrington 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		40,519.94
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		409.53

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Equity in trading account:
Cash	$ 20,252,788	$ 25,880,554
Cash margin	15,558,797	9,145,348
Other receivable	20,000
Options purchased, at fair value (cost $204,000 and $147,400 at June 30, 2018 and December 31, 2017, respectively)	89,250	211,200
Total trading equity	35,920,835	35,237,102
Total assets	55,212,072	60,344,765
Liabilities:
Written options premium received, at fair value (premium $223,125 and $157,300 at June 30, 2018 and December 31, 2017, respectively)	117,938	209,000
Accrued expenses:
Ongoing selling agent fees	90,592	99,043
Advisory fees	90,808	99,229
Administrative fees	45,404	49,614
Professional fees	124,837	135,185
Other	20,612	7,948
Redemptions payable	880,674	699,530
Total liabilities	1,370,865	1,299,549
Partners’ Capital:
Total partners’ capital	53,841,207	59,045,216
Total liabilities and partners’ capital	55,212,072	60,344,765
U.S. Government Securities [Member]
Equity in trading account:
Investments in U.S. government securities, at fair value (cost $19,211,167 and $25,039,569 at June 30, 2018 and December 31, 2017, respectively)	19,291,237	25,107,663
Class GP [Member]
Partners’ Capital:
General Partner, Class GP, (136.1322 and 293.0594 unit equivalents outstanding at June 30, 2018 and December 31, 2017, respectively)	173,180	356,295
Total partners’ capital	$ 173,180	$ 356,295
Net asset value per unit:
Net asset value per unit	$ 1,272.20	$ 1,215.79
Class A [Member]
Partners’ Capital:
Limited Partners	$ 53,104,227	$ 58,139,561
Total partners’ capital	$ 53,104,227	$ 58,139,561
Net asset value per unit:
Net asset value per unit	$ 1,278.84	$ 1,253.14
Class D [Member]
Partners’ Capital:
Limited Partners	$ 563,800	$ 549,360
Total partners’ capital	$ 563,800	$ 549,360
Net asset value per unit:
Net asset value per unit	$ 1,376.70	$ 1,341.44

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Cost of options purchased	$ 204,000	$ 147,400
Cost of investments in securities	19,211,167	25,039,569
Premium received	$ 223,125	$ 157,300
Class GP [Member]
General Partner unit equivalents outstanding	136.1322	293.0594
Class A [Member]
Limited Partners Redeemable units outstanding	41,525.4018	46,395.0467
Class D [Member]
Limited Partners Redeemable units outstanding	409.5317	409.5317

Condensed Schedule of Investmen

Condensed Schedule of Investments	Jun. 30, 2018USD ($)Contract	Dec. 31, 2017USD ($)Contract
Schedule of Investments [Line Items]
% of Partners’ Capital	(0.05%)	0.00%
Fair Value	$ 89,250	$ 211,200
Fair Value	(117,938)	(209,000)
Net fair value	$ (28,688)	$ 2,200
Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
% of Partners’ Capital	0.17%	0.36%
Fair Value	$ 89,250	$ 211,200
Call or Put Written Options [Member]
Schedule of Investments [Line Items]
% of Partners’ Capital	(0.22%)	(0.36%)
Fair Value	$ (117,938)	$ (209,000)
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,291,237	$ 25,107,663
% of Partners’ Capital	35.83%	42.52%
United States Government Treasury Bills [Member] | Treasury Bill 0% due November 8, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,083,400
Fair Value	$ 4,054,056
% of Partners’ Capital	7.53%
United States Government Treasury Bills [Member] | Treasury Bill 0% due September 27, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 7,112,000
Fair Value	$ 7,080,012
% of Partners’ Capital	13.15%
United States Government Treasury Bills [Member] | Treasury Bill 0% due August 16, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,082,500
Fair Value	$ 4,073,084
% of Partners’ Capital	7.56%
United States Government Treasury Bills [Member] | Treasury Bill 0% due July 19, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,087,600
Fair Value	$ 4,084,085
% of Partners’ Capital	7.59%
United States Government Treasury Bills [Member] | Treasury Bill 0% due March 8, 2018 [Member]
Schedule of Investments [Line Items]
Face Value		$ 4,049,500
Fair Value		$ 4,040,183
% of Partners’ Capital		6.84%
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		$ 8,024,662
% of Partners’ Capital		13.59%
United States Government Treasury Bills [Member] | Treasury Bill 0% due February 1, 2018 [Member]
Schedule of Investments [Line Items]
Face Value		$ 6,024,500
Fair Value		$ 6,019,001
% of Partners’ Capital		10.19%
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		$ 7,023,817
% of Partners’ Capital		11.90%
Put Option [Member] | Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	255	264
% of Partners’ Capital	0.17%	0.36%
Fair Value	$ 89,250	$ 211,200
Put Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,020	1,056
% of Partners’ Capital	(0.19%)	(0.34%)
Fair Value	$ (102,000)	$ (198,000)
Call Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	850	440
% of Partners’ Capital	(0.03%)	(0.02%)
Fair Value	$ (15,938)	$ (11,000)

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 19,211,167	$ 25,039,569
Options purchased at cost	204,000	147,400
Premium received	223,125	157,300
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 19,211,167	$ 25,039,569
Treasury Bill 0% due November 8, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Nov. 8, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due September 27, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Sep. 27, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due August 16, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Aug. 16, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due July 19, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jul. 19, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due March 8, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Mar. 8, 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 February 1, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Feb. 1, 2018
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%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investment Income:
Interest income		$ 127,841	$ 75,563	$ 259,471	$ 123,360
Expenses:
Ongoing selling agent fees		275,321	335,795	564,106	689,729
Clearing fees		189,425	180,798	372,411	395,787
Advisory fees		276,002	336,404	565,287	693,152
Administrative fees		138,001	168,202	282,643	346,576
Other		83,929	104,486	165,881	202,085
Total expenses		962,678	1,125,685	1,950,328	2,327,329
Net investment income (loss)		(834,837)	(1,050,122)	(1,690,856)	(2,203,969)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		839,609	2,921,001	2,864,272	5,180,051
Change in net unrealized gains (losses) on open contracts		1,062	(524,587)	(21,663)	48,913
Total trading results		840,671	2,396,414	2,842,609	5,228,964
Net income (loss) before allocation to Special Limited Partner		5,834	1,346,292	1,151,752	3,024,995
Allocation to Special Limited Partner		(128)	(250,938)	(351)	(453,819)
Net income (loss):
Net income (loss)		5,706	1,095,354	1,151,401	2,571,176
Class A [Member]
Net income (loss):
Net income (loss)		$ (846)	$ 1,068,292	$ 1,120,427	$ 2,504,289
Net asset value per unit:
Net asset value per unit		$ 1,278.84	$ 1,281.58	$ 1,278.84	$ 1,281.58
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 0.37	$ 20.78	$ 25.70	$ 46.65
Weighted average units outstanding
Weighted average units outstanding		42,863.29	52,249.80	44,068.94	54,159.15
Class D [Member]
Net income (loss):
Net income (loss)		$ 1,801	$ 10,434	$ 14,440	$ 36,651
Net asset value per unit:
Net asset value per unit		$ 1,376.70	$ 1,363.31	$ 1,376.70	$ 1,363.31
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 4.39	$ 25.48	$ 35.26	$ 53.98
Weighted average units outstanding
Weighted average units outstanding		409.53	409.53	409.53	664.77
Class GP [Member]
Net income (loss):
Net income (loss)		$ 4,751	$ 16,628	$ 16,534	$ 30,236
Net asset value per unit:
Net asset value per unit		$ 1,272.20	$ 1,212.63	$ 1,272.20	$ 1,212.63
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 16.20	$ 38.94	$ 56.41	$ 80.52
Weighted average units outstanding
Weighted average units outstanding		293.18	443.63	293.12	385.47
[1]	Based on the change in net asset value per unit.

Statements of Income and Expen7

Statements of Income and Expenses (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Class A [Member]
Units outstanding	41,525.4018	49,591.1822
Class D [Member]
Units outstanding	409.5317	409.5317
Class GP [Member]
Units outstanding	136.1322	622.2925

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, 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) available for pro rata distribution	$ 2,571,176			$ 2,504,289		$ 36,651		$ 30,236
Subscriptions, Amount		$ 453,817	$ 106,760				$ 106,760		$ 453,817
Subscriptions, Units		379.79	79.80				79.80		379.79
Redemptions, Amount	$ (100,000)		$ (9,964,472)		$ (9,174,799)		$ (789,673)	$ (100,000)
Redemptions, Units	(84.81)		(7,864.96)		(7,274.69)		(590.27)	(84.81)
Partners' capital, Amount, ending balance at Jun. 30, 2017	$ 64,867,846			$ 63,554,925		$ 558,316		$ 754,605
Partners' capital, Units, ending balance at Jun. 30, 2017	50,623			49,591.18		409.53		622.29
Partners' capital, Amount, beginning balance at Dec. 31, 2017	$ 59,045,216			$ 58,139,561		$ 549,360		$ 356,295
Partners' capital, Units, beginning balance at Dec. 31, 2017	47,097.63			46,395.04		409.53		293.06
Net income (loss) available for pro rata distribution	$ 1,151,401			$ 1,120,427		$ 14,440		$ 16,534
Subscriptions, Amount		$ 351							$ 351
Subscriptions, Units		0.28							0.28
Redemptions, Amount		$ (200,000)	$ (6,155,761)		$ (6,155,761)				$ (200,000)
Redemptions, Units		(157.21)	(4,869.64)		(4,869.64)				(157.21)
Partners' capital, Amount, ending balance at Jun. 30, 2018	$ 53,841,207			$ 53,104,227		$ 563,800		$ 173,180
Partners' capital, Units, ending balance at Jun. 30, 2018	42,071.06			41,525.40		409.53		136.13

Organization

Organization	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018. 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 June 30, 2018, the Partnership’s commodity brokers were Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), both of whom are registered futures commission merchants. During prior periods included in this report, the Partnership engaged in futures and options trading through commodity brokerage accounts maintained at Wells Fargo Securities, LLC (“Wells Fargo”).The Partnership paid Wells Fargo trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wells Fargo paid 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 March 26, 2018, the Futures and Cleared Swap Agreement with Wells Fargo (“the Wells Fargo Customer Agreement”) was terminated. The Partnership engaged in futures and options trading through commodity brokerage accounts maintained at Wells Fargo. The Wells Fargo Customer Agreement was terminated because the Partnership is no longer engaged in such trading through accounts at Wells Fargo. The Partnership continues to engage in such trading through commodity brokerage accounts at Wedbush and ADM. 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	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017, the results of its operations for the three and six months ended June 30, 2018 and 2017 and changes in partners’ capital for the six months ended June 30, 2018 and 2017. 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, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017. 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 and six month periods ended June 30, 2018 and 2017, the Partnership engaged in such trading through commodity brokerage accounts with Wells Fargo, 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 in Note 5 “Fair Value Measurements”) 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 June 30, 2018 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 2014 through 2017 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. The Partnership adopted the provisions of ASU 2014-09 – Revenue from Contracts with Customers for the period ended June 30, 2018. The General Partner reviewed the requirements of this new standard and based upon the trading activities of the Partnership, there were no changes in the recognition of investment income or trading activities. In addition, the disclosure provisions of the standard did not have a material impact. 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, 2017.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for each Limited Partner Class for the three and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 19.67 $ 21.17 $ 45.56 $ 48.40 $ 63.73 $ 68.41 $ 95.25 $ 101.15 Interest Income 2.93 3.14 1.42 1.51 5.80 6.22 2.25 2.39 Expenses (22.23 ) (19.92 ) (26.20 ) (24.43 ) (43.83 ) (39.37 ) (50.85 ) (49.56 ) Increase (decrease) for the period 0.37 4.39 20.78 25.48 25.70 35.26 46.65 53.98 Net asset value per unit, beginning of period 1,278.47 1,372.31 1,260.80 1,337.83 1,253.14 1,341.44 1,234.93 1,309.33 Net asset value per unit, end of period $ 1,278.84 $ 1,376.70 $ 1,281.58 $ 1,363.31 $ 1,278.84 $ 1,376.70 $ 1,281.58 $ 1,363.31 Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 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)** (6.1 )% (4.8 )% (6.3 )% (5.1 )% (6.1 )% (4.8 )% (6.5 )% (5.1 )% Allocation to Special Limited Partner — % (0.0 )% (0.4 )% (0.5 )% — % (0.1 )% (0.7 )% (1.0 )% Net investment income (loss) after allocation to Special Limited Partner (6.1 )% (4.8 )% (6.7 )% (5.6 )% (6.1 )% (4.9 )% (7.2 )% (6.1 )% Operating expenses 7.1 % 5.7 % 6.8 % 5.5 % 7.0 % 5.7 % 6.9 % 5.4 % Allocation to Special Limited Partner — % (0.0 )% 0.4 % 0.5 % — % 0.1 % 0.7 % 1.0 % Total expenses 7.1 % 5.7 % 7.2 % 6.0 % 7.0 % 5.8 % 7.6 % 6.4 % Total return: Total return before allocation to Special Limited Partner 0.0 % 0.3 % 2.1 % 2.4 % 2.1 % 2.7 % 4.5 % 5.1 % Allocation to Special Limited Partner — % (0.0 )% (0.4 )% (0.5 )% — % (0.1 )% (0.7 )% (1.0 )% Total return after allocation to Special Limited Partner 0.0 % 0.3 % 1.7 % 1.9 % 2.1 % 2.6 % 3.8 % 4.1 % * 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	6 Months Ended
	Jun. 30, 2018
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 Wedbush Customer Agreement and the ADM Customer Agreement give, and the Wells Fargo Customer Agreement 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 Wedbush, ADM and executing brokers, as applicable, are, and all clearing fees paid to Wells Fargo and 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 option contracts held during the three and six months ended June 30, 2018 and 2017 were 1,166 and 873, and 3,342 and 3,856, respectively. The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at June 30, 2018 and December 31, 2017, respectively. Gross Amounts not Offset in the Statement of Financial Condition June 30, 2018 Gross Amounts Recognized Gross Offset Statement Financial Condition Amounts Presented Statement Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 89,250 $ — $ 89,250 $ (117,938 ) $ — $ (28,688 ) Total assets 89,250 — 89,250 (117,938 ) — (28,688 ) Liabilities Written options $ (117,938 ) $ — $ (117,938 ) $ 117,938 $ — $ — Total liabilities (117,938 ) — (117,938 ) 117,938 — — Net fair value $ (28,688 ) Gross Amounts not Offset in the Statements of Financial Condition December 31, 2017 Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Condition Amounts Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 211,200 $ — $ 211,200 $ (209,000 ) $ — $ 2,200 Total assets 211,200 — 211,200 (209,000 ) — 2,200 Liabilities Written options $ (209,000 ) $ — $ (209,000 ) $ 209,000 $ — $ — Total liabilities (209,000 ) — (209,000 ) 209,000 — — Net fair value $ 2,200 The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of June 30, 2018 and December 31, 2017, respectively. June 30, 2018 Assets Options purchased Indices $ 89,250 Total options purchased $ 89,250 * Liabilities Written options premium received Indices $ (117,938 ) Total written options premium received $ (117,938 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options premium received, at fair value” on the Statement of Financial Condition. December 31, 2017 Assets Options purchased Indices $ 211,200 Total options purchased $ 211,200 * Liabilities Written options premium received Indices $ (209,000 ) Total written options premium received $ (209,000 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options premium received, 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 six months ended June 30, 2018 and 2017. Three Months Ended June 30, Six Months Ended June 30, Sector 2018 2017 2018 2017 Net realized gains (losses) on closed contracts $ 839,609 $ 2,921,001 $ 2,864,272 $ 5,180,051 Change in net unrealized gains (losses) on open contracts 1,062 (524,587 ) (21,663 ) 48,913 Total trading results $ 840,671 *** $ 2,396,414 *** $ 2,842,609 *** $ 5,228,964 *** *** 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 six-month period ended June 30, 2018. Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year 440 $ 308,550 $ 16,500 1,056 $ 660,000 $ 140,800 Options written 16,002 11,510,644 1,303,288 45,158 29,335,078 18,740,650 Options exercised — — — — — — Options expired (14,372 ) (10,360,816 ) (1,005,038 ) (31,688 ) (20,603,171 ) (11,133,325 ) Options closed (1,220 ) (851,425 ) (282,875 ) (13,506 ) (8,770,981 ) (7,556,875 ) Outstanding options, end of period 850 $ 606,953 $ 31,875 1,020 $ 620,926 $ 191,250

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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 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 six-month period ended June 30, 2018 and the twelve-month period ended December 31, 2017, the Partnership did not hold any derivative instruments 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 six months ended June 30, 2018 and the twelve months ended December 31, 2017, there were no transfers of assets or liabilities between Level 1 and Level 2. Total June 30, 2018 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 $ 19,291,237 $ — $ 19,291,237 $ — Options purchased 89,250 89,250 — — Total assets 19,380,487 89,250 19,291,237 — Liabilities Written options $ 117,938 $ 117,938 $ — $ — Total liabilities 117,938 117,938 — — Net fair value $ 19,262,549 $ (28,688 ) $ 19,291,237 $ — Total December 31, 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 $ 25,107,663 $ — $ 25,107,663 $ — Options purchased 211,200 211,200 — — Total assets 25,318,863 211,200 25,107,663 — Liabilities Written options $ 209,000 $ 209,000 $ — $ — Total liabilities 209,000 209,000 — — Net fair value $ 25,109,863 $ 2,200 $ 25,107,663 $ —

Financial Instrument Risks

Financial Instrument Risks	6 Months Ended
	Jun. 30, 2018
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 Wedbush and ADM. 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	6 Months Ended
	Jun. 30, 2018
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)	6 Months Ended
	Jun. 30, 2018
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 in Note 5 “Fair Value Measurements”) 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 June 30, 2018 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 2014 through 2017 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)	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2018 and 2017 were as follows: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 19.67 $ 21.17 $ 45.56 $ 48.40 $ 63.73 $ 68.41 $ 95.25 $ 101.15 Interest Income 2.93 3.14 1.42 1.51 5.80 6.22 2.25 2.39 Expenses (22.23 ) (19.92 ) (26.20 ) (24.43 ) (43.83 ) (39.37 ) (50.85 ) (49.56 ) Increase (decrease) for the period 0.37 4.39 20.78 25.48 25.70 35.26 46.65 53.98 Net asset value per unit, beginning of period 1,278.47 1,372.31 1,260.80 1,337.83 1,253.14 1,341.44 1,234.93 1,309.33 Net asset value per unit, end of period $ 1,278.84 $ 1,376.70 $ 1,281.58 $ 1,363.31 $ 1,278.84 $ 1,376.70 $ 1,281.58 $ 1,363.31
Summary of Ratios to Average Net Assets	Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 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)** (6.1 )% (4.8 )% (6.3 )% (5.1 )% (6.1 )% (4.8 )% (6.5 )% (5.1 )% Allocation to Special Limited Partner — % (0.0 )% (0.4 )% (0.5 )% — % (0.1 )% (0.7 )% (1.0 )% Net investment income (loss) after allocation to Special Limited Partner (6.1 )% (4.8 )% (6.7 )% (5.6 )% (6.1 )% (4.9 )% (7.2 )% (6.1 )% Operating expenses 7.1 % 5.7 % 6.8 % 5.5 % 7.0 % 5.7 % 6.9 % 5.4 % Allocation to Special Limited Partner — % (0.0 )% 0.4 % 0.5 % — % 0.1 % 0.7 % 1.0 % Total expenses 7.1 % 5.7 % 7.2 % 6.0 % 7.0 % 5.8 % 7.6 % 6.4 % Total return: Total return before allocation to Special Limited Partner 0.0 % 0.3 % 2.1 % 2.4 % 2.1 % 2.7 % 4.5 % 5.1 % Allocation to Special Limited Partner — % (0.0 )% (0.4 )% (0.5 )% — % (0.1 )% (0.7 )% (1.0 )% Total return after allocation to Special Limited Partner 0.0 % 0.3 % 1.7 % 1.9 % 2.1 % 2.6 % 3.8 % 4.1 % * 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)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017, respectively. Gross Amounts not Offset in the Statement of Financial Condition June 30, 2018 Gross Amounts Recognized Gross Offset Statement Financial Condition Amounts Presented Statement Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 89,250 $ — $ 89,250 $ (117,938 ) $ — $ (28,688 ) Total assets 89,250 — 89,250 (117,938 ) — (28,688 ) Liabilities Written options $ (117,938 ) $ — $ (117,938 ) $ 117,938 $ — $ — Total liabilities (117,938 ) — (117,938 ) 117,938 — — Net fair value $ (28,688 ) Gross Amounts not Offset in the Statements of Financial Condition December 31, 2017 Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Condition Amounts Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 211,200 $ — $ 211,200 $ (209,000 ) $ — $ 2,200 Total assets 211,200 — 211,200 (209,000 ) — 2,200 Liabilities Written options $ (209,000 ) $ — $ (209,000 ) $ 209,000 $ — $ — Total liabilities (209,000 ) — (209,000 ) 209,000 — — Net fair value $ 2,200
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 June 30, 2018 and December 31, 2017, respectively. June 30, 2018 Assets Options purchased Indices $ 89,250 Total options purchased $ 89,250 * Liabilities Written options premium received Indices $ (117,938 ) Total written options premium received $ (117,938 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options premium received, at fair value” on the Statement of Financial Condition. December 31, 2017 Assets Options purchased Indices $ 211,200 Total options purchased $ 211,200 * Liabilities Written options premium received Indices $ (209,000 ) Total written options premium received $ (209,000 ) ** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Written options premium received, 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 six months ended June 30, 2018 and 2017. Three Months Ended June 30, Six Months Ended June 30, Sector 2018 2017 2018 2017 Net realized gains (losses) on closed contracts $ 839,609 $ 2,921,001 $ 2,864,272 $ 5,180,051 Change in net unrealized gains (losses) on open contracts 1,062 (524,587 ) (21,663 ) 48,913 Total trading results $ 840,671 *** $ 2,396,414 *** $ 2,842,609 *** $ 5,228,964 *** *** 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 six-month period ended June 30, 2018. Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year 440 $ 308,550 $ 16,500 1,056 $ 660,000 $ 140,800 Options written 16,002 11,510,644 1,303,288 45,158 29,335,078 18,740,650 Options exercised — — — — — — Options expired (14,372 ) (10,360,816 ) (1,005,038 ) (31,688 ) (20,603,171 ) (11,133,325 ) Options closed (1,220 ) (851,425 ) (282,875 ) (13,506 ) (8,770,981 ) (7,556,875 ) Outstanding options, end of period 850 $ 606,953 $ 31,875 1,020 $ 620,926 $ 191,250

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs	During the six months ended June 30, 2018 and the twelve months ended December 31, 2017, there were no transfers of assets or liabilities between Level 1 and Level 2. Total June 30, 2018 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 $ 19,291,237 $ — $ 19,291,237 $ — Options purchased 89,250 89,250 — — Total assets 19,380,487 89,250 19,291,237 — Liabilities Written options $ 117,938 $ 117,938 $ — $ — Total liabilities 117,938 117,938 — — Net fair value $ 19,262,549 $ (28,688 ) $ 19,291,237 $ — Total December 31, 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 $ 25,107,663 $ — $ 25,107,663 $ — Options purchased 211,200 211,200 — — Total assets 25,318,863 211,200 25,107,663 — Liabilities Written options $ 209,000 $ 209,000 $ — $ — Total liabilities 209,000 209,000 — — Net fair value $ 25,109,863 $ 2,200 $ 25,107,663 $ —

Organization - Additional Infor

Organization - Additional Information (Detail)	Mar. 31, 2015	Jun. 30, 2018
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]
Percentage of ongoing selling agent fees		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]
Percentage of ongoing selling agent fees		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]
Percentage of ongoing selling agent fees		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]
Percentage of ongoing selling agent fees		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]
Percentage of ongoing selling agent fees		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]
Percentage of ongoing selling agent fees		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)	6 Months Ended
	Jun. 30, 2018USD ($)
Accounting Policies [Abstract]
Provision for income tax	$ 0
Tax years remain subject to examination	2014 2017

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ 19.67	$ 45.56	$ 63.73	$ 95.25
Interest Income	2.93	1.42	5.80	2.25
Expenses	(22.23)	(26.20)	(43.83)	(50.85)
Increase (decrease) for the period	0.37	20.78	25.70	46.65
Net asset value per unit, beginning of period	1,278.47	1,260.80	1,253.14	1,234.93
Net asset value per unit, end of period	1,278.84	1,281.58	1,278.84	1,281.58
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	21.17	48.40	68.41	101.15
Interest Income	3.14	1.51	6.22	2.39
Expenses	(19.92)	(24.43)	(39.37)	(49.56)
Increase (decrease) for the period	4.39	25.48	35.26	53.98
Net asset value per unit, beginning of period	1,372.31	1,337.83	1,341.44	1,309.33
Net asset value per unit, end of period	$ 1,376.70	$ 1,363.31	$ 1,376.70	$ 1,363.31

Financial Highlights - Summary

Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(6.10%)	(6.30%)	(6.10%)	(6.50%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	(0.40%)	0.00%	(0.70%)
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(6.10%)	(6.70%)	(6.10%)	(7.20%)
Ratios to Average Net Assets, Operating expenses	7.10%	6.80%	7.00%	6.90%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.40%	0.00%	0.70%
Ratios to Average Net Assets, Total expenses	7.10%	7.20%	7.00%	7.60%
Total return:
Total return before allocation to Special Limited Partner	0.00%	2.10%	2.10%	4.50%
Total return, Allocation to Special Limited Partner	0.00%	(0.40%)	0.00%	(0.70%)
Total return after allocation to Special Limited Partner	0.00%	1.70%	2.10%	3.80%
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(4.80%)	(5.10%)	(4.80%)	(5.10%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	(0.50%)	(0.10%)	(1.00%)
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(4.80%)	(5.60%)	(4.90%)	(6.10%)
Ratios to Average Net Assets, Operating expenses	5.70%	5.50%	5.70%	5.40%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.50%	0.10%	1.00%
Ratios to Average Net Assets, Total expenses	5.70%	6.00%	5.80%	6.40%
Total return:
Total return before allocation to Special Limited Partner	0.30%	2.40%	2.70%	5.10%
Total return, Allocation to Special Limited Partner	0.00%	(0.50%)	(0.10%)	(1.00%)
Total return after allocation to Special Limited Partner	0.30%	1.90%	2.60%	4.10%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - Contract	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Brokers And Dealers [Abstract]
Monthly average number of option contracts held	1,166	3,342	873	3,856

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 89,250	$ 211,200
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	89,250	211,200
Financial Instruments, Assets	(117,938)	(209,000)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	(28,688)	2,200
Gross Amounts Recognized, Liabilities	(117,938)	(209,000)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(117,938)	(209,000)
Financial Instruments, Liabilities	117,938	209,000
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net fair value	(28,688)	2,200
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	89,250	211,200
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	89,250	211,200
Financial Instruments, Assets	(117,938)	(209,000)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	(28,688)	2,200
Written Options [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(117,938)	(209,000)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(117,938)	(209,000)
Financial Instruments, Liabilities	117,938	209,000
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ 0	$ 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 ($)	Jun. 30, 2018	Dec. 31, 2017
Options Purchased Indices [Member]
Assets
Total options purchased	$ 89,250	$ 211,200
Options Purchased [Member]
Assets
Total options purchased	89,250	211,200
Written Options Premium Received Indices [Member]
Liabilities
Total written options premium received	(117,938)	(209,000)
Written Options Premium Received [Member]
Liabilities
Total written options premium received	$ (117,938)	$ (209,000)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	$ 839,609	$ 2,921,001	$ 2,864,272	$ 5,180,051
Change in net unrealized gains (losses) on open contracts	1,062	(524,587)	(21,663)	48,913
Total trading results	840,671	2,396,414	2,842,609	5,228,964
Indices [Member]
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	839,609	2,921,001	2,864,272	5,180,051
Change in net unrealized gains (losses) on open contracts	1,062	(524,587)	(21,663)	48,913
Total trading results	$ 840,671	$ 2,396,414	$ 2,842,609	$ 5,228,964

Trading Activities - Summary 28

Trading Activities - Summary of Transactions in Options Written (Detail)	6 Months Ended
	Jun. 30, 2018USD ($)Contract
Summary Of Investment Holdings [Line Items]
Outstanding options, Premiums Received, beginning of year	$ 157,300
Outstanding options, Premiums Received, end of period	$ 223,125
Calls [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	440
Options written, Contracts | Contract	16,002
Options expired, Contracts | Contract	(14,372)
Options closed, Contracts | Contract	(1,220)
Outstanding options, Contracts, end of period | Contract	850
Outstanding options, Notional, beginning of year	$ 308,550,000
Options written, Notional	11,510,644,000
Options expired, Notional	(10,360,816,000)
Options closed, Notional	(851,425,000)
Outstanding options, Notional, end of period	606,953,000
Outstanding options, Premiums Received, beginning of year	16,500
Options written, Premiums Received	1,303,288
Options expired, Premiums Received	(1,005,038)
Options closed, Premiums Received	(282,875)
Outstanding options, Premiums Received, end of period	$ 31,875
Puts [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	1,056
Options written, Contracts | Contract	45,158
Options expired, Contracts | Contract	(31,688)
Options closed, Contracts | Contract	(13,506)
Outstanding options, Contracts, end of period | Contract	1,020
Outstanding options, Notional, beginning of year	$ 660,000,000
Options written, Notional	29,335,078,000
Options expired, Notional	(20,603,171,000)
Options closed, Notional	(8,770,981,000)
Outstanding options, Notional, end of period	620,926,000
Outstanding options, Premiums Received, beginning of year	140,800
Options written, Premiums Received	18,740,650
Options expired, Premiums Received	(11,133,325)
Options closed, Premiums Received	(7,556,875)
Outstanding options, Premiums Received, end of period	$ 191,250

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
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 ($)	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 19,380,487	$ 25,318,863
Liabilities	117,938	209,000
Net fair value	19,262,549	25,109,863
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	89,250	211,200
Liabilities	117,938	209,000
Net fair value	(28,688)	2,200
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	19,291,237	25,107,663
Net fair value	19,291,237	25,107,663
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	19,291,237	25,107,663
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	19,291,237	25,107,663
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	89,250	211,200
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	89,250	211,200
Written Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	117,938	209,000
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	$ 117,938	$ 209,000

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year