Managed Futures Premier Warrington 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	MANAGED FUTURES PREMIER WARRINGTON L.P.
Entity Central Index Key	0001353282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-52603
Entity Tax Identification Number	20-3845577
Entity Address, Address Line One	c/o Warrington GP, LLC, 200 Crescent Court
Entity Address, Address Line Two	Suite 520
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	230-2100
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NY
Document Quarterly Report	true
Document Transition Report	false
Class A [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		17,960.80
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		290.73

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Equity in trading account:
Cash	$ 8,330,966	$ 7,703,754
Cash margin	14,963,055	1,973,405
Options purchased, at fair value (cost $324,200 and $46,200 at September 30, 2020 and December 31, 2019, respectively)	287,400	31,350
Total trading equity	23,581,421	9,708,509
Investments in U.S. government securities, at fair value (cost $3,998,454 and $26,112,299 at September 30, 2020 and December 31, 2019, respectively)	34,800	(14,850)
Interest receivable		2,197
Total assets	27,581,017	35,947,224
Liabilities:
Written options premium received, at fair value (premium $316,375 and $46,200 at September 30, 2020 and December 31, 2019, respectively)	252,600	46,200
Accrued expenses:
Ongoing selling agent fees	44,684	58,331
Advisory fees	44,968	59,358
Administrative fees	22,484	29,679
Professional fees	102,954	35,000
Other	8,668	5,402
Redemptions payable	614,782	1,792,989
Total liabilities	1,091,140	2,026,959
Partners’ Capital:
Total partners’ capital	26,489,877	33,920,265
Total liabilities and partners’ capital	27,581,017	35,947,224
U.S. Government Securities [Member]
Equity in trading account:
Investments in U.S. government securities, at fair value (cost $3,998,454 and $26,112,299 at September 30, 2020 and December 31, 2019, respectively)	3,999,596	26,236,518
Class GP [Member]
Partners’ Capital:
General Partner, Class GP (137.22 and 137.22 unit equivalents outstanding at September 30, 2020 and December 31, 2019, respectively)	191,419	187,435
Total partners’ capital	$ 191,419	$ 187,435
Net asset value per unit:
Net asset value per unit	$ 1,395.07	$ 1,366.07
Class A [Member]
Partners’ Capital:
Limited Partners	$ 25,896,114	$ 33,162,002
Total partners’ capital	$ 25,896,114	$ 33,162,002
Net asset value per unit:
Net asset value per unit	$ 1,254.43	$ 1,275.20
Class D [Member]
Partners’ Capital:
Limited Partners	$ 402,344	$ 570,828
Total partners’ capital	$ 402,344	$ 570,828
Net asset value per unit:
Net asset value per unit	$ 1,383.91	$ 1,393.85

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Cost of options purchased	$ 324,200	$ 46,200
Cost of investments in securities	3,998,454	26,112,299
Premium received	$ 316,375	$ 46,200
Class GP [Member]
General Partner unit equivalents outstanding	137.22	137.22
Class A [Member]
Limited Partners Redeemable units outstanding	20,643.65	26,005.41
Class D [Member]
Limited Partners Redeemable units outstanding	290.73	409.53

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2020USD ($)Contract	Dec. 31, 2019USD ($)Contract
Schedule of Investments [Line Items]
Fair Value	$ 34,800	$ (14,850)
% of Partners’ Capital	0.13%	(0.05%)
Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Fair Value	$ 287,400	$ 31,350
% of Partners’ Capital	1.08%	0.09%
Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Fair Value	$ (252,600)	$ (46,200)
% of Partners’ Capital	(0.95%)	(0.14%)
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,999,596	$ 26,236,518
% of Partners’ Capital	15.10%	77.35%
United States Government Treasury Bills [Member] | Treasury Bill 0% due October 29, 2020 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,000,000
Fair Value	$ 3,999,596
% of Partners’ Capital	15.10%
United States Government Treasury Bills [Member] | Treasury Bill 0% due May 28, 2020 [Member]
Schedule of Investments [Line Items]
Face Value		$ 4,000,000
Fair Value		$ 3,974,264
% of Partners’ Capital		11.71%
United States Government Treasury Bills [Member] | Treasury Bill 0% due April 23, 2020 [Member]
Schedule of Investments [Line Items]
Face Value		$ 5,000,000
Fair Value		$ 4,976,773
% of Partners’ Capital		14.67%
United States Government Treasury Bills [Member] | Treasury Bill 0% due March 12, 2020 [Member]
Schedule of Investments [Line Items]
Face Value		$ 4,000,000
Fair Value		$ 3,985,602
% of Partners’ Capital		11.75%
United States Government Treasury Bills [Member] | Treasury Bill 0% due February 13, 2020 [Member]
Schedule of Investments [Line Items]
Face Value		$ 4,092,000
Fair Value		$ 4,083,031
% of Partners’ Capital		12.04%
United States Government Treasury Bills [Member] | Treasury Bill 0% due January 23, 2020 [Member]
Schedule of Investments [Line Items]
Face Value		$ 5,000,000
Fair Value		$ 4,995,233
% of Partners’ Capital		14.73%
United States Government Treasury Bills [Member] | Treasury Bill 0% due January 16, 2020 [Member]
Schedule of Investments [Line Items]
Face Value		$ 4,225,100
Fair Value		$ 4,221,615
% of Partners’ Capital		12.45%
Put Option [Member] | Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Fair Value	$ 220,800	$ 31,350
% of Partners’ Capital	0.83%	0.09%
Number of Contracts | Contract	96	132
Put Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Fair Value	$ (217,500)	$ (46,200)
% of Partners’ Capital	(0.82%)	(0.14%)
Number of Contracts | Contract	350	528
Call Option | Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Fair Value	$ 66,600
% of Partners’ Capital	0.25%
Number of Contracts | Contract	72
Call Option | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Fair Value	$ (35,100)
% of Partners’ Capital	(0.13%)
Number of Contracts | Contract	216

Condensed Schedule of Investm_2

Condensed Schedule of Investments (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 3,998,454	$ 26,112,299
Options purchased at cost	324,200	46,200
Premium received	316,375	46,200
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 3,998,454	$ 26,112,299
Treasury Bill 0% due May 28, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		May 28, 2020
Investment, Interest rate		0.00%
Treasury Bill 0% due April 23, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Apr. 23, 2020
Investment, Interest rate		0.00%
Treasury Bill 0% due March 12, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Mar. 12, 2020
Investment, Interest rate		0.00%
Treasury Bill 0% due February 13, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Feb. 13, 2020
Investment, Interest rate		0.00%
Treasury Bill 0% due January 23, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Jan. 23, 2020
Investment, Interest rate		0.00%
Treasury Bill 0% due October 29, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Oct. 29, 2020
Investment, Interest rate	0.00%
Treasury Bill 0% due January 16, 2020 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Jan. 16, 2020
Investment, Interest rate		0.00%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investment Income:
Interest income	$ 1,141	$ 144,665	$ 81,722	$ 422,043
Expenses:
Ongoing selling agent fees	133,957	190,532	438,731	611,517
Clearing fees	99,329	119,491	259,229	410,222
Advisory fees	136,602	191,420	446,556	614,432
Administrative fees	68,300	95,709	223,278	307,214
Professional fees	74,390	73,205	223,167	218,109
Other	1,829	5,664	4,986	16,949
Total expenses	514,407	676,021	1,595,947	2,178,443
Net investment income (loss)	(513,266)	(531,356)	(1,514,225)	(1,756,400)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	267,055	557,639	966,152	1,604,928
Change in net unrealized gains (losses) on open contracts	29,900	(73,312)	41,825	(16,874)
Total trading results	296,955	484,327	1,007,977	1,588,054
Net income (loss) before allocation to Special Limited Partner	(216,311)	(47,029)	(506,248)	(168,346)
Net income (loss) available for Pro rata distribution
Net income (loss)	(216,311)	(47,029)	(506,248)	(168,346)
Class A [Member]
Net income (loss) available for Pro rata distribution
Net income (loss)	$ (214,357)	$ (50,120)	$ (506,132)	$ (177,652)
Net asset value per unit:
Net asset value per unit	$ 1,254.43	$ 1,278.92	$ 1,254.43	$ 1,278.92	$ 1,275.20
Net income (loss) per unit:
Net income (loss) per unit	$ (10.05)	$ (1.72)	$ (20.77)	$ (4.98)
Weighted average units outstanding
Weighted average units outstanding	21,251.31	29,392.32	23,111.81	31,485.46
Class D [Member]
Net income (loss) available for Pro rata distribution
Net income (loss)	$ (2,811)	$ 1,025	$ (4,100)	$ 3,152
Net asset value per unit:
Net asset value per unit	$ 1,383.91	$ 1,394.35	$ 1,383.91	$ 1,394.35	1,393.85
Net income (loss) per unit:
Net income (loss) per unit	$ (6.80)	$ 2.50	$ (9.94)	$ 7.69
Weighted average units outstanding
Weighted average units outstanding	397.48	409.53	405.51	409.53
Class GP [Member]
Net income (loss) available for Pro rata distribution
Net income (loss)	$ 857	$ 2,066	$ 3,984	$ 6,154
Net asset value per unit:
Net asset value per unit	$ 1,395.07	$ 1,353.78	$ 1,395.07	$ 1,353.78	$ 1,366.07
Net income (loss) per unit:
Net income (loss) per unit	$ 6.25	$ 15.06	$ 29	$ 44.86
Weighted average units outstanding
Weighted average units outstanding	137.22	137.22	137.22	137.22

Statements of Income and Expe_2

Statements of Income and Expenses (Parenthetical) - shares	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Units outstanding	21,071.60	22,071.04	26,552.16	29,107.99	30,370.48	35,283.84
Class A [Member]
Units outstanding	20,643.65	21,524.29	26,005.41	28,561.24	29,823.73	34,737.09
Class D [Member]
Units outstanding	290.73	409.53	409.53	409.53	409.53	409.53
Class GP [Member]
Units outstanding	137.22	137.22	137.22	137.22	137.22	137.22

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	Class A [Member]	Class A [Member]Limited Partners [Member]	Class D [Member]	Class D [Member]Limited Partners [Member]	Class GP [Member]
Partners' capital, Amount, beginning balance at Dec. 31, 2018	$ 45,346,263		$ 44,598,789		$ 567,879		$ 179,595
Partners' capital, Units, beginning balance at Dec. 31, 2018	35,283.84		34,737.09		409.53		137.22
Net Income (loss) available for pro rata distribution	$ (121,317)		$ (127,532)		$ 2,127		$ 4,088
Redemptions, Amount		$ (6,277,684)		$ (6,277,684)
Redemptions, Units		(4,913.36)		(4,913.36)
Partners' capital, Amount, ending balance at Jun. 30, 2019	$ 38,947,262		$ 38,193,573		$ 570,006		$ 183,683
Partners' capital, Units, ending balance at Jun. 30, 2019	30,370.48		29,823.73		409.53		137.22
Partners' capital, Amount, beginning balance at Dec. 31, 2018	$ 45,346,263		$ 44,598,789		$ 567,879		$ 179,595
Partners' capital, Units, beginning balance at Dec. 31, 2018	35,283.84		34,737.09		409.53		137.22
Net Income (loss) available for pro rata distribution	$ (168,346)		$ (177,652)		$ 3,152		$ 6,154
Partners' capital, Amount, ending balance at Sep. 30, 2019	$ 37,284,428		$ 36,527,648		$ 571,031		$ 185,749
Partners' capital, Units, ending balance at Sep. 30, 2019	29,107.99		28,561.24		409.53		137.22
Partners' capital, Amount, beginning balance at Jun. 30, 2019	$ 38,947,262		$ 38,193,573		$ 570,006		$ 183,683
Partners' capital, Units, beginning balance at Jun. 30, 2019	30,370.48		29,823.73		409.53		137.22
Net Income (loss) available for pro rata distribution	$ (47,029)		$ (50,120)		$ 1,025		$ 2,066
Redemptions, Amount		$ (1,615,805)		$ (1,615,805)
Redemptions, Units		(1,262.49)		(1,262.49)
Partners' capital, Amount, ending balance at Sep. 30, 2019	$ 37,284,428		$ 36,527,648		$ 571,031		$ 185,749
Partners' capital, Units, ending balance at Sep. 30, 2019	29,107.99		28,561.24		409.53		137.22
Partners' capital, Amount, beginning balance at Dec. 31, 2019	$ 33,920,265		$ 33,162,002		$ 570,828		$ 187,435
Partners' capital, Units, beginning balance at Dec. 31, 2019	26,552.16		26,005.41		409.53		137.22
Net Income (loss) available for pro rata distribution	$ (289,937)		$ (291,775)		$ (1,289)		$ 3,127
Redemptions, Amount		$ (5,653,122)		$ (5,653,122)
Redemptions, Units		(4,481.12)		(4,481.12)
Partners' capital, Amount, ending balance at Jun. 30, 2020	$ 27,977,206		$ 27,217,105		$ 569,539		$ 190,562
Partners' capital, Units, ending balance at Jun. 30, 2020	22,071.04		21,524.29		409.53		137.22
Partners' capital, Amount, beginning balance at Dec. 31, 2019	$ 33,920,265		$ 33,162,002		$ 570,828		$ 187,435
Partners' capital, Units, beginning balance at Dec. 31, 2019	26,552.16		26,005.41		409.53		137.22
Net Income (loss) available for pro rata distribution	$ (506,248)		$ (506,132)		$ (4,100)		$ 3,984
Partners' capital, Amount, ending balance at Sep. 30, 2020	$ 26,489,877		$ 25,896,114		$ 402,344		$ 191,419
Partners' capital, Units, ending balance at Sep. 30, 2020	21,071.60		20,643.65		290.73		137.22
Partners' capital, Amount, beginning balance at Jun. 30, 2020	$ 27,977,206		$ 27,217,105		$ 569,539		$ 190,562
Partners' capital, Units, beginning balance at Jun. 30, 2020	22,071.04		21,524.29		409.53		137.22
Net Income (loss) available for pro rata distribution	$ (216,311)		$ (214,357)		$ (2,811)		$ 857
Redemptions, Amount		$ (1,271,018)		$ (1,106,634)		$ (164,384)
Redemptions, Units		(999.44)		(880.64)		(118.80)
Partners' capital, Amount, ending balance at Sep. 30, 2020	$ 26,489,877		$ 25,896,114		$ 402,344		$ 191,419
Partners' capital, Units, ending balance at Sep. 30, 2020	21,071.60		20,643.65		290.73		137.22

Organization

Organization	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Organization	Managed Futures Premier Warrington L.P. September 30, 2020 (Unaudited) 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. 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, 2020. 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 together 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, 2020, the Partnership’s commodity brokers were Wedbush Securities, Inc. (“Wedbush”), ADM Investor Services, Inc. (“ADM”) and HSBC Securities (USA) Inc. (“HSBC”), all of whom are registered futures commission merchants. Effective November 27, 2018, the Partnership entered into a commodity futures customer agreement with HSBC (the “HSBC Customer Agreement”); however, the Partnership did not engage in any trading activity through HSBC until September 4, 2019. The Partnership pays HSBC trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, HSBC 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 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, 2020
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, 2020 and December 31, 2019, the results of its operations for the three and nine months ended September 30, 2020 and 2019 and changes in partners’ capital for the three and nine months ended September 30, 2020 and 2019. 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, 2019. The December 31, 2019 information has been derived from the audited financial statements as of and for the year ended December 31, 2019. 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, as applicable, on commodities is done primarily on U.S. commodity exchanges. At various times during the three and nine months ended September 30, 2020 and 2019, the Partnership engaged in such trading through commodity brokerage accounts with Wedbush, ADM and HSBC. 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 September 30, 2020 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 2017 through 2019 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, 2019.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2020
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, 2020 and 2019 were as follows: For the Three Months Ended September 30, 2020 For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2020 For the Nine Months Ended September 30, 2019 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 13.64 $ 15.03 $ 16.14 $ 17.56 $ 44.00 $ 48.34 $ 50.01 $ 54.26 Interest Income 0.05 0.05 4.83 5.24 3.19 3.48 13.26 14.36 Expenses (23.74 ) (21.88 ) (22.69 ) (20.30 ) (67.96 ) (61.76 ) (68.25 ) (60.93 ) Increase (decrease) for the period (10.05 ) (6.80 ) (1.72 ) 2.50 (20.77 ) (9.94 ) (4.98 ) 7.69 Net asset value per unit, beginning of period 1,264.48 1,390.71 1,280.64 1,391.85 1,275.20 1,393.85 1,283.90 1,386.66 Net asset value per unit, end of period $ 1,254.43 $ 1,383.91 $ 1,278.92 $ 1,394.35 $ 1,254.43 $ 1,383.91 $ 1,278.92 $ 1,394.35 For the Three Months Ended September 30, 2020 For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2020 For the Nine Months Ended September 30, 2019 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)** (7.5 )% (6.7 )% (5.6 )% (4.3 )% (6.9 )% (5.8 )% (5.8 )% (4.5 )% Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Net investment income (loss) after allocation to Special Limited Partner (7.5 )% (6.7 )% (5.6 )% (4.3 )% (6.9 )% (5.8 )% (5.8 )% (4.5 )% Operating expenses 7.5 % 6.7 % 7.1 % 5.8 % 7.2 % 6.1 % 7.2 % 5.9 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total expenses 7.5 % 6.7 % 7.1 % 5.8 % 7.2 % 6.1 % 7.2 % 5.9 % Total return: Total return before allocation to Special Limited Partner (0.8 )% (0.5 )% (0.1 )% 0.2 % (1.6 )% (0.7 )% (0.4 )% 0.6 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total return after allocation to Special Limited Partner (0.8 )% (0.5 )% (0.1 )% 0.2 % (1.6 )% (0.7 )% (0.4 )% 0.6 % * 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, 2020
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, the ADM Customer Agreement and the HSBC Customer Agreement give 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, HSBC and executing brokers, as applicable are 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 months ended September 30, 2020 and 2019 were 702 and 894, and the nine months ended September 30, 2020 and 2019 were 396 and 1,410. The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at September 30, 2020 and December 31, 2019, respectively: Gross Amounts not Offset in the Statements of Financial Condition September 30, 2020 Gross Amounts Recognized Gross Offset Statements Financial Condition Amounts Presented Statements Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 287,400 $ — $ 287,400 $ (252,600 ) $ — $ 34,800 Total assets 287,400 — 287,400 (252,600 ) — 34,800 Liabilities Written options $ (252,600 ) $ — $ (252,600 ) $ 252,600 $ — $ — Total liabilities (252,600 ) — (252,600 ) 252,600 — — Net fair value $ 34,800 Gross Amounts not Offset in the Statements of Financial Condition December 31, 2019 Gross Amounts Recognized Gross Offset Statements Financial Condition Amounts Presented Statements Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 31,350 $ — $ 31,350 $ (46,200 ) $ — $ (14,850 ) Total assets 31,350 — 31,350 (46,200 ) — (14,850 ) Liabilities Written options $ (46,200 ) $ — $ (46,200 ) $ 46,200 $ — $ — Total liabilities (46,200 ) — (46,200 ) 46,200 — — Net fair value $ (14,850 ) 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, 2020 and December 31, 2019, respectively: September 30, 2020 Assets Options purchased Indices $ 287,400 Total options purchased $ 287,400 * Liabilities Written options premium received Indices $ (252,600 ) Total written options premium received $ (252,600 ) ** * This amount is in “Options purchased, at fair value” on the Statements of Financial Condition. ** This amount is in “Written options premium received, at fair value” on the Statements of Financial Condition. December 31, 2019 Assets Options purchased Indices $ 31,350 Total options purchased $ 31,350 * Liabilities Written options premium received Indices $ (46,200 ) Total written options premium received $ (46,200 ) ** * This amount is in “Options purchased, at fair value” on the Statements of Financial Condition. ** This amount is in “Written options premium received, at fair value” on the Statements 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, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, Sector-Indices 2020 2019 2020 2019 Net realized gains (losses) on closed contracts $ 267,055 $ 557,639 $ 966,152 $ 1,604,928 Change in net unrealized gains (losses) on open contracts 29,900 (73,312 ) 41,825 (16,874 ) Total trading results $ 296,955 *** $ 484,327 *** $ 1,007,977 *** $ 1,588,054 *** *** 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, 2020: Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year — $ — $ — 528 $ 389,400 $ 46,200 Options written 9,192 7,575,322 1,604,615 30,194 22,054,538 10,418,039 Options exercised (54 ) (45,375 ) (21,000 ) (116 ) (99,400 ) (249,800 ) Options expired (7,726 ) (6,367,362 ) (1,207,190 ) (23,563 ) (17,041,630 ) (7,362,814 ) Options closed (1,196 ) (974,935 ) (322,425 ) (6,693 ) (5,024,098 ) (2,589,250 ) Outstanding options, end of period 216 $ 187,650 $ 54,000 350 $ 278,810 $ 262,375

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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. In August 2018, the FASB issued Accounting Standards Update (ASU) 2018-13, Disclosure Framework-Changes to the Disclosure requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements, primarily as it relates to Level 3 investments. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The effect of adopting this accounting guidance did not have a material impact on the Partnership’s financial statements. 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, 2020 and the twelve-month period ended December 31, 2019, 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 nine months ended September 30, 2020 and the twelve months ended December 31, 2019, there were no transfers of assets or liabilities between Level 1 and Level 2. Total September 30, 2020 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 $ 3,999,596 $ — $ 3,999,596 $ — Options purchased 287,400 287,400 — — Total assets 4,286,996 287,400 3,999,596 — Liabilities Written options $ 252,600 $ 252,600 $ — $ — Total liabilities 252,600 252,600 — — Net fair value $ 4,034,396 $ 34,800 $ 3,999,596 $ — Total December 31, 2019 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 $ 26,236,518 $ — $ 26,236,518 $ — Options purchased 31,350 31,350 — — Total assets 26,267,868 31,350 26,236,518 — Liabilities Written options $ 46,200 $ 46,200 $ — $ — Total liabilities 46,200 46,200 — — Net fair value $ 26,221,668 $ (14,850 ) $ 26,236,518 $ —

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2020
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, option and swap 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 any change in net unrealized gains (losses) on option contracts from the preceding period 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 Wedbush, ADM and HSBC, 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 Wedbush, ADM or HSBC, or their affiliates, the Partnership’s counterparty is an exchange or clearing organization. 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, 2020
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events:

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 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 2017 through 2019 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, 2020
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, 2020 and 2019 were as follows: For the Three Months Ended September 30, 2020 For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2020 For the Nine Months Ended September 30, 2019 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 13.64 $ 15.03 $ 16.14 $ 17.56 $ 44.00 $ 48.34 $ 50.01 $ 54.26 Interest Income 0.05 0.05 4.83 5.24 3.19 3.48 13.26 14.36 Expenses (23.74 ) (21.88 ) (22.69 ) (20.30 ) (67.96 ) (61.76 ) (68.25 ) (60.93 ) Increase (decrease) for the period (10.05 ) (6.80 ) (1.72 ) 2.50 (20.77 ) (9.94 ) (4.98 ) 7.69 Net asset value per unit, beginning of period 1,264.48 1,390.71 1,280.64 1,391.85 1,275.20 1,393.85 1,283.90 1,386.66 Net asset value per unit, end of period $ 1,254.43 $ 1,383.91 $ 1,278.92 $ 1,394.35 $ 1,254.43 $ 1,383.91 $ 1,278.92 $ 1,394.35
Summary of Ratios to Average Net Assets	For the Three Months Ended September 30, 2020 For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2020 For the Nine Months Ended September 30, 2019 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)** (7.5 )% (6.7 )% (5.6 )% (4.3 )% (6.9 )% (5.8 )% (5.8 )% (4.5 )% Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Net investment income (loss) after allocation to Special Limited Partner (7.5 )% (6.7 )% (5.6 )% (4.3 )% (6.9 )% (5.8 )% (5.8 )% (4.5 )% Operating expenses 7.5 % 6.7 % 7.1 % 5.8 % 7.2 % 6.1 % 7.2 % 5.9 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total expenses 7.5 % 6.7 % 7.1 % 5.8 % 7.2 % 6.1 % 7.2 % 5.9 % Total return: Total return before allocation to Special Limited Partner (0.8 )% (0.5 )% (0.1 )% 0.2 % (1.6 )% (0.7 )% (0.4 )% 0.6 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total return after allocation to Special Limited Partner (0.8 )% (0.5 )% (0.1 )% 0.2 % (1.6 )% (0.7 )% (0.4 )% 0.6 % * 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, 2020
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, 2020 and December 31, 2019, respectively: Gross Amounts not Offset in the Statements of Financial Condition September 30, 2020 Gross Amounts Recognized Gross Offset Statements Financial Condition Amounts Presented Statements Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 287,400 $ — $ 287,400 $ (252,600 ) $ — $ 34,800 Total assets 287,400 — 287,400 (252,600 ) — 34,800 Liabilities Written options $ (252,600 ) $ — $ (252,600 ) $ 252,600 $ — $ — Total liabilities (252,600 ) — (252,600 ) 252,600 — — Net fair value $ 34,800 Gross Amounts not Offset in the Statements of Financial Condition December 31, 2019 Gross Amounts Recognized Gross Offset Statements Financial Condition Amounts Presented Statements Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ 31,350 $ — $ 31,350 $ (46,200 ) $ — $ (14,850 ) Total assets 31,350 — 31,350 (46,200 ) — (14,850 ) Liabilities Written options $ (46,200 ) $ — $ (46,200 ) $ 46,200 $ — $ — Total liabilities (46,200 ) — (46,200 ) 46,200 — — Net fair value $ (14,850 )
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, 2020 and December 31, 2019, respectively: September 30, 2020 Assets Options purchased Indices $ 287,400 Total options purchased $ 287,400 * Liabilities Written options premium received Indices $ (252,600 ) Total written options premium received $ (252,600 ) ** * This amount is in “Options purchased, at fair value” on the Statements of Financial Condition. ** This amount is in “Written options premium received, at fair value” on the Statements of Financial Condition. December 31, 2019 Assets Options purchased Indices $ 31,350 Total options purchased $ 31,350 * Liabilities Written options premium received Indices $ (46,200 ) Total written options premium received $ (46,200 ) ** * This amount is in “Options purchased, at fair value” on the Statements of Financial Condition. ** This amount is in “Written options premium received, at fair value” on the Statements 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, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, Sector-Indices 2020 2019 2020 2019 Net realized gains (losses) on closed contracts $ 267,055 $ 557,639 $ 966,152 $ 1,604,928 Change in net unrealized gains (losses) on open contracts 29,900 (73,312 ) 41,825 (16,874 ) Total trading results $ 296,955 *** $ 484,327 *** $ 1,007,977 *** $ 1,588,054 *** *** 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, 2020: Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year — $ — $ — 528 $ 389,400 $ 46,200 Options written 9,192 7,575,322 1,604,615 30,194 22,054,538 10,418,039 Options exercised (54 ) (45,375 ) (21,000 ) (116 ) (99,400 ) (249,800 ) Options expired (7,726 ) (6,367,362 ) (1,207,190 ) (23,563 ) (17,041,630 ) (7,362,814 ) Options closed (1,196 ) (974,935 ) (322,425 ) (6,693 ) (5,024,098 ) (2,589,250 ) Outstanding options, end of period 216 $ 187,650 $ 54,000 350 $ 278,810 $ 262,375

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs	During the nine months ended September 30, 2020 and the twelve months ended December 31, 2019, there were no transfers of assets or liabilities between Level 1 and Level 2. Total September 30, 2020 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 $ 3,999,596 $ — $ 3,999,596 $ — Options purchased 287,400 287,400 — — Total assets 4,286,996 287,400 3,999,596 — Liabilities Written options $ 252,600 $ 252,600 $ — $ — Total liabilities 252,600 252,600 — — Net fair value $ 4,034,396 $ 34,800 $ 3,999,596 $ — Total December 31, 2019 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 $ 26,236,518 $ — $ 26,236,518 $ — Options purchased 31,350 31,350 — — Total assets 26,267,868 31,350 26,236,518 — Liabilities Written options $ 46,200 $ 46,200 $ — $ — Total liabilities 46,200 46,200 — — Net fair value $ 26,221,668 $ (14,850 ) $ 26,236,518 $ —

Organization - Additional Infor

Organization - Additional Information (Detail)	Mar. 31, 2015	Sep. 30, 2020
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 Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)
Accounting Policies [Abstract]
Provision for income tax	$ 0
Tax years remain subject to examination	2017 2019

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ 13.64	$ 16.14	$ 44	$ 50.01
Interest Income	0.05	4.83	3.19	13.26
Expenses	(23.74)	(22.69)	(67.96)	(68.25)
Increase (decrease) for the period	(10.05)	(1.72)	(20.77)	(4.98)
Net asset value per unit, beginning of period	1,264.48	1,280.64	1,275.20	1,283.90
Net asset value per unit, end of period	1,254.43	1,278.92	1,254.43	1,278.92
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	15.03	17.56	48.34	54.26
Interest Income	0.05	5.24	3.48	14.36
Expenses	(21.88)	(20.30)	(61.76)	(60.93)
Increase (decrease) for the period	(6.80)	2.50	(9.94)	7.69
Net asset value per unit, beginning of period	1,390.71	1,391.85	1,393.85	1,386.66
Net asset value per unit, end of period	$ 1,383.91	$ 1,394.35	$ 1,383.91	$ 1,394.35

Financial Highlights - Summary

Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(7.50%)	(5.60%)	(6.90%)	(5.80%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(7.50%)	(5.60%)	(6.90%)	(5.80%)
Ratios to Average Net Assets, Operating expenses	7.50%	7.10%	7.20%	7.20%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Total expenses	7.50%	7.10%	7.20%	7.20%
Total return:
Total return before allocation to Special Limited Partner	(0.80%)	(0.10%)	(1.60%)	(0.40%)
Total return, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Total return after allocation to Special Limited Partner	(0.80%)	(0.10%)	(1.60%)	(0.40%)
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(6.70%)	(4.30%)	(5.80%)	(4.50%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(6.70%)	(4.30%)	(5.80%)	(4.50%)
Ratios to Average Net Assets, Operating expenses	6.70%	5.80%	6.10%	5.90%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Total expenses	6.70%	5.80%	6.10%	5.90%
Total return:
Total return before allocation to Special Limited Partner	(0.50%)	0.20%	(0.70%)	0.60%
Total return, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Total return after allocation to Special Limited Partner	(0.50%)	0.20%	(0.70%)	0.60%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - Contract	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Brokers And Dealers [Abstract]
Monthly average number of option contracts held	702	894	396	1,410

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, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 287,400	$ 31,350
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	287,400	31,350
Financial Instruments, Assets	(252,600)	(46,200)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	34,800	(14,850)
Gross Amounts Recognized, Liabilities	(252,600)	(46,200)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(252,600)	(46,200)
Financial Instruments, Liabilities	252,600	46,200
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net fair value	34,800	(14,850)
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	287,400	31,350
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	287,400	31,350
Financial Instruments, Assets	(252,600)	(46,200)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	34,800	(14,850)
Written Options [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(252,600)	(46,200)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(252,600)	(46,200)
Financial Instruments, Liabilities	252,600	46,200
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 ($)	Sep. 30, 2020	Dec. 31, 2019
Options Purchased Indices [Member]
Assets
Total options purchased	$ 287,400	$ 31,350
Options Purchased [Member]
Assets
Total options purchased	287,400	31,350
Written Options Premium Received Indices [Member]
Liabilities
Total written options premium received	(252,600)	(46,200)
Written Options Premium Received [Member]
Liabilities
Total written options premium received	$ (252,600)	$ (46,200)

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	$ 267,055	$ 557,639	$ 966,152	$ 1,604,928
Change in net unrealized gains (losses) on open contracts	29,900	(73,312)	41,825	(16,874)
Total trading results	296,955	484,327	1,007,977	1,588,054
Indices [Member]
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	267,055	557,639	966,152	1,604,928
Change in net unrealized gains (losses) on open contracts	29,900	(73,312)	41,825	(16,874)
Total trading results	$ 296,955	$ 484,327	$ 1,007,977	$ 1,588,054

Trading Activities - Summary _2

Trading Activities - Summary of Transactions in Options Written (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)Contract
Summary Of Investment Holdings [Line Items]
Outstanding options, Premiums Received, beginning of year	$ 46,200
Outstanding options, Premiums Received, end of period	$ 316,375
Calls [Member]
Summary Of Investment Holdings [Line Items]
Options written, Contracts | Contract	9,192
Options exercised, Contracts | Contract	(54)
Options expired, Contracts | Contract	(7,726)
Options closed, Contracts | Contract	(1,196)
Outstanding options, Contracts, end of period | Contract	216
Options written, Notional	$ 7,575,322,000
Options exercised, Notional	(45,375,000)
Options expired, Notional	(6,367,362,000)
Options closed, Notional	(974,935,000)
Outstanding options, Notional, end of period	187,650,000
Options written, Premiums Received	1,604,615
Options exercised, Premiums Received	(21,000)
Options expired, Premiums Received	(1,207,190)
Options closed, Premiums Received	(322,425)
Outstanding options, Premiums Received, end of period	$ 54,000
Puts [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	528
Options written, Contracts | Contract	30,194
Options exercised, Contracts | Contract	(116)
Options expired, Contracts | Contract	(23,563)
Options closed, Contracts | Contract	(6,693)
Outstanding options, Contracts, end of period | Contract	350
Outstanding options, Notional, beginning of year	$ 389,400,000
Options written, Notional	22,054,538,000
Options exercised, Notional	(99,400,000)
Options expired, Notional	(17,041,630,000)
Options closed, Notional	(5,024,098,000)
Outstanding options, Notional, end of period	278,810,000
Outstanding options, Premiums Received, beginning of year	46,200
Options written, Premiums Received	10,418,039
Options exercised, Premiums Received	(249,800)
Options expired, Premiums Received	(7,362,814)
Options closed, Premiums Received	(2,589,250)
Outstanding options, Premiums Received, end of period	$ 262,375

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
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, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 4,286,996	$ 26,267,868
Liabilities	252,600	46,200
Net fair value	4,034,396	26,221,668
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	287,400	31,350
Liabilities	252,600	46,200
Net fair value	34,800	(14,850)
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,999,596	26,236,518
Net fair value	3,999,596	26,236,518
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,999,596	26,236,518
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	3,999,596	26,236,518
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	287,400	31,350
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	287,400	31,350
Written Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	252,600	46,200
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	$ 252,600	$ 46,200

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year