Metaurus Equity Component Trust (IDIV) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	2 Months Ended
	Mar. 31, 2018	May 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Metaurus Equity Component Trust
Entity Central Index Key	1,688,487
Trading Symbol	XDIV
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		500,000

Statement of Financial Conditio

Statement of Financial Condition (Unaudited)	Mar. 31, 2018USD ($)$ / shares
U.S. Equity Cumulative Dividends Fund- Series 2027
Assets
Investments, at Fair Value	$ 3,385,315
Cash	3,773
Cash pledged as collateral on futures	52,738
Interest Receivable	27,575
Variation Margin Receivable	32,500
Deferred Offering Costs	124,500
Total Assets	3,626,401
Liabilities
Due to Metaurus LLC	124,500
Payable to Advisor	1,705
Payable to Administrator	6,370
Income Distribution Payable	22,500
Other Accrued Expenses	3,923
Total Liabilities	158,998
Shareholder Equity
Authorized Participants (250,000 Shares Outstanding)	$ 3,467,403
Net Asset Value Per Share | $ / shares	$ 13.87
Market Price | $ / shares	$ 13.97
U.S. Equity Ex-Dividend Fund-Series 2027
Assets
Investments, at Fair Value	$ 12,318,576
Cash	295,928
Cash pledged as collateral on futures	188,302
Variation Margin Receivable	221,250
Deferred Offering Costs	124,500
Total Assets	13,148,556
Liabilities
Due to Metaurus LLC	124,500
Payable to Advisor	3,269
Payable to Administrator	6,370
Variation Margin Payable	32,500
Other Accrued Expenses	6,308
Total Liabilities	172,947
Shareholder Equity
Authorized Participants (250,000 Shares Outstanding)	$ 12,975,609
Net Asset Value Per Share | $ / shares	$ 51.90
Market Price | $ / shares	$ 51.08

Statement of Financial Conditi3

Statement of Financial Condition (Parenthetical) (Unaudited)	Mar. 31, 2018USD ($)shares
U.S. Equity Cumulative Dividends Fund-Series 2027
Investment cost | $	$ 3,381,173
Shares Outstanding | shares	250,000
U.S. Equity Ex-Dividend Fund-Series 2027
Investment cost | $	$ 12,316,316
Shares Outstanding | shares	250,000

Schedule of Investments (Unaudi

Schedule of Investments (Unaudited)	Mar. 31, 2018USD ($)
U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Total Investments	$ 3,385,315
U.S. Equity Ex-Dividend Fund-Series 2027
Net Investment Income [Line Items]
Total Investments	12,318,576
6.125%, 11/15/2027 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	415,000
Total Investments	533,421
2.250%, 11/15/2024 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	375,000	[1]
Total Investments	365,067	[1]
6.125%, 11/15/2025 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	390,000	[1]
Total Investments	377,324	[1]
6.125%, 12/31/2023 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	340,000	[1]
Total Investments	333,101	[1]
2.125%, 12/31/2022 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	330,000	[1]
Total Investments	323,572	[1]
2.000%, 11/15/2026 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	395,000	[1]
Total Investments	372,343	[1]
2.000%, 12/31/2021 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	310,000	[1]
Total Investments	304,488	[1]
1.750%, 12/31/2020 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	290,000	[1]
Total Investments	285,177	[1]
1.625%, 12/31/2019 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	275,000
Total Investments	272,018
1.250%, 12/15/2018 | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	220,000
Total Investments	218,804
1.727%, 06/14/2018 | U.S. Equity Ex-Dividend Fund-Series 2027
Net Investment Income [Line Items]
Principal Amount	12,360,000	[2],[3]
Total Investments	12,318,576	[2],[3]
Total U.S. Treasury Obligations | U.S. Equity Cumulative Dividends Fund-Series 2027
Net Investment Income [Line Items]
Total Investments	3,385,315
Total U.S. Treasury Obligations | U.S. Equity Ex-Dividend Fund-Series 2027
Net Investment Income [Line Items]
Total Investments	$ 12,318,576
[1]	Security, or a portion of this security, has been pledged as collateral for the trading of futures.
[2]	A portion of this security is pledged as collateral for the trading of futures.
[3]	Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

Schedule of Investments 1 (Unau

Schedule of Investments 1 (Unaudited) - Open Futures Contracts	2 Months Ended
	Mar. 31, 2018USD ($)Contracts
U.S. Equity Cumulative Dividends Fund-Series 2027
Unrealized Appreciation (Depreciation)	$ 78,701
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/24/2018
Notional Amount	$ 333,386
Value	336,250
Unrealized Appreciation (Depreciation)	$ 2,864
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/23/2019
Notional Amount	$ 349,449
Value	360,938
Unrealized Appreciation (Depreciation)	$ 11,489
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/21/2020
Notional Amount	$ 366,949
Value	377,813
Unrealized Appreciation (Depreciation)	$ 10,864
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/20/2021
Notional Amount	$ 385,636
Value	394,062
Unrealized Appreciation (Depreciation)	$ 8,426
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/19/2022
Notional Amount	$ 398,511
Value	406,562
Unrealized Appreciation (Depreciation)	$ 8,051
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/18/2023
Notional Amount	$ 407,886
Value	416,875
Unrealized Appreciation (Depreciation)	$ 8,989
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/23/2024
Notional Amount	$ 419,761
Value	426,562
Unrealized Appreciation (Depreciation)	$ 6,801
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/22/2025
Notional Amount	$ 429,074
Value	436,250
Unrealized Appreciation (Depreciation)	$ 7,176
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/21/2026
Notional Amount	$ 438,824
Value	446,250
Unrealized Appreciation (Depreciation)	$ 7,427
U.S. Equity Cumulative Dividends Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	25
Expiration Date	12/20/2027
Notional Amount	$ 449,011
Value	455,625
Unrealized Appreciation (Depreciation)	6,614
U.S. Equity Ex-Dividend Fund-Series 2027
Unrealized Appreciation (Depreciation)	$ (613,075)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/24/2018
Notional Amount	$ (333,239)
Value	(336,250)
Unrealized Appreciation (Depreciation)	$ (3,011)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/23/2019
Notional Amount	$ (349,301)
Value	(360,937)
Unrealized Appreciation (Depreciation)	$ (11,636)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/21/2020
Notional Amount	$ (366,801)
Value	(377,812)
Unrealized Appreciation (Depreciation)	$ (11,011)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/20/2021
Notional Amount	$ (385,489)
Value	(394,063)
Unrealized Appreciation (Depreciation)	$ (8,574)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/19/2022
Notional Amount	$ (398,364)
Value	(406,563)
Unrealized Appreciation (Depreciation)	$ (8,199)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/18/2023
Notional Amount	$ (407,739)
Value	(416,875)
Unrealized Appreciation (Depreciation)	$ (9,136)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/23/2024
Notional Amount	$ (419,614)
Value	(426,563)
Unrealized Appreciation (Depreciation)	$ (6,949)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/22/2025
Notional Amount	$ (428,926)
Value	(436,250)
Unrealized Appreciation (Depreciation)	$ (7,324)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/21/2026
Notional Amount	$ (438,676)
Value	(446,250)
Unrealized Appreciation (Depreciation)	$ (7,574)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Annl Div
Number of Contracts Long | Contracts	(25)
Expiration Date	12/20/2027
Notional Amount	$ (448,864)
Value	(455,625)
Unrealized Appreciation (Depreciation)	$ (6,761)
U.S. Equity Ex-Dividend Fund-Series 2027 | S&P 500 Index
Number of Contracts Long | Contracts	25
Expiration Date	6/15/2018
Notional Amount	$ 17,051,650
Value	16,518,750
Unrealized Appreciation (Depreciation)	$ (532,900)

Schedule of Investments (Parent

Schedule of Investments (Parenthetical)	2 Months Ended
	Mar. 31, 2018USD ($)
U.S. Equity Cumulative Dividends Fund-Series 2027
Investment percentage	97.60%
Investment cost	$ 3,381,173
Percentages are based on net assets	$ 3,467,403
U.S. Equity Cumulative Dividends Fund-Series 2027 | Investments
Investment percentage	97.60%
Investment cost	$ 3,381,173
U.S. Equity Cumulative Dividends Fund-Series 2027 | 6.125%, 11/15/2027
Investment percentage	6.125%
Investment date	11/15/2027
U.S. Equity Cumulative Dividends Fund-Series 2027 | 2.250%, 11/15/2024
Investment percentage	2.25%
Investment date	11/15/2024
U.S. Equity Cumulative Dividends Fund-Series 2027 | 6.125%, 11/15/2025
Investment percentage	6.125%
Investment date	11/15/2025
U.S. Equity Cumulative Dividends Fund-Series 2027 | 6.125%, 12/31/2023
Investment percentage	6.125%
Investment date	12/31/2023
U.S. Equity Cumulative Dividends Fund-Series 2027 | 2.125%, 12/31/2022
Investment percentage	2.125%
Investment date	12/31/2022
U.S. Equity Cumulative Dividends Fund-Series 2027 | 2.000%, 11/15/2026
Investment percentage	2.00%
Investment date	11/15/2026
U.S. Equity Cumulative Dividends Fund-Series 2027 | 2.000%, 12/31/2021
Investment percentage	2.00%
Investment date	12/31/2021
U.S. Equity Cumulative Dividends Fund-Series 2027 | 1.750%, 12/31/2020
Investment percentage	1.75%
Investment date	12/31/2020
U.S. Equity Cumulative Dividends Fund-Series 2027 | 1.625%, 12/31/2019
Investment percentage	1.625%
Investment date	12/31/2019
U.S. Equity Cumulative Dividends Fund-Series 2027 | 1.250%, 12/15/2018
Investment percentage	1.25%
Investment date	12/15/2018
U.S. Equity Ex-Dividend Fund-Series 2027
Investment percentage	94.90%
Investment cost	$ 12,316,316
Percentages are based on net assets	$ 12,975,609
U.S. Equity Ex-Dividend Fund-Series 2027 | Investments
Investment percentage	94.90%
Investment cost	$ 12,316,316
U.S. Equity Ex-Dividend Fund-Series 2027 | 1.727%, 06/14/2018
Investment percentage	1.727%
Investment date	06/14/2018

Statement of Operations (Unaudi

Statement of Operations (Unaudited)	2 Months Ended
	Mar. 31, 2018USD ($)
U.S. Equity Cumulative Dividends Fund- Series 2027
Investment income
Interest Income	$ 11,619
Expenses
Administration Fees	11,096
Advisory Fees	2,644
Tax Preparation Fees	1,584
Professional Fees	776
Custody Fees	224
Other Expenses	1,340
Total Expenses	17,664
Net Investment Income (Loss)	(6,045)
Net Realized and Unrealized Gain (Loss) from Investment Activities
Net Realized Gain (Loss) on Investments	(856)
Net Change in Unrealized Appreciation on Investments	4,142
Net Change in Unrealized Appreciation on Futures Contracts	78,701
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts	81,987
Net Increase (Decrease) Resulting from Operations	75,942
U.S. Equity Ex-Dividend Fund-Series 2027
Investment income
Interest Income	25,361
Expenses
Administration Fees	11,096
Advisory Fees	5,102
Tax Preparation Fees	2,471
Professional Fees	1,210
Custody Fees	449
Other Expenses	2,178
Total Expenses	22,506
Net Investment Income (Loss)	2,855
Net Realized and Unrealized Gain (Loss) from Investment Activities
Net Realized Gain (Loss) on Investments	103
Net Realized Gain on Futures Contracts	437,717
Net Change in Unrealized Appreciation on Investments	2,260
Net Change in Unrealized Depreciation on Futures Contracts	(613,075)
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts	(172,995)
Net Increase (Decrease) Resulting from Operations	$ (170,140)

Statement of Changes in Shareho

Statement of Changes in Shareholders' Equity (Unaudited) - 2 months ended Mar. 31, 2018 - USD ($)	U.S. EQUITY CUMULATIVE DIVIDENDS FUND-SERIES 2027	U.S. EQUITY EX-DIVIDEND FUND-SERIES 2027
Operations:
Net Investment Income (Loss)	$ (6,045)	$ 2,855
Net Realized Loss on Investments	(856)
Net Realized Gain on Investments and Futures Contracts		437,820
Net change in unrealized appreciation (depreciation) on Investments and Futures Contracts	82,843	(610,815)
Net Increase (Decrease) Resulting from Operations	75,942	(170,140)
Dividends and Distributions to Shareholders:
Investment Income	(36,500)
Total Dividends and Distributions	(36,500)
Capital Share Transactions:
Issued	3,426,961	13,144,749
Net Increase Resulting from Capital Transactions	3,426,961	13,144,749
Total Increase in Net Assets	3,466,403	12,974,609
Beginning of period at Jan. 16, 2018	1,000	1,000
End of period at Mar. 31, 2018	3,467,403	12,975,609
Capital Share Transactions:
Beginning of period
Issued	250,000	250,000
Net Increase in Shares Outstanding from Share Transactions	$ 250,000	$ 250,000

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited)	2 Months Ended
	Mar. 31, 2018USD ($)
U.S. EQUITY CUMULATIVE DIVIDENDS FUND-SERIES 2027
Cash Flows from operating activities
Net increase in net assets from operating activities	$ 75,942
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments	(3,492,821)
Proceeds from sale of investments	110,792
Net realized loss (gain) on investments	856
Net change in unrealized (appreciation) on investments	(4,142)
(lncrease)/decrease in operating assets
Cash pledged as collateral on futures	(52,738)
Interest receivable	(27,575)
Variation margin receivable	(32,500)
Deferred Offering Costs	(124,500)
Increase/(decrease) in operating liabilities
Payable to advisor	1,705
Payable to administrator	6,370
Income distribution payable	22,500
Other accrued expenses	3,923
Net cash used in operating activities	(3,512,188)
Cash Flows from financing activities
Proceeds from capital issuances	3,426,961
Distributions to shareholders	(36,500)
Net cash provided by financing activities	3,390,461
Net change in cash and cash equivalents	(121,727)
Cash and cash equivalents, beginning of period	125,500
Cash and cash equivalents, end of period	3,773
U.S. EQUITY EX-DIVIDEND FUND-SERIES 2027
Cash Flows from operating activities
Net increase in net assets from operating activities	(170,140)
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments	(26,895,177)
Proceeds from sale of investments	14,578,964
Net realized loss (gain) on investments	(103)
Net change in unrealized (appreciation) on investments	(2,260)
(lncrease)/decrease in operating assets
Cash pledged as collateral on futures	(188,302)
Variation margin receivable	(221,250)
Deferred Offering Costs	(124,500)
Increase/(decrease) in operating liabilities
Payable to advisor	3,269
Payable to administrator	6,370
Variation margin payable	32,500
Other accrued expenses	6,308
Net cash used in operating activities	(12,974,321)
Cash Flows from financing activities
Proceeds from capital issuances	13,144,749
Net cash provided by financing activities	13,144,749
Net change in cash and cash equivalents	170,428
Cash and cash equivalents, beginning of period	125,500
Cash and cash equivalents, end of period	$ 295,928

Organization

Organization	2 Months Ended
	Mar. 31, 2018
Organization [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION Metaurus Equity Component Trust (the “Trust”), was formed in September 2016 and is authorized to have multiple series or portfolios. The Trust is a statutory trust formed under the laws of the state of Delaware. The Trust currently has two series or funds traded on the NYSE Arca, Inc. exchange, U.S. Equity Cumulative Dividends Fund─Series 2027 (the “Dividend Fund”) and U.S. Equity Ex-Dividend Fund─Series 2027 (the “Ex-Dividend Fund”, each a “Fund” or “ETF”), collectively the “Funds” or “ETFs”). Metaurus Advisors LLC (the “Sponsor”) serves as the sponsor, commodity pool operator and commodity trading advisor of each Fund. Each of the Funds commenced operations on January 17, 2018 and commenced investment operations on February 5, 2018. The Trust has had no investment operations prior to February 5, 2018 other than matters relating to its organization, the registration of each series/Fund under the Securities Act of 1933, as amended, and matters relating to their establishment and the capital contribution by the Sponsor of $1,000 to each Fund on December 22, 2017. The investment objective of the ETFs is to employ a passive management, or indexing, investment approach designed to correspond to the performance of each underlying index, before fees and expenses. Individual Shares of the ETFs may be purchased and sold only on a national securities exchange, an alternative trading system or in the over-the-counter market and not directly from the ETFs. Only broker-dealers who have entered into agreements with the Trust to act as authorized participants of the Trust (“Authorized Participants”) may purchase or redeem shares directly with the ETFs. Shares of the ETFs are listed and traded on the NYSE Arca, Inc. exchange. The Fund will issue and redeem Shares on a continuous basis, through SEI Investments Distribution Co. (the “Distributor”), at net asset value (“NAV”) per Share only in one or more large blocks of 50,000 Shares, called “Baskets”. Baskets may be issued and redeemed for cash but are expected to be issued and redeemed principally through exchange for related positions (“EFRP”) transactions for (i) futures contracts, Treasury securities and other financial instruments designed to track such Fund’s underlying index (“Deposit Instruments”) and (ii) a cash amount that includes a variable charge. Creation and redemption prices of Baskets are directly linked to a Fund’s next computed NAV and will vary from NAV by a market-determined trading cost, which may be zero. Shares generally will trade in the secondary market in amounts less than a Basket at market prices that change throughout the day. Trading prices in the secondary market for the Shares may be different from the NAVs of the ETFs. Undefined capitalized terms shall have the meaning as set forth in the registration statement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	2 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	FAIR VALUE OF FINANCIAL INSTRUMENTS Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid for long positions and the most recent ask price for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the fair value for such securities. Debt obligations with remaining maturities of sixty days or less when acquired will be valued at their market value. If a market value is not available from a pricing vendor or from an independent broker, the security shall be fair valued according to the Trust’s Fair Value Procedures. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Sponsor or a committee of its personnel thereof. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of a Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a valuation meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Sponsor or its designees will determine the fair value after taking into consideration relevant information reasonably available to it. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S.GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).The three levels of the fair value hierarchy are described below: Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarized the valuation of investments at March 31, 2018 using the fair value hierarchy: U.S. Equity Cumulative Dividends Fund─Series 2027 March 31, 2018 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 3,385,315 $ - $ 3,385,315 Total Investments in Securities $ - $ 3,385,315 $ - $ 3,385,315 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 78,701 $ - $ - $ 78,701 Total Other Financial Instruments $ 78,701 $ - $ - $ 78,701 U.S. Equity Ex-Dividend Fund─Series 2027 March 31, 2018 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 12,318,576 $ - $ 12,318,576 Total Investments in Securities $ - $ 12,318,576 $ - $ 12,318,576 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Depreciation $ (613,075 ) $ - $ - $ (613,075 ) Total Other Financial Instruments $ (613,075 ) $ - $ - $ (613,075 ) * Futures contracts are presented at unrealized appreciation (depreciation) on the instrument. For the period ended March 31, 2018, there have been no transfers between Level 1, Level 2, or Level 3 investments. It is the Funds’ policy to recognize transfers into and out of Level 1, Level 2 and Level 3 at the end of the reporting period. For the period ended March 31, 2018, there were no Level 3 investments. Amounts designated as “-” are $0. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Investments

Investments	2 Months Ended
	Mar. 31, 2018
Investments [Abstract]
INVESTMENTS	NOTE 3 – INVESTMENTS The Dividend Fund seeks investment results that, before fees and expenses, correspond to the performance of the Solactive® U.S. Cumulative Dividends Index—Series 2027 (the “Solactive Dividend Index”) over each calendar year so as to provide Shareholders with returns designed to replicate the dividends on constituent companies of the S&P 500, without exposure to the underlying securities. The Dividend Fund intends primarily to invest its assets in the component instruments of the Solactive Dividend Index, as well as in cash and/or cash equivalents. The component instruments of the Solactive Dividend Index consist of U.S. Treasury Securities (“Treasury Securities”) and long positions in annual futures contracts listed on the Chicago Mercantile Exchange (“CME”) that provide exposure to dividends paid on the S&P 500 constituent companies (“S&P 500 Dividend Futures Contracts”) pro rata for each year of the life of the Dividend Fund. The Ex-Dividend Fund seeks investment results that, before fees and expenses, correspond to the performance of the Solactive® U.S. Equity Ex-Dividends Index—Series 2027 (the “Solactive Ex-Dividend Index”). The Ex-Dividend Fund seeks to track the Solactive Ex-Dividend Index so as to provide Shareholders with returns that are equivalent to the performance of 0.25 shares of SPDR S&P 500 ETF (“SPY”) less the value of current and future expected ordinary cash dividends to be paid on the S&P 500 constituent companies over the term of the Ex-Dividend Fund. SPY is an ETF that seeks to track the S&P 500. The Ex-Dividend Fund seeks to replicate the performance of SPY through owning long positions in quarterly S&P 500 Index futures contracts traded on the CME (“S&P 500 Index Futures Contracts”) rather than shares of SPY. Additionally, the Ex-Dividend Fund intends to track the performance of the Solactive Ex-Dividend Index by selling S&P 500 Dividend Futures Contracts. The Ex-Dividend Fund will also hold Treasury Securities, cash and/or cash equivalents. Short-Term Investments The Funds may purchase U.S. Treasury Bills, cash and or cash equivalents. Additionally, the Funds may enter into short-term loans and reverse repurchase agreements for liquidity purposes. There were not short-term loans or reverse repurchase agreements held in the Funds as of and during the period ended March 31, 2018. Accounting for Derivative Instruments All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. The ETFs utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objective during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period. Following is a description of the derivative instruments used by the ETFs during the reporting period, including the primary underlying risk exposures related to each instrument type. Futures Contracts The ETFs enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying index, currency or commodity, as set forth above. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract. Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition and Schedules of Investments, and is restricted as to its use. The ETFs that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the ETFs since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk that the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. The Funds held futures’ equity contracts as of and for the period ended March 31, 2018. The value and detail of these contracts are disclosed on their respective Schedule of Investments. The corresponding gains and losses associated with these contracts are disclosed on the respective Statement of Operations.

Agreements

Agreements	2 Months Ended
	Mar. 31, 2018
Agreements [Abstract]
AGREEMENTS	NOTE 4 – AGREEMENTS Sponsor The Sponsor has entered into an agreement (the “Reimbursement Agreement”) with the Funds to reimburse the Sponsor for amounts provided to the Funds to pay for the fees to register the offering of the Shares with the Securities and Exchange Commission. The amount due to Metaurus Advisors LLC, as disclosed on the Statements of Financial Condition, will be repaid over a maximum ten-year period. The amount reimbursed to the Sponsor by a Fund over a given calendar year will vary depending on the number of Shares issued by the Fund during such year. The Reimbursement Agreement contains a prepayment provision where upon issuance of any shares of the Funds, the prorated portion of the amount due based on the percentage of shares issued to the percentage of the overall shares registered is due within 90 days of the share issuance date. In addition, should the Funds terminate prior to the full repayment of the amount due, the Sponsor has agreed to forfeit the unpaid amount. There is no interest charged on the amounts due and no amounts have been paid to date. Metaurus Advisors LLC (the “Sponsor”), the sponsor of the U.S. Equity Cumulative Dividends Fund—Series 2027 and the U.S. Equity Ex-Dividend Fund—Series 2027 (the “Funds” or “exchange-traded funds” or “ETFs”), is currently voluntarily waiving a portion of its management fee from the ETFs. The Sponsor’s voluntary waiver of its fees may be modified or terminated at any time at the option of the Sponsor. Administrator, Custodian, Fund Accountant and Transfer Agent SEI Investments Global Fund Services, Inc. (the “Administrator”) serves as the Funds’ Administrator pursuant to an administration agreement. Brown Brothers Harriman & Co. (the “Custodian”) serves as the Funds’ custodian and transfer agent pursuant to a custodian and transfer agent agreement. Clearing FCM Morgan Stanley & Co. LLC (“MS&Co.” or the “Clearing FCM”) serves as the Fund’s Clearing FCM pursuant to the terms of a commodity futures customer agreement among the Sponsor, on behalf of the Funds, severally and not jointly, and the Clearing FCM (the “Futures Account Agreement”). As Clearing FCM, MS&Co. serves as the Funds’ clearing broker and as such arranges for the execution and clearing of the Funds’ futures transactions. As such, MS&Co. holds, on behalf of the Funds, positions in futures contracts and Treasury Securities, cash and cash equivalents as futures margin. Treasury Securities, cash and cash equivalents not held as futures margin will be held by the Custodian. The Funds may engage additional and/or other futures commission merchants in the future. Distribution Agreement SEI Investments Distribution Co., a wholly-owned subsidiary of SEI Investments and an affiliate of the Administrator, serves as the Funds’ distributor of Baskets pursuant to a distribution agreement. The Distributor does not maintain any secondary market in the Shares. Management Fee The Management Fee is paid in consideration of the Sponsor’s services as sponsor, commodity pool operator, commodity trading advisor, and for managing the business and affairs of the Funds. The Sponsor supervises and directs the investment of the assets of the Funds in accordance with the Funds’ investment objectives and investment strategies outlined in the Funds’ prospectus. The Dividend Fund will pay the Sponsor a Management Fee equal to 0.58% per year of the Dividend Fund’s average daily NAV, calculated and payable monthly, subject to a minimum monthly fee of $0.005 per Share. This minimum monthly fee is expected to apply when the Dividend Fund’s average daily NAV for such month is less than $10.34 per Share. The Ex-Dividend Fund will pay the Sponsor a Management Fee equal to 0.29% per year of the Ex-Dividend Fund’s average daily NAV, calculated and payable monthly.

Offering and Organizational Cos

Offering and Organizational Costs	2 Months Ended
	Mar. 31, 2018
Offering and Organizational Costs [Abstract]
OFFERING AND ORGANIZATIONAL COSTS	NOTE 5 – OFFERING AND ORGANIZATIONAL COSTS The Sponsor paid all necessary and reasonable expenses and liabilities incurred in connection with the organization of the Funds and proposed initial public offering of the Shares. Each Fund will reimburse the Sponsor for registration fees paid to the SEC in connection with the registration of the Fund’s Shares, which is represented on the Statements of Financial Position as Due to Metaurus Advisors LLC. Such amounts will be reimbursed over the term of the Fund without interest. The reimbursement amount may vary from year to year based on the amount of Shares issued during a year. Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. As of March 31, 2018, deferred offering costs for each Fund, which are included on the Statements of Financial Condition, were $124,500.

Creation and Redemption of Crea

Creation and Redemption of Creation Units	2 Months Ended
	Mar. 31, 2018
Creation and Redemption of Creation Units [Abstract]
CREATION AND REDEMPTION OF CREATION UNITS	NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS The manner by which redemptions are made is dictated by the terms of the respective authorized participant agreement between an Authorized Participant and the Trust (“Authorized Participant Agreement”). Except when aggregated in Baskets, Shares are not redeemable securities of a Fund. Shares of the Funds may be purchased or redeemed only by Authorized Participants. An Authorized Participant is an institution that (i) is a broker-dealer; (ii) is a registered futures commission merchant and/or clears through a registered futures commission merchant; (iii) is a Depository Trust Company Participant and a member of the National Securities Clearing Corporation; (iv) has entered into an Authorized Participant agreement with the Trust; and (v) is in a position to transfer the required Deposit Instruments and/or the cash to buy and sell whole Baskets. Investors will purchase Shares in the secondary market, generally with the assistance of a broker or investment advisor and will be subject to customary brokerage commissions, mark ups and mark downs and fees. Authorized Participants will pay a transaction fee per Basket equal to $500.00. In addition, to the extent that cash is delivered or received in lieu of any of the Deposit Instruments upon the creation or redemption of Shares by an Authorized Participant, such Authorized Participants will pay an additional variable charge up to 2% of the cash that is delivered or received in lieu of any of the Deposit Instruments to a Fund to pay for any additional transaction costs and fees and price changes associated with the purchase or disposition of any of the Deposit Instruments.

Financial Highlights

Financial Highlights	2 Months Ended
	Mar. 31, 2018
Financial Highlights [Abstract]
FINANCIAL HIGHLIGHTS	NOTE 7 – FINANCIAL HIGHLIGHTS Selected data for a Share outstanding throughout the three months ending March 31, 2018: Financial Highlights For the Period from January 17, 2018 to March 31, 2018 (Unaudited) NAV Beginning of Period Net Investment Income/Loss* Net Realized and Unrealized Gain/Loss Total from Operations Distributions from Net Investment Income Total Distributions NAV End of Period Total Return (1) Market Price Net Assets End of Period (000) Ratio of Expenses to Average Net Assets (4) Ratio of Net Investment Income/Loss to Average Net Assets (4) Portfolio Turnover (2) U.S. Equity Cumulative Dividends Fund─Series 2027 2018 (3) $ 13.73 $ (0.03 ) $ 0.33 $ 0.30 $ (0.16 ) $ (0.16 ) $ 13.87 2.19 % $ 13.97 $ 3,467 3.80 % -1.30 % 4 % U.S. Equity Ex-Dividend Fund─Series 2027 2018 (3) $ 51.48 $ 0.01 $ 0.42 (5) $ 0.43 $ - $ - $ 51.91 0.84 % $ 51.08 $ 12,976 1.25 % 0.16 % 0 % * Per share data calculated using average shares method. (1) Total return is for the period indicated and has not been annualized. (2) Portfolio turnover rate is for the period indicated and has not been annualized. (3) From commencement of operations, January 17, 2018 through March 31, 2018. (4) Annualized (5) The amount shown for a share outstanding through out the period does not accord with the aggregate net loss on investments for the period because the sales and repurchase of Fund shares in relation to fluctuating market value of the Fund. Amounts designated as “-” are $0.

Risk

Risk	2 Months Ended
	Mar. 31, 2018
Risk [Abstract]
RISK	NOTE 8 – RISK Principal Risks A shareholder of the Funds is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in the prospectus under the heading “Principal Risks”. This could result in the Funds’ underperformance compared to other funds with similar investment objectives. Market Trading Risks Individual Shares may be purchased and sold only on a national securities exchange, an alternative trading system, or in the over-the-counter market and may not be directly purchased or redeemed from the Funds. There can be no guarantee that an active trading market for Shares will develop or be maintained, or that the listing of the Shares will continue unchanged. Buying and selling Shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of Shares may be above, at or below the Funds’ NAV, will fluctuate in relation to NAV based on supply and demand in the market for Shares and other factors, and may vary significantly from NAV during periods of market volatility. The return on an investor’s investment will be reduced when the investor sells Shares at a discount or buys Shares at a premium to NAV. Contingent Pricing Risks Creation and redemption prices of Baskets are directly linked to the Funds’ next-computed NAV, which is normally determined as of (the close of regular market trading / 4:00 p.m. Eastern Time) each business day. Buyers and sellers of Shares will not know the value of their purchases and sales until the Funds’ NAV is determined at the end of the trading day. Like mutual funds, the Funds do not offer opportunities to purchase or redeem Baskets intraday at currently determined (as opposed to end-of-day) prices. Creation and redemption prices of Baskets are contingent upon the determination of NAV and may vary significantly from anticipated levels (including estimates based on intraday indicative values disseminated by the Funds) during periods of market volatility. Although limit orders can be used to restrict differences between prices of the Shares in the secondary market and NAV (i.e., premiums and discounts to NAV), they cannot be used to control or limit absolute trade execution prices. However, unlike shares of mutual funds, Shares will trade on NYSE Arca, Inc. during the day at market-determined prices. The Funds will disseminate an indicative NAV every 15 seconds during the trading day. Cash Transactions Risk Each Fund intends to create and redeem Baskets primarily through EFRP transactions. In certain instances, the Funds may effect creations and redemptions partly or wholly for cash, rather than through an EFRP transaction. Because the Funds may effect redemptions for cash, rather than through an EFRP transaction, they may be required to sell Deposit Instruments in order to obtain the cash needed to distribute redemption proceeds, and they may subsequently recognize gains on such sales. As a result, an investment in Shares redeemed partially or wholly for cash may be less tax-efficient than if the Shares were redeemed through an EFRP transaction which generally will not trigger any tax consequences to Shareholders. Moreover, cash transactions may have to be carried out over several days if the market for any of the Deposit Instruments is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which generally are expected to be higher than if the Basket was created or redeemed through an EFRP transaction, may be passed on to purchasers and redeemers of Baskets in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Shares. Authorized Participant Concentration Risk Only an Authorized Participant may engage in creation or redemption transactions directly with the Funds. The Funds may have relationships with a limited number of institutions that act as Authorized Participants. To the extent these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Funds and no other Authorized Participant is able to step forward to create or redeem Baskets, Shares of the Funds may trade at a discount to NAV and possibly face trading halts and/or delisting. Guarantees and Indemnifications In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the Sponsor, Wilmington Trust, N.A., a national banking association and the trustee of the Trust, and their officers and affiliates are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Sponsor is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

Subsequent Events

Subsequent Events	2 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no material events, except as set forth above that would require disclosure in the Funds’ financial statements through this date.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	2 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation, Use of Estimates & Indemnifications	Basis of Presentation, Use of Estimates & Indemnifications The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates . In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.
Concentration of Credit Risk	Concentration of Credit Risk Investments and cash of each Fund at March 31, 2018 are held at Brown Brothers, Harriman & Co., Morgan Stanley & Co. LLC, and First Republic Bank.
Final Net Asset Value for Fiscal Period	Final Net Asset Value for Fiscal Period The net asset value (“NAV”) per Share for a Fund is determined by dividing the net assets of the Fund by the number of outstanding Shares. The NAVs of the ETFs is determined as soon as practicable after the close of regular trading of the Shares on the NYSE Arca (normally 4:00 P.M. ET) on each Business Day. Each Fund’s net assets on a Business Day is obtained by subtracting accrued expenses and other liabilities borne by such Fund, if any, from the total value of the assets held by the Fund, in each case, as of the time of calculation. The Administrator of the ETFs is responsible for making these determinations.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid for long positions and the most recent ask price for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the fair value for such securities. Debt obligations with remaining maturities of sixty days or less when acquired will be valued at their market value. If a market value is not available from a pricing vendor or from an independent broker, the security shall be fair valued according to the Trust’s Fair Value Procedures. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Sponsor or a committee of its personnel thereof. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of a Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a valuation meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Sponsor or its designees will determine the fair value after taking into consideration relevant information reasonably available to it. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S.GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).The three levels of the fair value hierarchy are described below: Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarized the valuation of investments at March 31, 2018 using the fair value hierarchy: U.S. Equity Cumulative Dividends Fund─Series 2027 March 31, 2018 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 3,385,315 $ - $ 3,385,315 Total Investments in Securities $ - $ 3,385,315 $ - $ 3,385,315 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 78,701 $ - $ - $ 78,701 Total Other Financial Instruments $ 78,701 $ - $ - $ 78,701 U.S. Equity Ex-Dividend Fund─Series 2027 March 31, 2018 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 12,318,576 $ - $ 12,318,576 Total Investments in Securities $ - $ 12,318,576 $ - $ 12,318,576 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Depreciation $ (613,075 ) $ - $ - $ (613,075 ) Total Other Financial Instruments $ (613,075 ) $ - $ - $ (613,075 ) * Futures contracts are presented at unrealized appreciation (depreciation) on the instrument. For the period ended March 31, 2018, there have been no transfers between Level 1, Level 2, or Level 3 investments. It is the Funds’ policy to recognize transfers into and out of Level 1, Level 2 and Level 3 at the end of the reporting period. For the period ended March 31, 2018, there were no Level 3 investments. Amounts designated as “-” are $0. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
Investment Transactions and Related Income	Investment Transactions and Related Income Investment transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount, is recorded on an accrual basis. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis for financial reporting.
Trading and Transaction Costs and Fees	Trading and Transaction Costs and Fees Each Fund will pay (or will reimburse the Clearing FCM if previously paid) any other transaction costs and fees associated with trading of the Fund’s instruments (including floor brokerage, exchange, clearing, give-up, user and NFA fees) that are not related to the creation and redemption of Baskets.
Income Taxes	Income Taxes Each Fund is a series of a Delaware statutory trust and will be treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S federal income tax; rather each beneficial owner of Shares will be required to take into account its allocable share of the Fund’s income, gain, loss deductions and other items for the Fund’s taxable year ending with or within the beneficial owner’s taxable year. The Funds file an income tax return in the US federal jurisdiction and may file income tax returns in various US states and foreign jurisdictions. Generally, the Funds are subject to income tax examinations by federal, state and local jurisdictions, where applicable. The Funds are required to determine whether their tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. Tax positions not deemed more-likely-than-not threshold would be recorded as a tax expense in the current year. At March 31, 2018, the Funds had no unrecognized tax benefits related to their tax positions. The Funds do not expect that their assessments related to unrecognized tax benefits will materially change over the next 12 months. However, the Funds’ conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions; compliance with US federal US state and foreign tax laws; and changes in the administrative practices and precedents of the relevant taxing authorities. The Funds’ policy is to classify interest and penalties associated with the failure to file federal and state income tax returns, as income tax expenses on their Statements of Operations. For the period January 17, 2018 (commencement of operations) through March 31, 2018, the Funds did not have any interest or penalties associated with the failure to file any income tax returns.
Distribution Policy	Distribution Policy The Dividend Fund expects to pay monthly cash distributions to its Shareholders throughout each calendar year. Such distributions shall, on an annual basis, before fees and expenses, equal all or a substantial portion of the Dividend Fund’s NAV attributable to the ordinary cash dividends accumulated by the Dividend Points Index for the year (as reflected in the current year’s S&P 500 Dividend Futures Contracts held by the Dividend Fund). Such distributions may consist of ordinary income, capital gains and/or return of capital whose character will be determined at fiscal year-end once final year-end figures have been calculated. The Dividend Fund’s capital gains, if any, for a calendar year may include any net unrealized appreciation in its futures contracts that expire in future calendar years. The Ex-Dividend Fund does not anticipate making any periodic distributions.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	2 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Summarized the valuation of investments using the fair value hierarchy	U.S. Equity Cumulative Dividends Fund─Series 2027 March 31, 2018 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 3,385,315 $ - $ 3,385,315 Total Investments in Securities $ - $ 3,385,315 $ - $ 3,385,315 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 78,700 $ - $ - $ 78,700 Total Other Financial Instruments $ 78,700 $ - $ - $ 78,700 U.S. Equity Ex-Dividend Fund─Series 2027 Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 12,318,576 $ - $ 12,318,576 Total Investments in Securities $ - $ 12,318,576 $ - $ 12,318,576 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Depreciation $ (613,075 ) $ - $ - $ (613,075 ) Total Other Financial Instruments $ (613,075 ) $ - $ - $ (613,075 ) * Futures contracts are presented at unrealized appreciation (depreciation) on the instrument.

Financial Highlights (Tables)

Financial Highlights (Tables)	2 Months Ended
	Mar. 31, 2018
Financial Highlights [Abstract]
Schedule of financial highlights	NAV Beginning of Period Net Investment Income/Loss* Net Realized and Unrealized Gain/Loss Total from Operations Distributions from Net Investment Income Total Distributions NAV End of Period Total Return (1) Market Price Net Assets End of Period (000) Ratio of Expenses to Average Net Assets (4) Ratio of Net Investment Income/Loss to Average Net Assets (4) Portfolio Turnover (2) U.S. Equity Cumulative Dividends Fund─Series 2027 2018 (3) $ 13.73 $ (0.03 ) $ 0.33 $ 0.30 $ (0.16 ) $ (0.16 ) $ 13.87 2.19 % $ 13.97 $ 3,467 3.80 % -1.30 % 4 % U.S. Equity Ex-Dividend Fund─Series 2027 2018 (3) $ 51.48 $ 0.01 $ 0.42 (5) $ 0.43 $ - $ - $ 51.91 0.84 % $ 51.08 $ 12,976 1.25 % 0.16 % 0 % * Per share data calculated using average shares method. (1) Total return is for the period indicated and has not been annualized. (2) Portfolio turnover rate is for the period indicated and has not been annualized. (3) From commencement of operations, January 17, 2018 through March 31, 2018. (4) Annualized (5) The amount shown for a share outstanding through out the period does not accord with the aggregate net loss on investments for the period because the sales and repurchase of Fund shares in relation to fluctuating market value of the Fund.

Organization (Details)

Organization (Details) - USD ($)	1 Months Ended	2 Months Ended
	Dec. 22, 2017	Mar. 31, 2018
Organization (Textual)
Capital contribution by sponsor	$ 1,000
Sale of shares, description		The Fund will issue and redeem Shares on a continuous basis, through SEI Investments Distribution Co. (the "Distributor"), at net asset value ("NAV") per Share only in one or more large blocks of 50,000 Shares, called "Baskets". Baskets may be issued and redeemed for cash but are expected to be issued and redeemed principally through exchange for related positions ("EFRP") transactions for (i) futures contracts, Treasury securities and other financial instruments designed to track such Fund's underlying index ("Deposit Instruments") and (ii) a cash amount that includes a variable charge. Creation and redemption prices of Baskets are directly linked to a Fund's next computed NAV and will vary from NAV by a market-determined trading cost, which may be zero.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details)	Mar. 31, 2018USD ($)
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	$ 3,385,315
Total Other Financial Instruments	78,701
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
Total Other Financial Instruments	78,701
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	3,385,315
Total Other Financial Instruments
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
Total Other Financial Instruments
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	3,385,315
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	3,385,315
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Futures Contracts [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Futures Contracts [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Futures Contracts [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Futures Contracts [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Unrealized Appreciation [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments	78,701
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Unrealized Appreciation [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments	78,701
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Unrealized Appreciation [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] | Unrealized Appreciation [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments
U.S. Equity Ex-Dividend Fund-Series 2027 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	12,318,576
Total Other Financial Instruments	(613,075)
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
Total Other Financial Instruments	(613,075)
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	12,318,576
Total Other Financial Instruments
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
Total Other Financial Instruments
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	12,318,576
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities	12,318,576
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | U.S. Treasury Obligations [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Investments in Securities
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Futures Contracts [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Futures Contracts [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Futures Contracts [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Futures Contracts [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments		[1]
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Unrealized Depreciation [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments	(613,075)
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Unrealized Depreciation [Member] | Level 1 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments	(613,075)
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Unrealized Depreciation [Member] | Level 2 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments
U.S. Equity Ex-Dividend Fund-Series 2027 [Member] | Unrealized Depreciation [Member] | Level 3 [Member]
Summary of Investment Holdings [Line Items]
Total Other Financial Instruments
[1]	Futures contracts are presented at unrealized appreciation (depreciation) on the instrument.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details Textual)	Mar. 31, 2018USD ($)
Summary of Significant Accounting Policies (Textual)
Amounts designated	$ 0

Investments (Details)

Investments (Details)	2 Months Ended
	Mar. 31, 2018
U.S. Cumulative Dividends Index-Series 2027 [Member]
Summary of Investments [Line Items]
Description of dividend fund seeks investment	The Dividend Fund seeks investment results that, before fees and expenses, correspond to the performance of the Solactive® U.S. Cumulative Dividends Index-Series 2027 (the "Solactive Dividend Index") over each calendar year so as to provide Shareholders with returns designed to replicate the dividends on constituent companies of the S&P 500, without exposure to the underlying securities. The Dividend Fund intends primarily to invest its assets in the component instruments of the Solactive Dividend Index, as well as in cash and/or cash equivalents. The component instruments of the Solactive Dividend Index consist of U.S. Treasury Securities ("Treasury Securities") and long positions in annual futures contracts listed on the Chicago Mercantile Exchange ("CME") that provide exposure to dividends paid on the S&P 500 constituent companies ("S&P 500 Dividend Futures Contracts") pro rata for each year of the life of the Dividend Fund.
U.S. Equity Ex-Dividends Index-Series 2027 [Member]
Summary of Investments [Line Items]
Description of ex-dividend fund seeks investment	The Ex-Dividend Fund seeks investment results that, before fees and expenses, correspond to the performance of the Solactive® U.S. Equity Ex-Dividends Index-Series 2027 (the "Solactive Ex-Dividend Index"). The Ex-Dividend Fund seeks to track the Solactive Ex-Dividend Index so as to provide Shareholders with returns that are equivalent to the performance of 0.25 shares of SPDR S&P 500 ETF ("SPY") less the value of current and future expected ordinary cash dividends to be paid on the S&P 500 constituent companies over the term of the Ex-Dividend Fund. SPY is an ETF that seeks to track the S&P 500. The Ex-Dividend Fund seeks to replicate the performance of SPY through owning long positions in quarterly S&P 500 Index futures contracts traded on the CME ("S&P 500 Index Futures Contracts") rather than shares of SPY. Additionally, the Ex-Dividend Fund intends to track the performance of the Solactive Ex-Dividend Index by selling S&P 500 Dividend Futures Contracts. The Ex-Dividend Fund will also hold Treasury Securities, cash and/or cash equivalents.

Agreements (Details)

Agreements (Details) - Sponsor [Member]	2 Months Ended
	Mar. 31, 2018
Dividend Fund [Member]
Agreements (Textual)
Management fees payable, description	The Dividend Fund will pay the Sponsor a Management Fee equal to 0.58% per year of the Dividend Fund's average daily NAV, calculated and payable monthly, subject to a minimum monthly fee of $0.005 per Share. This minimum monthly fee is expected to apply when the Dividend Fund's average daily NAV for such month is less than $10.34 per Share.
Ex-Dividend Fund [Member]
Agreements (Textual)
Management fees payable, description	The Ex-Dividend Fund will pay the Sponsor a Management Fee equal to 0.29% per year of the Ex-Dividend Fund's average daily NAV, calculated and payable monthly.

Offering and Organizational C27

Offering and Organizational Costs (Details)	Mar. 31, 2018USD ($)
Offering [Member]
Offering and Organizational Costs (Textual)
Deferred offering costs	$ 124,500

Creation and Redemption of Cr28

Creation and Redemption of Creation Units (Details)	2 Months Ended
	Mar. 31, 2018USD ($)shares
Creation and Redemption of Creation Units (Textual)
NAV in one or more large blocks | shares	50,000
Transaction fee per Basket | $	$ 500
Additional variable charge	2.00%

Financial Highlights (Details)

Financial Highlights (Details) $ / shares in Units, $ in Thousands	2 Months Ended
	Mar. 31, 2018USD ($)$ / shares
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member]
Investment Company, Financial Highlights [Line Items]
NAV Beginning of Period	$ 13.73	[1]
Net Investment Income/Loss	(0.03)	[1],[2]
Net Realized and Unrealized Gain/Loss	0.33	[1]
Total from Operations	0.30	[1]
Distributions from Net Investment Income	(0.16)	[1]
Total Distributions	(0.16)	[1]
NAV End of Period	$ 13.87
Total Return	2.19%	[1],[3]
Market Price	$ 13.97	[1]
Net Assets End of Period | $	$ 3,467	[1]
Ratio of Expenses to Average Net Assets	3.80%	[1],[4]
Ratio of Net Investment Income/Loss to Average Net Assets	(1.30%)	[1],[4]
Portfolio Turnover	4.00%	[1],[5]
U.S. Equity Ex-Dividend Fund-Series 2027 [Member]
Investment Company, Financial Highlights [Line Items]
NAV Beginning of Period	$ 51.48	[1]
Net Investment Income/Loss	0.01	[1],[2]
Net Realized and Unrealized Gain/Loss	0.42	[1],[6]
Total from Operations	0.43	[1]
Distributions from Net Investment Income	0	[1]
Total Distributions	0	[1]
NAV End of Period	$ 51.90
Total Return	0.84%	[1],[3]
Market Price	$ 51.08	[1]
Net Assets End of Period | $	$ 12,976	[1]
Ratio of Expenses to Average Net Assets	1.25%	[1],[4]
Ratio of Net Investment Income/Loss to Average Net Assets	0.16%	[1],[4]
Portfolio Turnover	0.00%	[1],[5]
[1]	From commencement of operations, January 17, 2018 through March 31, 2018.
[2]	Per share data calculated using average shares method.
[3]	Total return is for the period indicated and has not been annualized.
[4]	Annualized
[5]	Portfolio turnover rate is for the period indicated and has not been annualized.
[6]	The amount shown for a share outstanding through out the period does not accord with the aggregate net loss on investments for the period because the sales and repurchase of Fund shares in relation to fluctuating market value of the Fund.

Financial Highlights (Details T

Financial Highlights (Details Textual)	Mar. 31, 2018USD ($)
Investment Company, Financial Highlights [Line Items]
Amounts designated	$ 0