Metaurus Equity Component Trust (IDIV) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Document Information Line Items
Entity Registrant Name	METAURUS EQUITY COMPONENT TRUST
Trading Symbol	IDIV
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		3,950,000
Amendment Flag	false
Entity Central Index Key	0001688487
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38344
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2594229
Entity Address, Address Line One	c/o Metaurus Advisors LLC
Entity Address, Address Line Two	22 Hudson Place
Entity Address, Address Line Three	Third Floor
Entity Address, City or Town	Hoboken
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07030
City Area Code	(201)
Local Phone Number	683-7979
Title of 12(b) Security	Shares of U.S. Equity Cumulative Dividends Fund – Series 2027
Security Exchange Name	NYSEArca
Entity Interactive Data Current	Yes

Statements of Financial Conditi

Statements of Financial Condition - U.S. Equity Cumulative Dividends Fund-Series 2027 - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Investments, at Fair Value	$ 31,814,231	$ 33,020,279
Cash and Cash Equivalents	643,652	674,688
Cash Pledged as Collateral on Futures Contracts	514,924	396,949
Interest Receivable	241,131	63,903
Variation Margin Receivable on Open Futures Contracts		88,750
Total Assets	33,213,938	34,244,569
Liabilities
Due to Advisor	23,943	25,176
Variation Margin Payable on Open Futures Contracts	96,250	22,188
Income Distribution Payable	490,875	434,875
Total Liabilities	611,068	482,239
Shareholders’ Equity
Authorized Participants	$ 32,602,870	$ 33,762,330
Net Asset Value Per Share (in Dollars per share)	$ 8.47	$ 9.51
Market Price Per Share (in Dollars per share)	$ 9.24	$ 10.2

Statements of Financial Condi_2

Statements of Financial Condition (Parentheticals) - U.S. Equity Cumulative Dividends Fund-Series 2027 - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Investment cost	$ 33,586,119	$ 33,581,572
Shares Outstanding	3,850,000	3,550,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investment Income
Interest Income	$ 44,981	$ 22,355
Expenses
Advisory Fees	70,612	46,327
Total Expenses	70,612	46,327
Net Expenses	70,612	46,327
Net Investment Income (Loss)	(25,631)	(23,972)
Net Realized and Unrealized Gain (Loss) from Investment Activities
Net Realized Gain (Loss) on Investments	(50,746)	9,500
Net Realized Gain (Loss) on Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on Investments	(1,210,596)	(372,188)
Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts	(1,141,793)	1,906,199
Net Realized and Unrealized Gain (Loss) on Investments	(2,403,135)	1,543,511
Net Increase (Decrease) in Net Assets Resulting from Operations	$ (2,428,766)	$ 1,519,539

Statements of Changes in Shareh

Statements of Changes in Shareholders’ Equity (Unaudited) (Under Review)	USD ($)
Operations:
Net Investment Income (Loss)	$ (23,972)
Net Realized Gain (Loss) on Investments and Futures Contracts	9,500
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts	1,534,011
Net Increase (Decrease) in Net Assets Resulting from Operations	1,519,539
Distributions to Shareholders:
Distributions	(783,375)
Total Distributions	(783,375)
Capital Share Transactions:
Issued	2,464,258
Beginning of Period	2,100,000
Issued	250,000
Redeemed
Shares Outstanding from Capital Share Transactions	2,350,000
Net Increase (Decrease) in Net assets Resulting from Capital Share Transactions	2,464,258
Total Increase (Decrease) in Net Assets	3,200,422
Beginning of Period at Dec. 31, 2020	19,713,753
End of Period at Mar. 31, 2021	22,914,175
Operations:
Net Investment Income (Loss)	(25,631)
Net Realized Gain (Loss) on Investments and Futures Contracts	(50,746)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts	(2,352,389)
Net Increase (Decrease) in Net Assets Resulting from Operations	(2,428,766)
Distributions to Shareholders:
Distributions	(1,410,375)
Total Distributions	(1,410,375)
Capital Share Transactions:
Issued	2,679,681
Beginning of Period	3,550,000
Issued	300,000
Redeemed
Shares Outstanding from Capital Share Transactions	3,850,000
Net Increase (Decrease) in Net assets Resulting from Capital Share Transactions	2,679,681
Total Increase (Decrease) in Net Assets	(1,159,460)
Beginning of Period at Dec. 31, 2021	33,762,330
End of Period at Mar. 31, 2022	$ 32,602,870

Statements of Cash Flows

Statements of Cash Flows - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash Flows from operating activities
Net increase/(decrease) in net assets from operations		$ (2,428,766)	$ 1,519,539
Purchases of investments		(3,171,174)	(4,347,142)
Proceeds from sale of investments		2,993,201	711,200
Accretion of discounts and amortization of premiums		122,679	80,029
Net realized (gain)/loss on investments		50,746	(9,500)
Net change in unrealized (appreciation)/depreciation on investments		1,210,596	372,188
Interest Receivable		(177,228)	(120,728)
Variation margin receivable on open futures contracts		88,750	(59,562)
Due to Advisor		(1,233)	2,078
Variation margin payable on open futures contracts		74,062	(5,688)
Net cash provided by (used in) operating activities		(1,238,367)	(1,857,586)
Proceeds from capital share issuances		2,679,681	2,464,258
Capital share redemptions
Distributions to shareholders		(1,354,375)	(714,750)
Net cash provided by (used in) financing activities		1,325,306	1,749,508
Net change in cash and cash equivalents		86,939	(108,078)
Cash, cash equivalents and restricted cash, beginning of period		1,071,637	1,088,480
Cash, cash equivalents and restricted cash, end of period	[1]	1,158,576	980,402
Income Distribution Payable		$ 490,875	$ 299,625
[1]	Agrees to the total of “Cash and Cash equivalents” and “Cash Pledged as Collateral for Futures Contracts” balances on the Statements of Financial Condition.

Schedules of Investments

Schedules of Investments	3 Months Ended
	Mar. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Schedules of Investments	Description Principal Value U.S. TREASURY OBLIGATIONS - 97.6% U.S. Treasury Notes 2.125%, 12/31/2022 (1) $ 3,588,000 $ 3,606,354 2.250%, 12/31/2023 (1) 5,275,000 5,275,309 2.250%, 11/15/2024 (1) 5,534,000 5,500,710 2.250%, 11/15/2025 (1) 5,730,000 5,672,924 2.000%, 11/15/2026 (1) 5,903,000 5,775,255 2.250%, 11/15/2027 (1) 6,052,000 5,983,679 Total U.S. Treasury Obligations (Cost $33,586,119) 31,814,231 Total Investments - 97.6% (Cost $33,586,119) $ 31,814,231 Percentages are based on net assets of $32,602,870 A list of the open futures contracts held by the Fund at March 31 , 2022, is as follows: Type of Contract Number of Expiration Notional Notional Unrealized S&P 500 Annl Div Dec22 385 12/19/2022 5,959,779 6,184,063 $ 224,284 S&P 500 Annl Div Dec23 385 12/18/2023 6,082,529 6,174,438 $ 91,909 S&P 500 Annl Div Dec24 385 12/23/2024 6,179,904 6,198,500 $ 18,596 S&P 500 Annl Div Dec25 385 12/22/2025 6,275,029 6,294,750 $ 19,721 S&P 500 Annl Div Dec26 385 12/21/2026 6,377,779 6,376,563 $ (1,216 ) S&P 500 Annl Div Dec27 385 12/20/2027 6,475,654 6,448,750 $ (26,904 ) Net Unrealized Appreciation (Depreciation) $ 326,389 (1) Security, or a portion of, has been pledged as collateral for the trading of futures contracts. The market value of the securities pledged as collateral for the period ended March 31, 2022 was $9,176,473 or 28% of net assets. U.S. Equity Cumulative Dividends Fund–Series 2027 Schedules of Investments December 31, 2021 (Audited) Description Principal Value U.S. TREASURY OBLIGATIONS - 97.8% U.S. Treasury Notes 2.125%, 12/31/2022 (1) $ 4,599,000 $ 4,675,350 2.250%, 12/31/2023 (1) 4,971,000 5,120,324 2.250%, 11/15/2024 (1) 5,256,000 5,449,610 2.250%, 11/15/2025 (1) 5,472,000 5,701,140 2.000%, 11/15/2026 (1) 5,699,000 5,896,016 2.250%, 11/15/2027 (1) 5,883,000 6,177,839 Total U.S. Treasury Obligations (Cost $33,581,572) 33,020,279 Total Investments - 97.8% (Cost $33,581,572) $ 33,020,279 Percentages are based on net assets of $33,762,330 A list of the open futures contracts held by the Fund at December 31 , 2021, is as follows: Type of Contract Number of Expiration Notional Notional Unrealized S&P 500 Annl Div Dec22 355 12/19/2022 5,480,126 5,604,563 $ 124,437 S&P 500 Annl Div Dec23 355 12/18/2023 5,599,626 5,808,688 $ 209,062 S&P 500 Annl Div Dec24 355 12/23/2024 5,686,501 5,919,625 $ 233,124 S&P 500 Annl Div Dec25 355 12/22/2025 5,775,251 6,061,625 $ 286,374 S&P 500 Annl Div Dec26 355 12/21/2026 5,872,001 6,172,562 $ 300,561 S&P 500 Annl Div Dec27 355 12/20/2027 5,960,001 6,274,625 $ 314,624 Net Unrealized Appreciation (Depreciation) $ 1,468,182 (1) Security, or a portion of, has been pledged as collateral for the trading of futures contracts. The market value of the securities pledged as collateral for the year ended December 31, 2021 was $9,575,159 or 28% of net assets.

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Accounting Policies [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 one series or fund traded on the NYSE Arca, Inc. exchange (“NYSE Arca”), U.S. Equity Cumulative Dividends Fund–Series 2027 (the “Dividend Fund, “Fund” or “ETF”). Metaurus Advisors LLC (the “Sponsor” or “Advisor”) serves as the sponsor, commodity pool operator and commodity trading advisor of the Fund. The Dividend Fund 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 the Fund on December 22, 2017. The investment objective of the ETF 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 ETF 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 ETF. 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 ETF. Shares of the ETF 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 Shares, called “Baskets” as set forth in the ETFs’ current Prospectus and any prospectus supplements thereto. 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 NAV of the ETF. Undefined capitalized terms shall have the meaning as set forth in the registration statement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Dividend Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services — Investment Companies The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. Following is a summary of the significant accounting policies followed by the Fund: Use of Estimates 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 investment income and expenses during the reporting period. Actual results could differ from those estimates. Concentration of Credit Risk Credit risk is the risk that a financial loss will be incurred if a Fund’s counterparty does not fulfill its financial obligations in a timely manner. Financial instruments that potentially subject the Fund to concentrations of credit risk consist principally of investments and cash deposits. Investments and cash of the Fund at March 31, 2022 are held at Brown Brothers, Harriman & Co., and Morgan Stanley & Co. LLC. Final Net Asset Value for Fiscal Period The 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 are determined as soon as practicable after the close of regular trading of the Shares on the NYSE Arca on each Business Day. The 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. SEI Investments Global Fund Services, Inc., the administrator of the ETF, is responsible for calculating the NAVs. Fair Value of Financial Instruments Security Valuation — The Fund values investments and financial instruments at fair value. 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, in the case of the futures contracts held by the Fund, at the daily settlement price published by the Chicago Mercantile Exchange for such futures contracts. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Treasury Securities, as defined below held by the Fund generally are priced based upon valuations provided by independent, third-party pricing agents. 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 Fund 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 Advisor 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 NAV, 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 GAAP, the Fund discloses 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 summarizes the inputs used to value the Fund’ investments at March 31, 2022 and December 31, 2021 using the fair value hierarchy: U.S. Equity Cumulative Dividends Fund–Series 2027 March 31, 2022 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 31,814,231 $ - $ 31,814,231 Total Investments in Securities $ - $ 31,814,231 $ - $ 31,814,231 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 354,510 $ - $ - $ 354,510 Unrealized Depreciation (28,120 ) - - (28,120 ) Total Other Financial Instruments $ 326,389 $ - $ - $ 326,389 * Futures contracts are valued at unrealized appreciation (depreciation) on the instrument. Amounts designated as “-” are $0. U.S. Equity Cumulative Dividends Fund–Series 2027 December 31, 2021 (Audited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 33,020,279 $ - $ 33,020,279 Total Investments in Securities $ - $ 33,020,279 $ - $ 33,020,279 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 1,468,182 $ - $ - $ 1,468,182 Unrealized Depreciation - - - - Total Other Financial Instruments $ 1,468,182 $ - $ - $ 1,468,182 * Futures contracts are valued at unrealized appreciation (depreciation) on the instrument. 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 are recorded on trade date. Dividend income is recorded on the ex-dividend date. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis method for financial reporting. Trading and Transaction Costs and Fees The 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 National Futures Association (“NFA”) fees) that are not related to the creation and redemption of Baskets. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is opened and the second half is recognized when the contract is closed). Income Taxes The 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 Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. Generally, the Fund is subject to income tax examinations by federal, state and local jurisdictions, where applicable. The Fund is 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 period. At March 31, 2022 and December 31, 2021, the Fund had no unrecognized tax benefits related to their tax positions. The Fund does not expect that their assessments related to unrecognized tax benefits will materially change over the next 12 months. However, the Fund’s conclusion 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 U.S. federal, state and foreign tax laws; and changes in the administrative practices and precedents of the relevant taxing authorities. The Fund’s policy is to classify interest and penalties associated with the failure to file U.S. federal and state income tax returns, as income tax expenses on their Statements of Operations. For the year ended December 31, 2021 and for the three months ended March 31, 2022, the Fund did not incur any such interest or penalties. 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.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
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 Index, 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. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. The Fund maintains deposits with financial institutions in amounts that may, at times, exceed the insured limits under applicable law. Short-Term Investments The Fund may purchase U.S. Treasury Bills and cash equivalents. Additionally, the Fund may enter into short-term loans and reverse repurchase agreements for liquidity purposes. There were no short-term loans or reverse repurchase agreements held in the Fund as of and during the period ended March 31, 2022 nor as of and during the period ended December 31, 2021. Accounting for Derivative Instruments All open derivative positions at period end are reflected on the ETF’s Schedules of Investments. The ETF 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 the ETF 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 the ETF 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 ETF enters 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. The particular futures contracts utilized by the ETF permit settlement only in cash. Upon entering into a futures contract, the ETF 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 ETF that enters into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, the 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 the Fund as unrealized gains or losses. The 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 the 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 ETF 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 Fund held futures equity contracts as of and for the three-month period ended March 31, 2022 and as of and for the year ended December 31, 2021. The value and detail of these contracts are disclosed on the Fund’s Schedules of Investments. The corresponding gains and losses associated with these contracts are disclosed on the Fund’s Statements of Operations. The average volume of futures contracts for the three-month period ended March 31, 2022 are as follows: U.S. Equity Cumulative Dividends Fund–Series 2027 Derivative Notional Long futures contracts $ 35,703,324 The average volume of futures contracts for the three-month period ended March 31, 2021 are as follows: U.S. Equity Cumulative Dividends Fund–Series 2027 Derivative Notional Long futures contracts $ 24,727,781 Offsetting Assets and Liabilities The Futures Account Agreement includes provisions permitting the Clearing FCM to net and set off its obligations to the Fund against the obligations of the Fund to the Clearing FCM upon the termination of the agreement or occurrence of an Event of Default, as defined in the agreement. As described above, the Fund utilizes derivative instruments to pursue their investment objective during the period. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents the Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Fund as of March 31, 2022 and December 31, 2021. U.S. Equity Cumulative Dividends Fund—Series 2027 Offsetting of Derivative Assets Gross Net Gross Offset Presented in the Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Derivative Assets Futures Contracts $ - $ - $ - $ - $ - $ - Total $ - $ - $ - $ - $ - $ - Offsetting of Derivative Liabilities Gross Net Gross Offset Presented Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Derivative Liabilities Futures Contracts $ (96,250 ) $ - $ (96,250 ) $ - $ 96,250 $ - Total $ (96,250 ) $ - $ (96,250 ) $ - $ 96,250 $ - December 31, 2021 (Audited) Offsetting of Derivative Assets Gross Gross Net Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Amount Derivative Assets Futures Contracts $ 88,750 $ - $ 88,750 $ - $ - $ 88,750 Total $ 88,750 $ - $ 88,750 $ - $ - $ 88,750 Offsetting of Derivative Liabilities Gross Gross Net Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Amount Derivative Liabilities Futures Contracts $ (22,188 ) $ - $ (22,188 ) $ - $ 22,188 $ - Total $ (22,188 ) $ - $ (22,188 ) $ - $ 22,188 $ - (a) These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Agreements

Agreements	3 Months Ended
	Mar. 31, 2022
Agreements [Abstract]
AGREEMENTS	NOTE 4 – AGREEMENTS Sponsor Among other things, the prospectus dated July 9, 2021 (the “Prospectus”) provides for a unitary fee structure pursuant to which the Fund pays the Sponsor a management fee in consideration of the services provided by the Sponsor and other services provided to the Fund that the Sponsor pays directly (the “Management Fee”). The Sponsor pays for all of the routine operational, administrative, and other ordinary expenses of the Fund as determined by the Sponsor as set forth in the Prospectus any supplements thereto. The Fund will pay for certain other expenses and all of the Fund’s extraordinary fees and expenses, if any, as determined by the Sponsor, as set forth in the Prospectus any supplements thereto. Administrator, Custodian, Fund Accountant and Transfer Agent SEI Investments Global Fund Services, Inc. (the “Administrator”) serves as the Fund’s Administrator pursuant to an administration agreement. Brown Brothers Harriman & Co. (the “Custodian”) serves as the Fund’s 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 Fund, severally and not jointly, and the Clearing FCM (the “Futures Account Agreement”). As Clearing FCM, MS&Co. serves as the Fund’s clearing broker and as such arranges for the execution and clearing of the Fund’s futures transactions. As such, MS&Co. holds, on behalf of the Fund, 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 Fund 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 Fund’s distributor of Baskets pursuant to a distribution agreement. The Distributor does not maintain any secondary market in the Shares. Management Fee/Advisory Fee The Management Fee is paid to the Sponsor in consideration of its services as sponsor, commodity pool operator, commodity trading advisor, and for managing the business and affairs of the Fund. The Sponsor supervises and directs the investment of the assets of the Fund in accordance with the Fund’s investment objectives and investment strategies outlined in the Fund’s Prospectus. As set forth in the Prospectus, the Dividend Fund pays the Sponsor a Management Fee equal to 0.87% per year of the Dividend Fund’s average daily net assets, calculated and payable monthly in arrears, or pro rata

Creation and Redemption of Crea

Creation and Redemption of Creation Units	3 Months Ended
	Mar. 31, 2022
Creation And Redemption Of Creation Units [Abstract]
CREATION AND REDEMPTION OF CREATION UNITS	NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS The Fund issues and redeems Shares on a continuous basis at NAV in one or more large blocks of Shares called Baskets as set forth in the Fund’s Prospectus and any prospectus supplements thereto. The Fund intends to create and redeem Baskets primarily through exchange for related position (“EFRP”) transactions. In certain instances, the Fund may effect creations and redemptions partly or wholly for cash, rather than through an EFRP transaction. 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 Fund 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 created or redeemed. The Sponsor may choose to pay transaction fees on behalf of Authorized Participants and has done so to date on Baskets that have been created. There is no guarantee that Sponsor will continue to do so. 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	3 Months Ended
	Mar. 31, 2022
Investment Company, Financial Highlights [Abstract]
FINANCIAL HIGHLIGHTS	NOTE 6 – FINANCIAL HIGHLIGHTS Selected data for a Share outstanding throughout the periods ended March 31, 2022 and 2021. Financial Highlights Three Months Ended March 31, 2022 (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 (3) Ratio of Expenses to Average Net Assets (Excluding Waivers) (3) Ratio of Net Investment Income/Loss to Average Net Assets (3) Portfolio Turnover (2) U.S. Equity Cumulative Dividends Fund—Series 2027 2022 $ 9.51 $ (0.01 ) $ (0.65 ) $ (0.66 ) $ (0.38 ) $ (0.38 ) $ 8.47 -7.06 % $ 9.24 $ 32,603 0.87 % 0.87 % -0.32 % 8 % * 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) Annualized Amounts designated as “-” are $0. Financial Highlights Three Months Ended March 31, 2021 (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 (3) Ratio of Expenses to Average Net Assets (Excluding Waivers) (3) Ratio of Net Investment Income/Loss to Average Net Assets (3) Portfolio Turnover (2) U.S. Equity Cumulative Dividends Fund—Series 2027 * 2021 $ 9.39 $ (0.01 ) $ 0.72 $ 0.71 $ (0.35 ) $ (0.35 ) $ 9.75 7.61 % $ 10.30 $ 22,914 0.87 % 0.87 % -0.45 % 3 % * 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) Annualized Amounts designated as “-” are $0.

Risk

Risk	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
RISK	NOTE 7 – RISK Principal Risks A shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund is 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 Fund’s 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 Fund. 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 a shareholder to pay brokerage commissions and expose a shareholder 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 Fund’s 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 Fund’s next-computed NAV, which is normally determined at the end of each business day. Buyers and sellers of Shares will not know the value of their purchases and sales until the Fund’s NAV is determined at the end of the trading day. Like mutual funds, the Fund does 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 Fund) 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 specify trade execution prices. However, unlike shares of mutual funds, Shares will trade on NYSE Arca, Inc. during the day at market-determined prices. The Fund will disseminate an indicative NAV every 15 seconds during the trading day. Cash Transactions Risk The Fund intends to create and redeem Baskets primarily through EFRP transactions. In certain instances, the Fund may effect creations and redemptions partly or wholly for cash, rather than through an EFRP transaction. Because the Fund may effect redemptions for cash, rather than through an EFRP transaction, it 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 Fund. The Fund 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 Fund and no other Authorized Participant is able to step forward to create or redeem Baskets, Shares of the Fund may trade at a discount to NAV and possibly face trading halts and/or delisting. Substantial Interests of the Fund are Held by a Small Number of Investors and Authorized Participants. A substantial portion of the Shares of the Fund are held by a small number of investors, Beneficial Owners and Authorized Participants. Additionally, at any future time, and from time to time, a substantial portion of the Shares of the Fund may be held by one or a small number of investors, Beneficial Owners and/or Authorized Participants. In the event of substantial redemptions of Shares by one or more of these persons the Shares could be impacted adversely. Guarantees and Indemnifications In the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Fund’s 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 Fund. The Fund’s maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Fund. Based on experience, the Sponsor is of the view that the risk of loss to the Fund in connection with the Fund’s indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Fund. Natural Disaster/Epidemic Risk Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies. These circumstances may adversely impact the Fund’s performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund’s Sponsor and third-party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s Underlying Indexes. These factors can cause substantial market volatility, exchange trading suspensions and closures, changes in the availability of and the margin requirements for certain instruments, and can impact the ability of the Fund to complete redemptions and otherwise affect the Fund’s performance and the Fund’s trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these could have a significant impact on the Fund’s performance, resulting in losses to your investment. Risk that Current Assumptions and Expectations Could Become Outdated as a Result of Global Economic Shock The onset of the novel coronavirus (COVID-19) and subsequent variants thereof has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe experienced severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may result in significant losses to your investment. During certain periods of the COVID-19 pandemic, federal, state and local governments enacted various measures, including restricted travel and stay-at-home/shelter-at-home orders. The Sponsor cannot determine or predict what impact such measures may have now or in the future on the Sponsor’s ability to operate or conduct day-to-day activities. COVID-19 may cause key personnel of the Sponsor to be absent from work or work remotely for prolonged periods of time. The ability of any such personnel to work effectively on a remote basis may adversely impact the day-to-day operations of the Fund or its net performance. Any future outbreak or pandemic could also have potential adverse effects on the global economy, the Sponsor or the Fund in ways the Sponsor cannot predict or anticipate

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – 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 Fund’s financial statements through this date.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates 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 investment income and expenses during the reporting period. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Credit risk is the risk that a financial loss will be incurred if a Fund’s counterparty does not fulfill its financial obligations in a timely manner. Financial instruments that potentially subject the Fund to concentrations of credit risk consist principally of investments and cash deposits. Investments and cash of the Fund at March 31, 2022 are held at Brown Brothers, Harriman & Co., and Morgan Stanley & Co. LLC.
Final Net Asset Value for Fiscal Period	Final Net Asset Value for Fiscal Period The 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 are determined as soon as practicable after the close of regular trading of the Shares on the NYSE Arca on each Business Day. The 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. SEI Investments Global Fund Services, Inc., the administrator of the ETF, is responsible for calculating the NAVs.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Security Valuation — The Fund values investments and financial instruments at fair value. 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, in the case of the futures contracts held by the Fund, at the daily settlement price published by the Chicago Mercantile Exchange for such futures contracts. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Treasury Securities, as defined below held by the Fund generally are priced based upon valuations provided by independent, third-party pricing agents. 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 Fund 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 Advisor 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 NAV, 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 GAAP, the Fund discloses 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 summarizes the inputs used to value the Fund’ investments at March 31, 2022 and December 31, 2021 using the fair value hierarchy: U.S. Equity Cumulative Dividends Fund–Series 2027 March 31, 2022 (Unaudited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 31,814,231 $ - $ 31,814,231 Total Investments in Securities $ - $ 31,814,231 $ - $ 31,814,231 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 354,510 $ - $ - $ 354,510 Unrealized Depreciation (28,120 ) - - (28,120 ) Total Other Financial Instruments $ 326,389 $ - $ - $ 326,389 * Futures contracts are valued at unrealized appreciation (depreciation) on the instrument. Amounts designated as “-” are $0. U.S. Equity Cumulative Dividends Fund–Series 2027 December 31, 2021 (Audited) Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 33,020,279 $ - $ 33,020,279 Total Investments in Securities $ - $ 33,020,279 $ - $ 33,020,279 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 1,468,182 $ - $ - $ 1,468,182 Unrealized Depreciation - - - - Total Other Financial Instruments $ 1,468,182 $ - $ - $ 1,468,182 * Futures contracts are valued at unrealized appreciation (depreciation) on the instrument. 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. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis method for financial reporting.
Trading and Transaction Costs and Fees	Trading and Transaction Costs and Fees The 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 National Futures Association (“NFA”) fees) that are not related to the creation and redemption of Baskets. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is opened and the second half is recognized when the contract is closed).
Income Taxes	Income Taxes The 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 Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. Generally, the Fund is subject to income tax examinations by federal, state and local jurisdictions, where applicable. The Fund is 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 period. At March 31, 2022 and December 31, 2021, the Fund had no unrecognized tax benefits related to their tax positions. The Fund does not expect that their assessments related to unrecognized tax benefits will materially change over the next 12 months. However, the Fund’s conclusion 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 U.S. federal, state and foreign tax laws; and changes in the administrative practices and precedents of the relevant taxing authorities. The Fund’s policy is to classify interest and penalties associated with the failure to file U.S. federal and state income tax returns, as income tax expenses on their Statements of Operations. For the year ended December 31, 2021 and for the three months ended March 31, 2022, the Fund did not incur any such interest or penalties.
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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of inputs used to value the funds' investments using the fair value hierarchy	Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 31,814,231 $ - $ 31,814,231 Total Investments in Securities $ - $ 31,814,231 $ - $ 31,814,231 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 354,510 $ - $ - $ 354,510 Unrealized Depreciation (28,120 ) - - (28,120 ) Total Other Financial Instruments $ 326,389 $ - $ - $ 326,389 Investments in Securities Level 1 Level 2 Level 3 Total U.S. Treasury Obligations $ - $ 33,020,279 $ - $ 33,020,279 Total Investments in Securities $ - $ 33,020,279 $ - $ 33,020,279 Other Financial Instruments Level 1 Level 2 Level 3 Total Futures Contracts* Unrealized Appreciation $ 1,468,182 $ - $ - $ 1,468,182 Unrealized Depreciation - - - - Total Other Financial Instruments $ 1,468,182 $ - $ - $ 1,468,182

Investments (Tables)

Investments (Tables)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Investments [Abstract]
Schedule of futures contracts	Derivative Notional Long futures contracts $ 35,703,324 Derivative Notional Long futures contracts $ 24,727,781
Schedule of offsetting assets and liabilities		Gross Net Gross Offset Presented in the Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Derivative Assets Futures Contracts $ - $ - $ - $ - $ - $ - Total $ - $ - $ - $ - $ - $ - Gross Net Gross Offset Presented Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Derivative Liabilities Futures Contracts $ (96,250 ) $ - $ (96,250 ) $ - $ 96,250 $ - Total $ (96,250 ) $ - $ (96,250 ) $ - $ 96,250 $ - Gross Gross Net Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Amount Derivative Assets Futures Contracts $ 88,750 $ - $ 88,750 $ - $ - $ 88,750 Total $ 88,750 $ - $ 88,750 $ - $ - $ 88,750 Gross Gross Net Gross Amounts Not Offset in the Statement of Financial Condition Amounts of Statement of Statement of Financial Cash Collateral Net Amount Derivative Liabilities Futures Contracts $ (22,188 ) $ - $ (22,188 ) $ - $ 22,188 $ - Total $ (22,188 ) $ - $ (22,188 ) $ - $ 22,188 $ -

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2022
Investment Company, 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 (3) Ratio of Expenses to Average Net Assets (Excluding Waivers) (3) Ratio of Net Investment Income/Loss to Average Net Assets (3) Portfolio Turnover (2) U.S. Equity Cumulative Dividends Fund—Series 2027 2022 $ 9.51 $ (0.01 ) $ (0.65 ) $ (0.66 ) $ (0.38 ) $ (0.38 ) $ 8.47 -7.06 % $ 9.24 $ 32,603 0.87 % 0.87 % -0.32 % 8 % 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 (3) Ratio of Expenses to Average Net Assets (Excluding Waivers) (3) Ratio of Net Investment Income/Loss to Average Net Assets (3) Portfolio Turnover (2) U.S. Equity Cumulative Dividends Fund—Series 2027 * 2021 $ 9.39 $ (0.01 ) $ 0.72 $ 0.71 $ (0.35 ) $ (0.35 ) $ 9.75 7.61 % $ 10.30 $ 22,914 0.87 % 0.87 % -0.45 % 3 %

Schedules of Investments (Detai

Schedules of Investments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedules of Investments (Details) [Line Items]
Net assets	$ 32,602,870	$ 33,762,330	$ 22,914,175	$ 19,713,753
Market value	$ 9,176,473
Net assets	28.00%
Investment [Member]
Schedules of Investments (Details) [Line Items]
Net assets	$ 33,762,330
Market value		$ 9,575,159
Net assets		28.00%

Schedules of Investments (Det_2

Schedules of Investments (Details) - Schedule of investments - U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022		Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Total U.S. Treasury Obligations	$ 31,814,231		$ 33,020,279
Total Investments	31,814,231		33,020,279
2.125%, 12/31/2022 [Member]
Investments in and Advances to Affiliates [Line Items]
Principal Amount	3,588,000	[1]	4,599,000	[2]
Total U.S. Treasury Obligations	3,606,354	[1]	4,675,350	[2]
2.250%, 12/31/2023 [Member]
Investments in and Advances to Affiliates [Line Items]
Principal Amount	5,275,000	[1]	4,971,000	[2]
Total U.S. Treasury Obligations	5,275,309	[1]	5,120,324	[2]
2.250%, 11/15/2024 [Member]
Investments in and Advances to Affiliates [Line Items]
Principal Amount	5,534,000	[1]	5,256,000	[2]
Total U.S. Treasury Obligations	5,500,710	[1]	5,449,610	[2]
2.250%, 11/15/2025 [Member]
Investments in and Advances to Affiliates [Line Items]
Principal Amount	5,730,000	[1]	5,472,000	[2]
Total U.S. Treasury Obligations	5,672,924	[1]	5,701,140	[2]
2.000%, 11/15/2026 [Member]
Investments in and Advances to Affiliates [Line Items]
Principal Amount	5,903,000	[1]	5,699,000	[2]
Total U.S. Treasury Obligations	5,775,255	[1]	5,896,016	[2]
2.250%, 11/15/2027 [Member]
Investments in and Advances to Affiliates [Line Items]
Principal Amount	6,052,000	[1]	5,883,000	[2]
Total U.S. Treasury Obligations	$ 5,983,679	[1]	$ 6,177,839	[2]
[1]	Security, or a portion of, has been pledged as collateral for the trading of futures contracts. The market value of the securities pledged as collateral for the period ended March 31, 2022 was $9,176,473 or 28% of net assets.
[2]	Security, or a portion of, has been pledged as collateral for the trading of futures contracts. The market value of the securities pledged as collateral for the period ended December 31, 2021 was $9,575,159 or 28% of net assets.

Schedules of Investments (Det_3

Schedules of Investments (Details) - Schedule of investments (Parentheticals) - U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Percentages are based on net assets (in Dollars)		$ 33,762,330
Total market value of securities pledged as collateral (in Dollars)		$ 9,575,159
Percentage of net assets		28.00%
Investments [Member]
Investments in and Advances to Affiliates [Line Items]
Investment percentage	97.40%	97.80%
Cost, total (in Dollars)	$ 33,586,119	$ 33,581,572
U.S. Treasury Obligations [Member]
Investments in and Advances to Affiliates [Line Items]
Investment percentage	97.60%	97.80%
Cost, total (in Dollars)	$ 33,586,119	$ 33,581,572
2.125%, 12/31/2022 [Member]
Investments in and Advances to Affiliates [Line Items]
Coupon rate for this security	2.125%	2.125%
2.250%, 12/31/2023 [Member]
Investments in and Advances to Affiliates [Line Items]
Coupon rate for this security	2.25%	2.25%
2.250%, 11/15/2024 [Member]
Investments in and Advances to Affiliates [Line Items]
Coupon rate for this security	2.25%	2.25%
2.250%, 11/15/2025 [Member]
Investments in and Advances to Affiliates [Line Items]
Coupon rate for this security	2.25%	2.25%
2.000%, 11/15/2026 [Member]
Investments in and Advances to Affiliates [Line Items]
Coupon rate for this security	2.00%	2.00%
2.250%, 11/15/2027 [Member]
Investments in and Advances to Affiliates [Line Items]
Coupon rate for this security	2.25%	2.25%

Schedules of Investments (Det_4

Schedules of Investments (Details) - Schedule of future contracts held by fund - U.S. Equity Cumulative Dividends Fund—Series 2027 [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Unrealized Appreciation (Depreciation)	$ 326,389	$ 1,468,182
S&P 500 Annl Div Dec22 [Member]
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Number of Contracts Long (Short)	385	355
Expiration Date	12/19/2022	12/19/2022
Notional Amount	$ 5,959,779	$ 5,480,126
Notional Value	6,184,063	5,604,563
Unrealized Appreciation (Depreciation)	$ 224,284	$ 124,437
S&P 500 Annl Div Dec23 [Member]
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Number of Contracts Long (Short)	385	355
Expiration Date	12/18/2023	12/18/2023
Notional Amount	$ 6,082,529	$ 5,599,626
Notional Value	6,174,438	5,808,688
Unrealized Appreciation (Depreciation)	$ 91,909	$ 209,062
S&P 500 Annl Div Dec24 [Member]
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Number of Contracts Long (Short)	385	355
Expiration Date	12/23/2024	12/23/2024
Notional Amount	$ 6,179,904	$ 5,686,501
Notional Value	6,198,500	5,919,625
Unrealized Appreciation (Depreciation)	$ 18,596	$ 233,124
S&P 500 Annl Div Dec25 [Member]
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Number of Contracts Long (Short)	385	355
Expiration Date	12/22/2025	12/22/2025
Notional Amount	$ 6,275,029	$ 5,775,251
Notional Value	6,294,750	6,061,625
Unrealized Appreciation (Depreciation)	$ 19,721	$ 286,374
S&P 500 Annl Div Dec26 [Member]
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Number of Contracts Long (Short)	385	355
Expiration Date	12/21/2026	12/21/2026
Notional Amount	$ 6,377,779	$ 5,872,001
Notional Value	6,376,563	6,172,562
Unrealized Appreciation (Depreciation)	$ (1,216)	$ 300,561
S&P 500 Annl Div Dec27 [Member]
Schedules of Investments (Details) - Schedule of future contracts held by fund [Line Items]
Number of Contracts Long (Short)	385	355
Expiration Date	12/20/2027	12/20/2027
Notional Amount	$ 6,475,654	$ 5,960,001
Notional Value	6,448,750	6,274,625
Unrealized Appreciation (Depreciation)	$ (26,904)	$ 314,624

Organization (Details)

Organization (Details) - USD ($)	Dec. 22, 2017	Mar. 31, 2022
Accounting Policies [Abstract]
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 Shares, called “Baskets” as set forth in the ETFs’ current Prospectus and any prospectus supplements thereto. 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 Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
U.S. Equity Cumulative Dividends Fund-Series 2027 [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Designated amounts	$ 0
U.S. Equity Ex-Dividend Fund-Series 2027 [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Designated amounts	$ 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy - U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] - USD ($)		Mar. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities		$ 31,814,231	$ 33,020,279
Total Other Financial Instruments	[1]	326,389	1,468,182
U.S. Treasury Obligations [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities		31,814,231	33,020,279
Unrealized Appreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]	354,510	1,468,182
Unrealized Depreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]	(28,120)
Level 1 [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities
Total Other Financial Instruments	[1]	326,389	1,468,182
Level 1 [Member] | U.S. Treasury Obligations [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities
Level 1 [Member] | Unrealized Appreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]	354,510	1,468,182
Level 1 [Member] | Unrealized Depreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]	(28,120)
Level 2 [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities		31,814,231	33,020,279
Total Other Financial Instruments	[1]
Level 2 [Member] | U.S. Treasury Obligations [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities		31,814,231	33,020,279
Level 2 [Member] | Unrealized Appreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]
Level 2 [Member] | Unrealized Depreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]
Level 3 [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities
Total Other Financial Instruments	[1]
Level 3 [Member] | U.S. Treasury Obligations [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Investments in Securities
Level 3 [Member] | Unrealized Appreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]
Level 3 [Member] | Unrealized Depreciation [Member]
Summary of Significant Accounting Policies (Details) - Schedule of inputs used to value the funds' investments using the fair value hierarchy [Line Items]
Total Other Financial Instruments	[1]
[1]	Futures contracts are valued at unrealized appreciation (depreciation) on the instrument.

Investments (Details)

Investments (Details)	3 Months Ended
	Mar. 31, 2022
U.S. Cumulative Dividends Index-Series 2027 [Member]
Investments (Details) [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 Index, 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.

Investments (Details) - Schedul

Investments (Details) - Schedule of futures contracts - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Long Futures Contracts [Member]
Investments (Details) - Schedule of futures contracts [Line Items]
Derivative, notional amount	$ 35,703,324	$ 24,727,781

Investments (Details) - Sched_2

Investments (Details) - Schedule of offsetting assets and liabilities - U.S. Equity Cumulative Dividends Fund-Series 2027 [Member] - USD ($)		Mar. 31, 2022	Dec. 31, 2021
Derivative Assets
Gross Amounts of Recognized Assets			$ 88,750
Gross Amounts Offset in the Statement of Financial Condition
Net Amounts Presented in the Statements of Financial Condition			88,750
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount			88,750
Gross Amounts of Recognized Liabilities		(96,250)	(22,188)
Gross Amounts Offset in the Statement of Financial Condition
Net Amounts Presented in the Statements of Financial Condition		(96,250)	(22,188)	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Cash collateral Pledged	[1]	96,250	22,188
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount
Futures Contracts [Member]
Derivative Assets
Gross Amounts of Recognized Assets			88,750
Gross Amounts Offset in the Statement of Financial Condition
Net Amounts Presented in the Statements of Financial Condition			88,750
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount			88,750
Gross Amounts of Recognized Liabilities		(96,250)	(22,188)
Gross Amounts Offset in the Statement of Financial Condition
Net Amounts Presented in the Statements of Financial Condition		(96,250)	(22,188)	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	[1]
Gross Amounts Not Offset in the Statement of Financial Condition, Cash collateral Pledged	[1]	96,250	22,188
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount
[1]	These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Agreements (Details)

Agreements (Details)	3 Months Ended
	Mar. 31, 2022
Dividend Fund [Member]
Agreements (Details) [Line Items]
Management fees payable, description	As set forth in the Prospectus, the Dividend Fund pays the Sponsor a Management Fee equal to 0.87% per year of the Dividend Fund’s average daily net assets, calculated and payable monthly in arrears, or pro rata for any partial month.

Creation and Redemption of Cr_2

Creation and Redemption of Creation Units (Details)	3 Months Ended
	Mar. 31, 2022
Creation And Redemption Of Creation Units [Abstract]
Additional variable charge	2.00%

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investment Company, Financial Highlights [Abstract]
Amounts designated	$ 0	$ 0

Financial Highlights (Details)

Financial Highlights (Details) - Schedule of financial highlights - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Schedule of financial highlights [Abstract]
NAV Beginning of Period		$ 9.51	$ 9.39
Net Investment Income/Loss	[1]	(0.01)	(0.01)
Net Realized and Unrealized Gain/Loss		(0.65)	0.72
Total from Operations		(0.66)	0.71
Distributions from Net Investment Income		(0.38)	(0.35)
Total Distributions		(0.38)	(0.35)
NAV End of Period		$ 8.47	$ 9.75
Total Return	[2]	(7.06%)	7.61%
Market Price		$ 9.24	$ 10.3
Net Assets End of Period (in Dollars)		$ 32,603	$ 22,914
Ratio of Expenses to Average Net Assets	[3]	0.87%	0.87%
Ratio of Expenses to Average Net Assets (Excluding Waivers	[3]	0.87%	0.87%
Ratio of Net Investment Income/Loss to Average Net Assets	[3]	(0.32%)	(0.45%)
Portfolio Turnover	[4]	8.00%	3.00%
[1]	Per share data calculated using average shares method.
[2]	Total return is for the period indicated and has not been annualized.
[3]	Annualized
[4]	Portfolio turnover rate is for the period indicated and has not been annualized.