10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-52603

MANAGED FUTURES PREMIER WARRINGTON L.P.

(Exact name of registrant as specified in its charter)

New York	20-3845577
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No)

c/o Warrington GP, LLC, 200 Crescent Court, Suite 520

Dallas, Texas 75201

(Address of principal executive offices) (Zip Code)

(214) 230-2100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:	None
Securities registered pursuant to Section 12(g) of the Act:	Redeemable Units of Limited Partnership Interest
	(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☒	(Do not check if a smaller reporting company)	Smaller reporting company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised Financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒

As of April 30, 2018, 42,936.8482 Limited Partnership Class A Redeemable Units were outstanding and 409.53 Limited Partnership Class D Redeemable Units were outstanding.

MANAGED FUTURES PREMIER WARRINGTON FUND L.P.

FORM 10-Q

INDEX

		Page Number
PART I — Financial Information:
Item 1.	Financial Statements:
	Statements of Financial Condition at March 31, 2018 (unaudited) and December 31, 2017 (unaudited)	3
	Condensed Schedules of Investments at March 31, 2018 (unaudited) and December 31, 2017 (unaudited)	4-5
	Statements of Income and Expenses for the three months ended March 31, 2018 and 2017 (unaudited)	6
	Statements of Changes in Partners’ Capital for the three months ended March 31, 2018 and 2017 (unaudited)	7
	Notes to Financial Statements (unaudited)	8-16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17-18
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18-19
Item 4.	Controls and Procedures	19-20
PART II — Other Information:
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 5.	Other Information	21
Item 6.	Exhibits	22-23

2

PART I

Item 1. Financial Statements

Managed Futures Premier Warrington L.P.

Statements of Financial Condition

(Unaudited)

	March 31, 2018		December 31, 2017
Assets:
Equity in trading account:
Cash	$	12,618,626	$	25,880,554
Cash margin		12,551,545		9,145,348
Options purchased, at fair value (cost $0 and $147,400 at March 31, 2018 and    December 31, 2017, respectively)		—		211,200
Total trading equity		25,170,171		35,237,102
Investments in U.S. government securities, at fair value (cost $33,090,292 and    $25,039,569 at March 31, 2018 and December 31, 2017, respectively)		33,163,466		25,107,663
Total assets	$	58,333,637	$	60,344,765
Liabilities and Partners’ Capital:
Liabilities:
Written options premium received, at fair value (premium $48,863 and $157,300 at    March 31, 2018 and December 31, 2017, respectively)	$	59,488	$	209,000
Accrued expenses:
Ongoing selling agent fees		95,904		99,043
Advisory fees		96,051		99,229
Administrative fees		48,025		49,614
Professional fees		166,371		135,185
Other		13,440		7,948
Redemptions payable		1,188,854		699,530
Total liabilities		1,668,133		1,299,549
Partners’ Capital:
General Partner, Class GP, (293.2399 and 293.0594  unit equivalents outstanding at    March 31, 2018 and December 31, 2017, respectively)		368,301		356,295
Limited Partners, Class A (43,595.3479 and 46,395.0467 Redeemable Units    outstanding at March 31, 2018 and December 31, 2017, respectively)		55,735,204		58,139,561
Limited Partners, Class D (409.5317 and 409.5317 Redeemable Units outstanding at    March 31, 2018 and December 31, 2017, respectively)		561,999		549,360
Total partners’ capital		56,665,504		59,045,216
Total liabilities and partners’ capital	$	58,333,637	$	60,344,765
Net asset value per unit:
Class A	$	1,278.47	$	1,253.14
Class D	$	1,372.31	$	1,341.44
Class GP	$	1,256.00	$	1,215.79

See accompanying notes to financial statements.

3

Managed Futures Premier Warrington L.P.

Condensed Schedule of Investments

March 31, 2018

(Unaudited)

	Face Value		Fair Value			% of Partners’ Capital
Investments in U.S. Government Securities, at Fair Value
United States
Government
Treasury Bill 0% due August 16, 2018	$	4,082,500	$	4,054,457			7.16	%
Treasury Bill 0% due July 19, 2018	$	4,087,600		4,066,313		7.18
Treasury Bill 0% due June 21, 2018	$	12,000,000		11,956,508			21.10
Treasury Bill 0% due May 24, 2018	$	6,051,800		6,037,901		10.65
Treasury Bill 0% due April 12, 2018	$	7,051,000		7,048,287		12.43
Total investments in U.S. government securities at fair value (cost    $33,090,292)			$	33,163,466			58.52	%
	Number of Contracts		Fair Value			% of Partners’ Capital
Written Options
Indices
Calls		871	$	(59,488	)		0.10	%
Total written options (premium received $48,863)				(59,488	)		0.10
Net fair value			$	(59,488	)		0.10	%

4

Managed Futures Premier Warrington L.P.

Condensed Schedule of Investments

December 31, 2017

(Unaudited)

	Face Value		Fair Value			% of Partners’ Capital
Investments in U.S. Government Securities, at Fair Value
United States
Government
Treasury Bill 0% due March 8, 2018	$	4,049,500	$	4,040,183			6.84	%
Treasury Bill 0% due February 22, 2018	$	8,037,200		8,024,662			13.59
Treasury Bill 0% due February 1, 2018	$	6,024,500		6,019,001			10.19
Treasury Bill 0% due January 4, 2018	$	7,024,400		7,023,817			11.90
Total investments in U.S. government securities at fair value (cost    $25,039,569)			$	25,107,663			42.52	%
	Number of Contracts		Fair Value			% of Partners’ Capital
Options Purchased
Indices
Puts		264	$	211,200			0.36	%
Total options purchased (cost $147,400)				211,200			0.36
Written Options
Indices
Calls		440		(11,000	)		(0.02	)
Puts		1,056		(198,000	)		(0.34	)
Total written options (premium received $157,300)				(209,000	)		(0.36	)
Net fair value			$	2,200			0.00	%

See accompanying notes to financial statements.

5

Managed Futures Premier Warrington L.P.

Statements of Income and Expenses

(Unaudited)

	For the Three Months Ended March 31,
	2018			2017
Investment Income:
Interest income	$	131,630		$	47,797
Expenses:
Ongoing selling agent fees		288,785			353,934
Clearing fees		182,986			214,989
Advisory fees		289,285			356,748
Administrative fees		144,642			178,374
Other		81,952			97,599
Total expenses		987,650			1,201,644
Net investment income (loss)		(856,020	)		(1,153,847	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		2,024,663			2,259,050
Change in net unrealized gains (losses) on open contracts		(22,725	)		573,500
Total trading results		2,001,938			2,832,550
Net income (loss) before allocation to Special Limited Partner		1,145,918			1,678,703
Allocation to Special Limited Partner		(223	)		(202,881	)
Net income (loss) available for Pro rata distribution	$	1,145,695		$	1,475,822
Net income (loss) allocation by class:
Class A	$	1,121,273		$	1,435,997
Class D	$	12,639		$	26,217
Class GP	$	11,783		$	13,608
Net asset value per unit:
Class A (43,595.3479 and 54,108.3033 units outstanding at    March 31, 2018 and 2017, respectively)	$	1,278.47		$	1,260.80
Class D (409.5317 and 409.5317 units outstanding at    March 31, 2018 and 2017, respectively)	$	1,372.31		$	1,337.83
Class GP (293.2399 and 500.1677 units outstanding at    March 31, 2018 and 2017, respectively)	$	1,256.00		$	1,173.69
Net income (loss) per unit:
Class A*	$	25.33		$	25.87
Class D*	$	30.87		$	28.50
Class GP*	$	40.21		$	41.58
Weighted average units outstanding:
Class A		45,274.59			56,068.49
Class D		409.53			920.00
Class GP		293.06			327.31

* Based on the change in net asset value per unit.

See accompanying notes to financial statements.

6

Managed Futures Premier Warrington L.P.

Statements of Changes in Partners’ Capital

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

	Class A						Class D						Class GP				Total
	Amount			Units			Amount			Units			Amount		Units		Amount			Units
Partners’ capital at    December 31, 2017	$	58,139,561			46,395.04		$	549,360			409.53		$	356,295		293.06	$	59,045,216			47,097.63
Net Income (loss) available for pro rata distribution		1,121,273			—			12,639			—			11,783		—		1,145,695			—
Subscriptions - General Partner		—			—			—			—			223		0.18		223			0.18
Redemptions - Limited Partners		(3,525,630	)		(2,799.69	)		—			—			—		—		(3,525,630	)		(2,799.69	)
Redemptions - General Partner		—			—			—			—			—		—		—			—
Partners’ capital at March 31, 2018	$	55,735,204			43,595.35		$	561,999			409.53		$	368,301		293.24	$	56,665,504			44,298.12
	Class A						Class D						Class GP				Total
	Amount			Units			Amount			Units			Amount		Units		Amount			Units
Partners’ capital at    December 31, 2016	$	70,225,435			56,865.87		$	1,204,578			920.00		$	370,552		327.31	$	71,800,565			58,113.18
Net income (loss) available for pro rata distribution		1,435,997			—			26,217			—			13,608		—		1,475,822			—
Subscriptions - General Partner		—			—			—			—			202,880		172.86		202,880			172.86
Subscriptions - Limited Partner		—			—			106,760			79.80			—		—		106,760			79.80
Redemptions - Limited Partners		(3,441,894	)		(2,757.57	)		(789,673	)		(590.27	)		—		—		(4,231,567	)		(3,347.84	)
Partners’ capital at March 31, 2017	$	68,219,538			54,108.30		$	547,882			409.53		$	587,040		500.17	$	69,354,460			55,018.00

See accompanying notes to financial statements.

7

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

1. Organization:

Managed Futures Premier Warrington L.P. (formerly known as Warrington Fund L.P.) (the “Partnership”) is a limited partnership organized on November 28, 2005, under the partnership laws of the State of New York to engage in the speculative trading of commodity interests including futures and option contracts. The Partnership does not currently intend to, but may in the future, engage in transactions in spot and forward markets. The Partnership primarily trades futures and options in the stock indices sector. The Partnership may also hold U.S. Treasury bills (“T-Bills”). The Partnership commenced trading on February 21, 2006. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Effective as of the close of business on March 31, 2015, Warrington GP, LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is beneficially owned by Scott C. Kimple. From inception to the close of business on March 31, 2015, Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (“CMF GP”) and commodity pool operator of the Partnership. On January 9, 2015, Scott C. Kimple proposed in a proxy statement (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “SEC”) and distributed to Limited Partners (defined below), that Warrington GP, LLC become the new general partner of the Partnership. The requisite number of each class of limited partnership interests approved the proposals described in the Proxy Statement, and, as a result, Warrington GP, LLC became the new general partner of the Partnership effective as of the close of business on March 31, 2015. CMF GP withdrew as the general partner of the Partnership immediately following Warrington GP, LLC becoming the Partnership’s new general partner. References to the “General Partner” herein refer to Warrington GP, LLC and/or CMF GP, as the context requires.

Effective as of the close of business on March 31, 2015, Warrington SLP, LP, a Delaware limited partnership and an affiliate of the General Partner, became a special limited partner of the Partnership (the “Special Limited Partner”) and receives a quarterly profit share allocation equal to 20% of new trading profits from the Partnership in the form of Redeemable Units, subject to a high water mark.

All of the trading decisions for the Partnership are made by Warrington Asset Management LLC (the “Advisor”), an affiliate of the General Partner, using the Strategic Trading Program (formerly, the “Core Trading Program”), a proprietary trading program.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended March 31, 2018.

On June 15, 2011, the Partnership began offering “Class A” Redeemable Units and “Class D” Redeemable Units pursuant to the offering memorandum. All outstanding Redeemable Units on June 15, 2011 were designated Class A Redeemable Units. The rights, powers, duties and obligations associated with the investment in Class A Redeemable Units were not changed. On October 1, 2011, the first Class D Redeemable Units were issued to limited partners of the Partnership (each a “Limited Partner”). Class A Redeemable Units and Class D Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a Limited Partner receives will generally depend upon the amount invested in the Partnership, although the General Partner may determine to offer Class A Redeemable Units or Class D Redeemable Units to investors in its sole discretion. On May 1, 2015, a new share class of units of general partner interest “Class GP” was initiated to accept an investment from the General Partner.

8

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

During the three months ended March 31, 2018, the Partnership’s commodity brokers were Wells Fargo Securities, LLC (“Wells Fargo”), Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), all of whom are registered futures commission merchants. Effective April 1, 2015, the Partnership entered into a futures and cleared swaps agreement with Wells Fargo (the “Wells Fargo Customer Agreement”). During the reporting period and prior periods included in this report, the Partnership engaged in futures and options trading through commodity brokerage accounts maintained at Wells Fargo.The Partnership paid Wells Fargo trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wells Fargo paid the Partnership interest on excess cash held in the Partnership’s account at rates customarily paid by Wells Fargo and as advised to the Partnership from time to time.Effective March 26, 2018, the Wells Fargo Customer Agreement was terminated. The Partnership engaged in futures and options trading through commodity brokerage accounts maintained at Wells Fargo. The Wells Fargo Customer Agreement was terminated because the Partnership is no longer engaged in such trading through accounts at Wells Fargo. The Partnership continues to engage in such trading through commodity brokerage accounts at Wedbush and ADM.

Effective April 21, 2017, the Partnership entered into a commodity futures customer agreement with Wedbush (the “Wedbush Customer Agreement”); however, the Partnership did not engage in any trading activity through Wedbush until June 26, 2017. The Partnership pays Wedbush trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wedbush does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned.

Effective March 13, 2017, the Partnership entered into a commodity futures customer agreement with ADM (the “ADM Customer Agreement”); however, the Partnership did not engage in any trading activity through ADM until April 6, 2017. The Partnership pays ADM trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, ADM does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned.  

The Partnership maintains a continuing services agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the continuing services agreement, Morgan Stanley Wealth Management will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Morgan Stanley Wealth Management (the “MS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Morgan Stanley Wealth Management shall continue only for as long as the MS Interests remain outstanding.

The Partnership maintains a selling agreement with Robert W. Baird & Co. Incorporated (“Baird”). Pursuant to the selling agreement, Baird will receive a monthly ongoing selling agent fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. With respect to current Limited Partners that are customers of Baird, the Partnership shall pay Baird a monthly ongoing maintenance fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units for services provided to such current Limited Partners.

The Partnership maintains a continuing services agreement with Credit Suisse Securities (USA) LLC. Pursuant to the continuing services agreement, Credit Suisse Securities (USA) LLC will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Credit Suisse Securities (USA) LLC (the “CS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Credit Suisse Securities (USA) LLC shall continue only for as long as the CS Interests remain outstanding.

9

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

2. Basis of Presentation and Summary of Significant Accounting Policies:

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition and condensed schedule of investments at March 31, 2018 and December 31, 2017, the results of its operations for the three months ended March 31, 2018 and 2017 and changes in partners’ capital for the three months ended March 31, 2018 and 2017. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the SEC as of and for the year ended December 31, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017.

The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

The General Partner and each Limited Partner share in the profits and losses of the Partnership, after the allocation to the Special Limited Partner, in proportion to the amount of Partnership interest owned by each, except that no Limited Partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any.

The Partnership’s trading of futures and options contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges. During the three month periods ended March 31, 2018 and 2017, the Partnership engaged in such trading through commodity brokerage accounts with Wells Fargo, Wedbush and ADM.

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Partnership’s Investments: The fair value of exchange-traded futures and options contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period.

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

The Partnership’s investments in U.S. government securities as of March 31, 2018 consist of short-term T-Bills. The T-Bills are reported at cost plus accrued interest, which approximates fair value.

Investment Company Status: Based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of FASB Accounting Standards Codification Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

Income Taxes: Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

10

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

The Partnership adopted the provisions of ASU 2014-09 – Revenue from Contracts with Customers for the period ended March 31, 2018.  The General Partner reviewed the requirements of this new standard and based upon the trading activities of the Partnership, there were no changes in the recognition of investment income or trading activities.  In addition, the disclosure provisions of the standard did not have a material impact.

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2017.

3. Financial Highlights:

Financial highlights for each Limited Partner Class for the three months ended March 31, 2018 and 2017 were as follows:

	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Class A			Class D			Class A			Class D
Net realized and unrealized gains (losses)	$	44.06		$	47.24		$	49.69		$	52.75
Interest Income		2.87			3.08			0.83			0.88
Expenses		(21.60	)		(19.45	)		(24.65	)		(25.13	)
Increase (decrease) for the period		25.33			30.87			25.87			28.50
Net asset value per unit, beginning of    period		1,253.14			1,341.44			1,234.93			1,309.33
Net asset value per unit, end of period	$	1,278.47		$	1,372.31		$	1,260.80		$	1,337.83

	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income (loss)**		(0.4	)%		(0.3	)%		(6.6	)%		(5.3	)%
Allocation to Special Limited Partner		—	%		(0.0	)%		(0.3	)%		(0.5	)%
Net investment income (loss) after allocation to Special Limited Partner		(0.4	)%		(0.3	)%		(6.9	)%		(5.8	)%
Operating expenses		0.4	%		0.4	%		6.8	%		5.6	%
Allocation to Special Limited Partner		—	%		(0.0	)%		0.3	%		0.5	%
Total expenses		0.4	%		0.4	%		7.1	%		6.1	%
Total return:
Total return before allocation to Special    Limited Partner		2.0	%		2.3	%		2.4	%		2.7	%
Allocation to Special Limited Partner		—	%		(0.0	)%		(0.3	)%		(0.5	)%
Total return after allocation to Special    Limited Partner		2.0	%		2.3	%		2.1	%		2.2	%

* Annualized (except allocation to Special Limited Partner, if applicable).

** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios and total return are calculated for the Limited Partner Classes using the Limited Partners’ share of income, expenses and average net assets.

11

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

4. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses.

The Wedbush Customer Agreement and the ADM Customer Agreement give, and the Wells Fargo customer agreement between the Partnership and Morgan Stanley & Co. LLC (“MS&Co.”) gave the Partnership the legal right to net unrealized gains and losses on open futures and option contracts. The Partnership netted as applicable, for financial reporting purposes, the unrealized gains and losses on open futures and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” have been met.

Ongoing selling agent fees paid to Baird, Morgan Stanley Wealth Management and Credit Suisse Securities (USA) LLC were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions.

Trading and transaction fees are based on the number of trades executed by the Advisor for the Partnership. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “clearing fees”) paid to Wedbush, ADM and executing brokers, as applicable, are, and all clearing fees paid to Wells Fargo and MS&Co. were, borne by the Partnership.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of option contracts held during the three months ended March 31, 2018 and 2017 were 580,  and 4,370,  respectively.

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at March 31, 2018 and December 31, 2017, respectively.

									Gross Amounts not Offset in the Statement of Financial Condition
March 31, 2018	Gross Amounts Recognized			GrossAmounts Offsetinthe Statementof Financial Condition		Amounts Presentedinthe Statementof Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged		Net Amount
Liabilities
Written options	$	(59,488	)	$	—	$	(59,488	)	$	—	$	—	$	(59,488	)
Total liabilities		(59,488	)		—		(59,488	)		—		—		(59,488	)
Net fair value													$	(59,488	)

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2017	Gross Amounts Recognized			GrossAmounts Offsetinthe Statementof Financial Condition		Amounts Presentedinthe Statementof Financial Condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	211,200		$	—	$	211,200		$	(209,000	)	$	—	$	2,200
Total assets		211,200			—		211,200			(209,000	)		—		2,200
Liabilities
Written options	$	(209,000	)	$	—	$	(209,000	)	$	209,000		$	—	$	—
Total liabilities		(209,000	)		—		(209,000	)		209,000			—		—
Net fair value														$	2,200

12

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of March 31, 2018 and December 31, 2017, respectively.

	March 31, 2018
Liabilities
Written options premium received
Indices	$	(59,488	)
Total written options premium received	$	(59,488	)	**

* This amount is in “Options purchased, at fair value” on the Statement of Financial Condition.

** This amount is in “Written options, at fair value” on the Statement of Financial Condition.

	December 31, 2017
Assets
Options purchased
Indices	$	211,200
Total options purchased	$	211,200		*
Liabilities
Written options premium received
Indices	$	(209,000	)
Total written options premium received	$	(209,000	)	**

* This amount is in “Options purchased, at fair value” on the Statement of Financial Condition.

** This amount is in “Written options, at fair value” on the Statement of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2018 and 2017.

	Three Months Ended March 31,
Sector	2018				2017
Net realized gains (losses) on closed contracts	$	2,024,663			$	2,259,050
Change in net unrealized gains (losses) on open contracts		(22,725	)			573,500
Total trading results	$	2,001,938		***	$	2,832,550	***

*** This amount is included in “Total trading results” on the Statements of Income and Expenses.

The following table rolls forward the transactions in Options Written for the three-month period ended March 31, 2018.

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options, beginning of year		440		$	308,550		$	16,500			1,056		$	660,000		$	140,800
Options written		8,382			6,068,495			472,525			21,466			14,067,909			9,948,750
Options exercised		—			—			—			—			—			—
Options expired		(7,071	)		(5,138,381	)		(401,662	)		(14,949	)		(9,775,765	)		(5,558,400	)
Options closed		(880	)		(621,500	)		(38,500	)		(7,573	)		(4,952,144	)		(4,531,150	)
Outstanding options, end of year		871		$	617,164		$	48,863			-		$	-		$	-

13

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

5. Fair Value Measurements:

Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.

The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of futures and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the three-month period ended March 31, 2018 and the twelve-month period ended December 31, 2017, the Partnership did not hold any derivative instruments for which market quotations were not readily available and which were priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Any transfers between levels are recognized at the beginning of the period. During the three months ended March 31, 2018 and the twelve months ended December 31, 2017, there were no transfers of assets or liabilities between Level 1 and Level 2.

	Total March 31, 2018		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments in U.S. government securities, at    fair value	$	33,163,466	$	—		$	33,163,466	$	—
Options purchased		—		—			—		—
Total assets		33,163,466		—			33,163,466		—
Liabilities
Written options	$	59,488	$	59,488		$	—	$	—
Total liabilities		59,488		59,488			—		—
Net fair value	$	33,103,978	$	(59,488	)	$	33,163,466	$	—

14

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

	Total December 31, 2017		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments in U.S. government securities, at    fair value	$	25,107,663	$	—	$	25,107,663	$	—
Options purchased		211,200		211,200		—		—
Total assets		25,318,863		211,200		25,107,663		—
Liabilities
Written options	$	209,000	$	209,000	$	—	$	—
Total liabilities		209,000		209,000		—		—
Net fair value	$	25,109,863	$	2,200	$	25,107,663	$	—

6. Financial Instrument Risks:

In the normal course of business, the Partnership is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments on specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward and option contracts. OTC contracts are negotiated between contracting parties and include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer, or seller, of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s current contracts are traded OTC, although contracts may be traded OTC in the future.

Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500^® Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership on each business day, depending on the daily fluctuations in the value of the underlying instruments, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses.

Options. The Partnership may purchase and write (sell), both exchange listed and OTC, options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership writes an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Partnership purchases an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.

15

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

March 31, 2018

(Unaudited)

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership had credit risk and concentration risk during the reporting period and prior periods included in this report, as MS&Co. and/or Wells Fargo, Wedbush and ADM, or their affiliates, were the sole counterparties or brokers with respect to the Partnership’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or Wells Fargo, Wedbush or ADM, or their affiliates, the Partnership’s counterparty is an exchange or clearing organization. The Partnership continues to be subject to such risks with respect toWedbush and ADM.

The Partnership’s trading will be concentrated in exchange-traded futures and options on the S&P 500^® Index. Concentration in a limited number of commodity interests may subject the Partnership’s account to greater volatility than if a more diversified portfolio of contracts were traded on behalf of the Partnership.

As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership does not consider these contracts to be guarantees.

The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and, accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

         The risk to the Limited Partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

7. Subsequent Events:

The General Partner evaluated events that occurred after the balance sheet date but before financial statements were issued and included in this Quarterly Report on Form 10-Q. The General Partner has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

16

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity and Capital Resources

The Partnership does not engage in sales of goods or services. Its only assets are its equity in its trading account (consisting of cash and cash margin and options purchased at fair value) and investments in U.S. government securities, at fair value. Because of the low margin deposits normally required in commodity trading, relatively small price movements may result in substantial losses to the Partnership. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the first three months of 2018.

The Partnership’s capital consists of capital contributions of its partners, as increased or decreased by realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions and redemptions of Redeemable Units and distributions of profits, if any.

For the three months ended March 31, 2018, the Partnership’s capital decreased 4.0% from $59,045,216 to $56,665,504. This decrease was attributable to redemptions of 2,799.69 Class A Redeemable Units Units totaling $3,525,630 which was partially offset by net income of $1,145,695 and Class GP additions of 0.18 units totaling $223. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

The preparation of financial statements and accompanying notes in conformity with GAAP requires the General Partner 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 income and expense during the reporting period. The General Partner believes that the estimates and assumptions utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership’s significant accounting policies are described in detail in Note 2 of the December 31, 2017 annual Financial Statements.

The Partnership records all investments at fair value in its financial statements, with changes in fair value reported as a component of net realized gains (losses) on closed contracts and change in net unrealized gains (losses) on open contracts in the Statements of Income and Expenses.

Results of Operations

During the Partnership’s first quarter of 2018, the net asset value per Class A unit increased 2.0% from $1,253.14 to $1,278.47, as compared to an increase of 2.1% in the first quarter of 2017. During the Partnership’s first quarter of 2018, the net asset value per Class D unit increased 2.3% from $1,341.44 to $1,372.31, as compared to an increase of 2.2% in the first quarter of 2017. The Partnership experienced a net trading gain before fees and expenses and interest income in the first quarter of 2018 of $2,001,938. Gains were primarily attributable to the trading of commodity futures in the S&P 500^® Index Futures, S&P 500^® Index Calls and the S&P 500^® Index Puts. The Partnership experienced a net trading gain before fees and expenses and interest income in the first quarter of 2017 of $2,832,550. Gains were primarily attributable to the trading of commodity futures in the S&P 500^® Index Futures, S&P 500^® Index Calls and S&P 500^® Index Puts.

During the first quarter of 2018, the Partnership recorded gross trading gains in S&P 500^® Index options. The most significant gains were achieved during February as volatility in S&P 500^®  Index prices expanded rapidly provided the Partnership with multiple profit opportunities as the S&P 500^® Index declined substantially. The Partnership used positions at multiple expiration dates to capture gains and aggregate to a positive gross return for the quarter. The Partnership recorded gross gains in March as well due to the continued volatility expansion with nominal gross losses in January.

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility of profit. The profitability of the Partnership depends on the existence of major price trends and the ability of the Advisor to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Advisor is able to identify them, the Partnership expects to increase capital through operations.

17

During the reporting period and prior periods covered by this report, interest income was earned at Wells Fargo at 90% of the 90-day U.S. Treasury bill discount rate on assets maintained in cash and on a percentage of the Partnership’s assets that are directly invested in T-Bills.Wedbush and ADM do not pay interest on assets maintained in cash in the Partnership’s brokerage accounts. Interest income for the three months ended March 31, 2018 increased by $83,833as compared to the corresponding period in 2017. The increase in the three months ended March 31, 2018 in interest income is due to higher U.S. Treasury bill rates, as compared to the corresponding period in 2017. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership during the reporting period and prior periods covered by this report depended on the average daily equity in the Partnership’s account, and upon interest rates over which the Partnership and Wells Fargo had no control.

Ongoing selling agent fees are calculated on the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset value. Ongoing selling agent fees for the three months ended March 31, 2018 decreased by $65,149 as compared to the corresponding period in 2017. This decrease is due to lower average net assets during the three months ended March 31, 2018, as compared to the corresponding period in 2017.

Clearing fees are based on the number of trades executed by the Advisor for the Partnership. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees for the three months ended March 31, 2018 decreased by $32,003  as compared to the corresponding period in 2017. The decrease in clearing fees is primarily due to a decrease in the number of trades executed during the three months ended March 31, 2018, as compared to the corresponding period in 2017. All clearing fees are borne by the Partnership.

Advisory fees, which are paid to the Advisor, are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Advisory fees for the three months ended March 31, 2018 decreased by $67,463 as compared to the corresponding period in 2017. The decrease in advisory fees is due to lower average net assets during the three months ended March 31, 2018, as compared to the corresponding period in 2017.

Administrative fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Administrative fees for the three months ended March 31, 2018 decreased by $33,732 as compared to the corresponding period in 2017. The decrease in administrative fees is due to lower average net assets during the three months ended March 31, 2018, as compared to the corresponding period in 2017.

Special Limited Partner profit share allocations are based on the new trading profits earned by the Advisor on behalf of the Partnership, at the end of the quarter, as defined in the limited partnership agreement among the Partnership, the General Partner, the Special Limited Partner and the Advisor. There was a profit share allocation of $223 for the three months ended March 31, 2018 and a profit share allocation of $202,881 made for the corresponding period in 2017.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The Partnership is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or substantially all of the Partnership’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

The limited partners will not be liable for losses exceeding the current net asset value of their investment.

Market movements result in frequent changes in the fair value of the Partnership’s open positions and, consequently, in its earnings and cash balances. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open contracts and the liquidity of the markets in which it trades.

The Partnership rapidly acquires and liquidates both long and short positions. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

18

“Value at Risk” is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s experience to date (i.e., “risk of ruin”). In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s losses in any market sector will be limited to Value at Risk or by the Partnership’s attempts to manage its market risk.

Exchange margin requirements have been used by the Partnership as the measure of its Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99% of any one-day interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market sensitive instruments. The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of  March 31, 2018 and December 31, 2017, and the highest, lowest and average values during the three months ended March 31, 2018 and the twelve months ended December 31, 2017. All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below. There has been no material change in the trading Value at Risk information previously disclosed in the Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2017.

As of March 31, 2018, the Partnership’s total capitalization was $56,665,504.

March 31, 2018

						Three months ended March 31, 2018**
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Indices	$	12,551,545		22.2	%	$	47,415,656	$	—	$	25,526,123
Total	$	12,551,545		22.2	%

As of December 31, 2017, the Partnership’s total capitalization was $59,045,216.

December 31, 2017

						Twelve months ended December 31, 2017**
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Indices	$	9,145,348		15.49	%	$	57,846,005	$	5,812,514	$	32,345,619
Total	$	9,145,348		15.49	%

* Average of month-end Values at Risk.

** Based upon daily Values at Risk.

Item 4. Controls and Procedures

The Partnership’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Partnership on the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods expected in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Partnership in the reports it files is accumulated and communicated to the General Partner, including the Sole Manager of the General Partner, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

The General Partner is responsible for ensuring that there is an adequate and effective process for establishing, maintaining and evaluating disclosure controls and procedures for the Partnership’s external disclosures.

19

The General Partner’s Sole Manager has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2018, and, based on that evaluation, the General Partner’s Sole Manager has concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

The Partnership’s internal control over financial reporting is a process under the supervision of the General Partner’s Sole Manager to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

• provide reasonable assurance that (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and (ii) the Partnership’s receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

• provide reasonable assurance regarding prevention or timely detection and correction of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended March 31, 2018, that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

20

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

There are no material legal proceedings pending against the Partnership or the General Partner.

Item 1A. Risk Factors

There have been no material changes to the risk factors set forth under Part 1, Item 1A. “Risk Factors” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

For the three months ended March 31, 2018, there were no subscriptions of Class A or Class D Redeemable Units.

The following chart sets forth the purchases of Redeemable Units by the Partnership.

Period	Class A (a) Total Number of Shares (or Redeemable Units) Purchased*		Class A (b) Average Price Paid per Share (or Redeemable Unit)**		Class D (a) Total Number of Shares (or Redeemable Units) Purchased*		Class D (b) Average Price Paid per Share (or Redeemable Unit)**	(c) Total Number of Shares (or Redeemable Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Redeemable Units) that May Yet Be Purchased Under the Plans or Programs
January 1, 2018 - January 31, 2018		1,491.57	$	1,246.33		—	N/A	N/A	N/A
February 1, 2018 - February 28, 2018		378.22	$	1,263.26		—	N/A	N/A	N/A
March 1, 2018 - March 31, 2018		929.90	$	1,278.47		—	N/A	N/A	N/A
Total		2,799.69	$	1,259.29		—	N/A

* Generally, Limited Partners are permitted to redeem their Redeemable Units as of the last day of each month on three business days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although to date the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for Limited Partners.

** Redemptions of Redeemable Units are effected as of the last day of each month at the net asset value per Redeemable Unit as of that day. No fee will be charged for redemptions.

Item 3. Defaults Upon Senior Securities – None

Item 4. Mine Safety Disclosures – Not Applicable

Item 5. Other Information – None

21

Item 6. Exhibits

3.1	(a)	Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated November 21, 2005 (filed as Exhibit 3.1 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).
	(b)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 19, 2008 (filed as Exhibit 3.1(b) to the quarterly report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).
	(c)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 25, 2009 (filed as Exhibit 99.1 to the current report on Form 8-K filed on September 30, 2009 and incorporated herein by reference).
	(d)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated June 29, 2010 (filed as Exhibit 3.1(d) to the current report on Form 8-K filed on July 2, 2010 and incorporated herein by reference).
	(e)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 2, 2011 (filed as Exhibit 3.1 to the current report on Form 8-K filed on September 7, 2011 and incorporated herein by reference).
	(f)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated November 27, 2012 (filed as Exhibit 3.1 to the current report on Form 8-K filed on January 3, 2013 and incorporated herein by reference).
	(g)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated August 7, 2013 (filed as Exhibit 3.1(g) to the quarterly report on Form 10-Q filed on August 14, 2013 and incorporated herein by reference).
	(h)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated May 8, 2015 (filed as Exhibit 3.1(h) to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
3.2		Sixth Amended and Restated Limited Partnership Agreement, effective as of the close of business on March 31, 2015 (filed as Exhibit 3.2 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.1		Investment Management Agreement among the Partnership, Warrington GP, LLC and Warrington Asset Management LLC effective as of the close of business on March 31, 2015 (filed as Exhibit 10.1 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.2		Futures and Cleared Swaps Agreement between the Partnership and Wells Fargo Securities, LLC, dated March 16, 2015 (filed as Exhibit 10.2 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.3		Continuing Services Agreement among the Partnership, Warrington GP, LLC, Warrington Asset Management LLC and Morgan Stanley Smith Barney LLC, dated March 31, 2015 (filed as Exhibit 10.3 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.4		Form of Subscription Agreement (filed as Exhibit 10.4 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.5		Selling Agreement among the Partnership, Warrington GP, LLC and Robert W. Baird & Co. Incorporated, dated March 31, 2015 (filed as Exhibit 10.5 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.6		Continuing Services Agreement among the Partnership, Warrington GP, LLC, Warrington Asset Management LLC and Credit Suisse Securities (USA) LLC, dated March 31, 2015 (filed as Exhibit 10.6 to the quarterly report on Form 10-Q filed on May 14, 2015 and incorporated herein by reference).
10.7		Commodity Futures Contracts Customer Agreement between the Partnership and Wedbush Securities, Inc., dated April 21, 2017 (filed as Exhibit 10.7 to the quarterly report on Form 10-Q filed on August 14, 2017 and incorporated herein by reference).

22

10.8		Commodity Futures Contracts Customer Agreement between the Partnership and ADM Investor Services, Inc., dated March 13, 2017 (filed as Exhibit 10.8 to the quarterly report on Form 10-Q filed on August 14, 2017 and incorporated herein by reference).
10.9	(a)	Customer Agreement between the Partnership and CGM, dated February 17, 2005 (filed as Exhibit 10.2 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).
	(b)	Amended and Restated Commodity Futures Customer Agreement between the Partnership and MS&Co., effective August 15, 2013 (filed as Exhibit 10.2(b) to the quarterly report on Form 10-Q filed on November 14, 2013 and incorporated herein by reference).
10.10	(a)	Amended and Restated Agency Agreement among the Partnership, the General Partner and CGM, dated April 26, 2007 (filed as Exhibit 10.3 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).
	(b)	Alternative Investment Selling Agent Agreement among the Partnership, the General Partner and Morgan Stanley Wealth Management, effective October 1, 2013 (filed as Exhibit 10.3(b) to the quarterly report on Form 10-Q filed on November 14, 2013 and incorporated herein by reference).
	(c)	Letter Amendment to the Alternative Investment Selling Agent Agreement among the Partnership, the General Partner and Morgan Stanley Wealth Management, effective April 1, 2014 (filed as Exhibit 10.3(c) to the quarterly report on Form 10-Q filed on May 15, 2014 and incorporated herein by reference).
	(d)	Letter amending the Alternative Investment Selling Agent Agreement among the Partnership, the General Partner and Morgan Stanley Wealth Management, effective October 1, 2014 (filed as Exhibit 10.3(d) to the quarterly report on Form 10-Q filed on August 13, 2014 and incorporated herein by reference).
10.11	(a)	Commodity Futures Contracts Customer Agreement between the Partnership and Wedbush Securities, Inc., dated April 21, 2017 (filed as Exhibit 10.7 to the quarterly report on Form 10-Q filed on August 14, 2017 and incorporated herein by reference).
	(b)	Commodity Futures Contracts Customer Agreement between the Partnership and ADM Investor Services, Inc., dated March 13, 2017 (filed as Exhibit 10.8 to the quarterly report on Form 10-Q filed on August 14, 2017 and incorporated herein by reference).
		The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by reference.
31.1		Rule 13a-14(a)/15d-14(a) Certification (Certification of Sole Manager) (filed herewith).
32.1		Section 1350 Certification (Certification of Sole Manager) (filed herewith).
101. INS		XBRL Instance Document.
101. SCH		XBRL Taxonomy Extension Schema Document.
101. CAL		XBRL Taxonomy Extension Calculation Linkbase Document.
101. LAB		XBRL Taxonomy Extension Label Linkbase Document.
101. PRE		XBRL Taxonomy Extension Presentation Linkbase Document.
101. DEF		XBRL Taxonomy Extension Definition Linkbase Document

23

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MANAGED FUTURES PREMIER WARRINGTON L.P.

By:	Warrington GP, LLC
	(General Partner)

By:	/s/ Scott C. Kimple
	Scott C. Kimple
	Sole Manager
	(Principal Executive Officer)
	(Principal Financial Officer)

Date: May 15, 2018

24

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Scott C. Kimple, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Managed Futures Premier Warrington L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2018

/s/ Scott C. Kimple

Scott C. Kimple

Warrington GP, LLC

Sole Manager

(Principal Executive Officer)

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Managed Futures Premier Warrington L.P. (the “Partnership”) on Form 10-Q for the period ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Scott C. Kimple, Sole Manager of Warrington GP, LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Scott C. Kimple

Scott C. Kimple

Warrington GP, LLC

Sole Manager

(Principal Executive Officer)

(Principal Financial Officer)

Date: May 15, 2018

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001353282
Entity Registrant Name	MANAGED FUTURES PREMIER WARRINGTON L.P.
Entity Central Index Key	0001353282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		42,936.8482
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		409.53

XML

Statements of Financial Condition - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Equity in trading account:
Cash	$ 12,618,626	$ 25,880,554
Cash margin	12,551,545	9,145,348
Options purchased, at fair value (cost $0 and $147,400 at March 31, 2018 and December 31, 2017, respectively)		211,200
Total trading equity	25,170,171	35,237,102
Total assets	58,333,637	60,344,765
Liabilities:
Written options premium received, at fair value (premium $48,863 and $157,300 at March 31, 2018 and December 31, 2017, respectively)	59,488	209,000
Accrued expenses:
Ongoing selling agent fees	95,904	99,043
Advisory fees	96,051	99,229
Administrative fees	48,025	49,614
Professional fees	166,371	135,185
Other	13,440	7,948
Redemptions payable	1,188,854	699,530
Total liabilities	1,668,133	1,299,549
Partners’ Capital:
Total partners’ capital	56,665,504	59,045,216
Total liabilities and partners’ capital	58,333,637	60,344,765
U.S. Government Securities [Member]
Equity in trading account:
Investments in U.S. government securities, at fair value (cost $33,090,292 and $25,039,569 at March 31, 2018 and December 31, 2017, respectively)	33,163,466	25,107,663
Class GP [Member]
Partners’ Capital:
General Partner, Class GP, (293.2399 and 293.0594 unit equivalents outstanding at March 31, 2018 and December 31, 2017, respectively)	368,301	356,295
Total partners’ capital	$ 368,301	$ 356,295
Net asset value per unit:
Net asset value per unit	$ 1,256.00	$ 1,215.79
Class A [Member]
Partners’ Capital:
Limited Partners	$ 55,735,204	$ 58,139,561
Total partners’ capital	$ 55,735,204	$ 58,139,561
Net asset value per unit:
Net asset value per unit	$ 1,278.47	$ 1,253.14
Class D [Member]
Partners’ Capital:
Limited Partners	$ 561,999	$ 549,360
Total partners’ capital	$ 561,999	$ 549,360
Net asset value per unit:
Net asset value per unit	$ 1,372.31	$ 1,341.44

XML

Statements of Financial Condition (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Cost of options purchased	$ 0	$ 147,400
Cost of investments in securities	33,090,292	25,039,569
Premium received	$ 48,863	$ 157,300
Class GP [Member]
General Partner unit equivalents outstanding	293.2399	293.0594
Class A [Member]
Limited Partners Redeemable units outstanding	43,595.3479	46,395.0467
Class D [Member]
Limited Partners Redeemable units outstanding	409.5317	409.5317

XML

Condensed Schedule of Investments	Mar. 31, 2018 USD ($) Contract	Dec. 31, 2017 USD ($) Contract
Schedule of Investments [Line Items]
% of Partners’ Capital	0.10%	0.00%
Fair Value	$ (59,488)	$ (209,000)
Net fair value	$ (59,488)	2,200
Fair Value		$ 211,200
Call or Put Written Options [Member]
Schedule of Investments [Line Items]
% of Partners’ Capital	0.10%	(0.36%)
Fair Value	$ (59,488)	$ (209,000)
Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
% of Partners’ Capital		0.36%
Fair Value		$ 211,200
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Fair Value	$ 33,163,466	$ 25,107,663
% of Partners’ Capital	58.52%	42.52%
United States Government Treasury Bills [Member] | Treasury Bill 0% due August 16, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,082,500
Fair Value	$ 4,054,457
% of Partners’ Capital	7.16%
United States Government Treasury Bills [Member] | Treasury Bill 0% due July 19, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 4,087,600
Fair Value	$ 4,066,313
% of Partners’ Capital	7.18%
United States Government Treasury Bills [Member] | Treasury Bill 0% due June 21, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 12,000,000
Fair Value	$ 11,956,508
% of Partners’ Capital	21.10%
United States Government Treasury Bills [Member] | Treasury Bill 0% due May 24, 2018[Member]
Schedule of Investments [Line Items]
Face Value	$ 6,051,800
Fair Value	$ 6,037,901
% of Partners’ Capital	10.65%
United States Government Treasury Bills [Member] | Treasury Bill 0% due April 12, 2018 [Member]
Schedule of Investments [Line Items]
Face Value	$ 7,051,000
Fair Value	$ 7,048,287
% of Partners’ Capital	12.43%
United States Government Treasury Bills [Member] | Treasury Bill 0% due March 8, 2018 [Member]
Schedule of Investments [Line Items]
Face Value		$ 4,049,500
Fair Value		$ 4,040,183
% of Partners’ Capital		6.84%
United States Government Treasury Bills [Member] | Treasury Bill 0% due February 22, 2018 [Member]
Schedule of Investments [Line Items]
Face Value		$ 8,037,200
Fair Value		$ 8,024,662
% of Partners’ Capital		13.59%
United States Government Treasury Bills [Member] | Treasury Bill 0% due February 1, 2018 [Member]
Schedule of Investments [Line Items]
Face Value		$ 6,024,500
Fair Value		$ 6,019,001
% of Partners’ Capital		10.19%
United States Government Treasury Bills [Member] | Treasury Bill 0% due January 4, 2018 [Member]
Schedule of Investments [Line Items]
Face Value		$ 7,024,400
Fair Value		$ 7,023,817
% of Partners’ Capital		11.90%
Call Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	871	440
% of Partners’ Capital	0.10%	(0.02%)
Fair Value	$ (59,488)	$ (11,000)
Put Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		1,056
% of Partners’ Capital		(0.34%)
Fair Value		$ (198,000)
Put Option [Member] | Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		264
% of Partners’ Capital		0.36%
Fair Value		$ 211,200

XML

Condensed Schedule of Investments (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 33,090,292	$ 25,039,569
Options purchased at cost		147,400
Premium received	48,863	157,300
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 33,090,292	$ 25,039,569
Treasury Bill 0% due August 16, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Aug. 16, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due July 19, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jul. 19, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due June 21, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jun. 21, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due May 24, 2018[Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	May 24, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due April 12, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Apr. 12, 2018
Investment, Interest rate	0.00%
Treasury Bill 0% due March 8, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Mar. 08, 2018
Investment, Interest rate		0.00%
Treasury Bill 0% due February 22, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Feb. 22, 2018
Investment, Interest rate		0.00%
Treasury Bill 0% due February 1, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Feb. 01, 2018
Investment, Interest rate		0.00%
Treasury Bill 0% due January 4, 2018 [Member] | United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Jan. 04, 2018
Investment, Interest rate		0.00%

XML

Statements of Income and Expenses - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Investment Income:
Interest income		$ 131,630	$ 47,797
Expenses:
Ongoing selling agent fees		288,785	353,934
Clearing fees		182,986	214,989
Advisory fees		289,285	356,748
Administrative fees		144,642	178,374
Other		81,952	97,599
Total expenses		987,650	1,201,644
Net investment income (loss)		(856,020)	(1,153,847)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		2,024,663	2,259,050
Change in net unrealized gains (losses) on open contracts		(22,725)	573,500
Total trading results		2,001,938	2,832,550
Net income (loss) before allocation to Special Limited Partner		1,145,918	1,678,703
Allocation to Special Limited Partner		(223)	(202,881)
Net income (loss):
Net income (loss)		1,145,695	1,475,822
Class A [Member]
Net income (loss):
Net income (loss)		$ 1,121,273	$ 1,435,997
Net asset value per unit:
Net asset value per unit		$ 1,278.47	$ 1,260.80
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 25.33	$ 25.87
Weighted average units outstanding:
Weighted average units outstanding		45,274.59	56,068.49
Class D [Member]
Net income (loss):
Net income (loss)		$ 12,639	$ 26,217
Net asset value per unit:
Net asset value per unit		$ 1,372.31	$ 1,337.83
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 30.87	$ 28.50
Weighted average units outstanding:
Weighted average units outstanding		409.53	920.00
Class GP [Member]
Net income (loss):
Net income (loss)		$ 11,783	$ 13,608
Net asset value per unit:
Net asset value per unit		$ 1,256.00	$ 1,173.69
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 40.21	$ 41.58
Weighted average units outstanding:
Weighted average units outstanding		293.06	327.31

[1] Based on the change in net asset value per unit.

XML

Statements of Income and Expenses (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class A [Member]
Units outstanding	43,595.3479	54,108.3033
Class D [Member]
Units outstanding	409.5317	409.5317
Class GP [Member]
Units outstanding	293.2399	500.1677

XML

Statements of Changes in Partners' Capital - USD ($)	Total	General Partner [Member]	Limited Partners [Member]	Class A [Member]	Class A [Member] Limited Partners [Member]	Class D [Member]	Class D [Member] Limited Partners [Member]	Class GP [Member]	Class GP [Member] General Partner [Member]
Partners' capital, Amount, beginning balance at Dec. 31, 2016	$ 71,800,565			$ 70,225,435		$ 1,204,578		$ 370,552
Partners' capital, Units, beginning balance at Dec. 31, 2016	58,113.18			56,865.87		920.00		327.31
Net income (loss) available for pro rata distribution	$ 1,475,822			$ 1,435,997		$ 26,217		$ 13,608
Subscriptions, Amount		$ 202,880	$ 106,760				$ 106,760		$ 202,880
Subscriptions, Units		172.86	79.80				79.80		172.86
Redemptions, Amount			$ (4,231,567)		$ (3,441,894)		$ (789,673)
Redemptions, Units			(3,347.84)		(2,757.57)		(590.27)
Partners' capital, Amount, ending balance at Mar. 31, 2017	$ 69,354,460			$ 68,219,538		$ 547,882		$ 587,040
Partners' capital, Units, ending balance at Mar. 31, 2017	55,018.00			54,108.30		409.53		500.17
Partners' capital, Amount, beginning balance at Dec. 31, 2017	$ 59,045,216			$ 58,139,561		$ 549,360		$ 356,295
Partners' capital, Units, beginning balance at Dec. 31, 2017	47,097.63			46,395.04		409.53		293.06
Net income (loss) available for pro rata distribution	$ 1,145,695			$ 1,121,273		$ 12,639		$ 11,783
Subscriptions, Amount		$ 223							$ 223
Subscriptions, Units		0.18							0.18
Redemptions, Amount			$ (3,525,630)		$ (3,525,630)
Redemptions, Units			(2,799.69)		(2,799.69)
Partners' capital, Amount, ending balance at Mar. 31, 2018	$ 56,665,504			$ 55,735,204		$ 561,999		$ 368,301
Partners' capital, Units, ending balance at Mar. 31, 2018	44,298.12			43,595.35		409.53		293.24

XML

Organization

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Organization

1. Organization:

Managed Futures Premier Warrington L.P. (formerly known as Warrington Fund L.P.) (the “Partnership”) is a limited partnership organized on November 28, 2005, under the partnership laws of the State of New York to engage in the speculative trading of commodity interests including futures and option contracts. The Partnership does not currently intend to, but may in the future, engage in transactions in spot and forward markets. The Partnership primarily trades futures and options in the stock indices sector. The Partnership may also hold U.S. Treasury bills (“T-Bills”). The Partnership commenced trading on February 21, 2006. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Effective as of the close of business on March 31, 2015, Warrington GP, LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is beneficially owned by Scott C. Kimple. From inception to the close of business on March 31, 2015, Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (“CMF GP”) and commodity pool operator of the Partnership. On January 9, 2015, Scott C. Kimple proposed in a proxy statement (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “SEC”) and distributed to Limited Partners (defined below), that Warrington GP, LLC become the new general partner of the Partnership. The requisite number of each class of limited partnership interests approved the proposals described in the Proxy Statement, and, as a result, Warrington GP, LLC became the new general partner of the Partnership effective as of the close of business on March 31, 2015. CMF GP withdrew as the general partner of the Partnership immediately following Warrington GP, LLC becoming the Partnership’s new general partner. References to the “General Partner” herein refer to Warrington GP, LLC and/or CMF GP, as the context requires.

Effective as of the close of business on March 31, 2015, Warrington SLP, LP, a Delaware limited partnership and an affiliate of the General Partner, became a special limited partner of the Partnership (the “Special Limited Partner”) and receives a quarterly profit share allocation equal to 20% of new trading profits from the Partnership in the form of Redeemable Units, subject to a high water mark.

All of the trading decisions for the Partnership are made by Warrington Asset Management LLC (the “Advisor”), an affiliate of the General Partner, using the Strategic Trading Program (formerly, the “Core Trading Program”), a proprietary trading program.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended March 31, 2018.

On June 15, 2011, the Partnership began offering “Class A” Redeemable Units and “Class D” Redeemable Units pursuant to the offering memorandum. All outstanding Redeemable Units on June 15, 2011 were designated Class A Redeemable Units. The rights, powers, duties and obligations associated with the investment in Class A Redeemable Units were not changed. On October 1, 2011, the first Class D Redeemable Units were issued to limited partners of the Partnership (each a “Limited Partner”). Class A Redeemable Units and Class D Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a Limited Partner receives will generally depend upon the amount invested in the Partnership, although the General Partner may determine to offer Class A Redeemable Units or Class D Redeemable Units to investors in its sole discretion. On May 1, 2015, a new share class of units of general partner interest “Class GP” was initiated to accept an investment from the General Partner.

During the three months ended March 31, 2018, the Partnership’s commodity brokers were Wells Fargo Securities, LLC (“Wells Fargo”), Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), all of whom are registered futures commission merchants. Effective April 1, 2015, the Partnership entered into a futures and cleared swaps agreement with Wells Fargo (the “Wells Fargo Customer Agreement”). During the reporting period and prior periods included in this report, the Partnership engaged in futures and options trading through commodity brokerage accounts maintained at Wells Fargo.The Partnership paid Wells Fargo trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wells Fargo paid the Partnership interest on excess cash held in the Partnership’s account at rates customarily paid by Wells Fargo and as advised to the Partnership from time to time. Effective March 26, 2018, the Wells Fargo Customer Agreement was terminated. The Partnership engaged in futures and options trading through commodity brokerage accounts maintained at Wells Fargo. The Wells Fargo Customer Agreement was terminated because the Partnership is no longer engaged in such trading through accounts at Wells Fargo. The Partnership continues to engage in such trading through commodity brokerage accounts at Wedbush and ADM.

Effective April 21, 2017, the Partnership entered into a commodity futures customer agreement with Wedbush (the “Wedbush Customer Agreement”); however, the Partnership did not engage in any trading activity through Wedbush until June 26, 2017. The Partnership pays Wedbush trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wedbush does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned.

Effective March 13, 2017, the Partnership entered into a commodity futures customer agreement with ADM (the “ADM Customer Agreement”); however, the Partnership did not engage in any trading activity through ADM until April 6, 2017. The Partnership pays ADM trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, ADM does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned.  

The Partnership maintains a continuing services agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the continuing services agreement, Morgan Stanley Wealth Management will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Morgan Stanley Wealth Management (the “MS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Morgan Stanley Wealth Management shall continue only for as long as the MS Interests remain outstanding.

The Partnership maintains a selling agreement with Robert W. Baird & Co. Incorporated (“Baird”). Pursuant to the selling agreement, Baird will receive a monthly ongoing selling agent fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. With respect to current Limited Partners that are customers of Baird, the Partnership shall pay Baird a monthly ongoing maintenance fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units for services provided to such current Limited Partners.

The Partnership maintains a continuing services agreement with Credit Suisse Securities (USA) LLC. Pursuant to the continuing services agreement, Credit Suisse Securities (USA) LLC will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Credit Suisse Securities (USA) LLC (the “CS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Credit Suisse Securities (USA) LLC shall continue only for as long as the CS Interests remain outstanding.

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Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies:

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition and condensed schedule of investments at March 31, 2018 and December 31, 2017, the results of its operations for the three months ended March 31, 2018 and 2017 and changes in partners’ capital for the three months ended March 31, 2018 and 2017. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the SEC as of and for the year ended December 31, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017.

The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

The General Partner and each Limited Partner share in the profits and losses of the Partnership, after the allocation to the Special Limited Partner, in proportion to the amount of Partnership interest owned by each, except that no Limited Partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any.

The Partnership’s trading of futures and options contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges. During the three month periods ended March 31, 2018 and 2017, the Partnership engaged in such trading through commodity brokerage accounts with Wells Fargo, Wedbush and ADM.

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Partnership’s Investments: The fair value of exchange-traded futures and options contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period.

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

The Partnership’s investments in U.S. government securities as of March 31, 2018 consist of short-term T-Bills. The T-Bills are reported at cost plus accrued interest, which approximates fair value.

Investment Company Status: Based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of FASB Accounting Standards Codification Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

Income Taxes: Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Partnership adopted the provisions of ASU 2014-09 – Revenue from Contracts with Customers for the period ended March 31, 2018.  The General Partner reviewed the requirements of this new standard and based upon the trading activities of the Partnership, there were no changes in the recognition of investment income or trading activities.  In addition, the disclosure provisions of the standard did not have a material impact.

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2017.

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Financial Highlights

3 Months Ended

Mar. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Financial Highlights

3. Financial Highlights:

Financial highlights for each Limited Partner Class for the three months ended March 31, 2018 and 2017 were as follows:

	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Class A			Class D			Class A			Class D
Net realized and unrealized gains (losses)	$	44.06		$	47.24		$	49.69		$	52.75
Interest Income		2.87			3.08			0.83			0.88
Expenses		(21.60	)		(19.45	)		(24.65	)		(25.13	)
Increase (decrease) for the period		25.33			30.87			25.87			28.50
Net asset value per unit, beginning of    period		1,253.14			1,341.44			1,234.93			1,309.33
Net asset value per unit, end of period	$	1,278.47		$	1,372.31		$	1,260.80		$	1,337.83

	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income (loss)**		(0.4	)%		(0.3	)%		(6.6	)%		(5.3	)%
Allocation to Special Limited Partner		—	%		(0.0	)%		(0.3	)%		(0.5	)%
Net investment income (loss) after allocation to Special Limited Partner		(0.4	)%		(0.3	)%		(6.9	)%		(5.8	)%
Operating expenses		0.4	%		0.4	%		6.8	%		5.6	%
Allocation to Special Limited Partner		—	%		(0.0	)%		0.3	%		0.5	%
Total expenses		0.4	%		0.4	%		7.1	%		6.1	%
Total return:
Total return before allocation to Special    Limited Partner		2.0	%		2.3	%		2.4	%		2.7	%
Allocation to Special Limited Partner		—	%		(0.0	)%		(0.3	)%		(0.5	)%
Total return after allocation to Special    Limited Partner		2.0	%		2.3	%		2.1	%		2.2	%

* Annualized (except allocation to Special Limited Partner, if applicable).

** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios and total return are calculated for the Limited Partner Classes using the Limited Partners’ share of income, expenses and average net assets.

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Trading Activities

3 Months Ended

Mar. 31, 2018

Brokers And Dealers [Abstract]

Trading Activities

4. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses.

The Wedbush Customer Agreement and the ADM Customer Agreement give, and the Wells Fargo customer agreement between the Partnership and Morgan Stanley & Co. LLC (“MS&Co.”) gave the Partnership the legal right to net unrealized gains and losses on open futures and option contracts. The Partnership netted as applicable, for financial reporting purposes, the unrealized gains and losses on open futures and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” have been met.

Ongoing selling agent fees paid to Baird, Morgan Stanley Wealth Management and Credit Suisse Securities (USA) LLC were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions.

Trading and transaction fees are based on the number of trades executed by the Advisor for the Partnership. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “clearing fees”) paid to Wedbush, ADM and executing brokers, as applicable, are, and all clearing fees paid to Wells Fargo and MS&Co. were, borne by the Partnership.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of option contracts held during the three months ended March 31, 2018 and 2017 were 580,  and 4,370,  respectively.

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at March 31, 2018 and December 31, 2017, respectively.

									Gross Amounts not Offset in the Statement of Financial Condition
March 31, 2018	Gross Amounts Recognized			GrossAmounts Offsetinthe Statementof Financial Condition		Amounts Presentedinthe Statementof Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged		Net Amount
Liabilities
Written options	$	(59,488	)	$	—	$	(59,488	)	$	—	$	—	$	(59,488	)
Total liabilities		(59,488	)		—		(59,488	)		—		—		(59,488	)
Net fair value													$	(59,488	)

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2017	Gross Amounts Recognized			GrossAmounts Offsetinthe Statementof Financial Condition		Amounts Presentedinthe Statementof Financial Condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	211,200		$	—	$	211,200		$	(209,000	)	$	—	$	2,200
Total assets		211,200			—		211,200			(209,000	)		—		2,200
Liabilities
Written options	$	(209,000	)	$	—	$	(209,000	)	$	209,000		$	—	$	—
Total liabilities		(209,000	)		—		(209,000	)		209,000			—		—
Net fair value														$	2,200

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of March 31, 2018 and December 31, 2017, respectively.

	March 31, 2018
Liabilities
Written options premium received
Indices	$	(59,488	)
Total written options premium received	$	(59,488	)	**

* This amount is in “Options purchased, at fair value” on the Statement of Financial Condition.

** This amount is in “Written options, at fair value” on the Statement of Financial Condition.

	December 31, 2017
Assets
Options purchased
Indices	$	211,200
Total options purchased	$	211,200		*
Liabilities
Written options premium received
Indices	$	(209,000	)
Total written options premium received	$	(209,000	)	**

* This amount is in “Options purchased, at fair value” on the Statement of Financial Condition.

** This amount is in “Written options, at fair value” on the Statement of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2018 and 2017.

	Three Months Ended March 31,
Sector	2018				2017
Net realized gains (losses) on closed contracts	$	2,024,663			$	2,259,050
Change in net unrealized gains (losses) on open contracts		(22,725	)			573,500
Total trading results	$	2,001,938		***	$	2,832,550	***

*** This amount is included in “Total trading results” on the Statements of Income and Expenses.

The following table rolls forward the transactions in Options Written for the three-month period ended March 31, 2018.

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options, beginning of year		440		$	308,550		$	16,500			1,056		$	660,000		$	140,800
Options written		8,382			6,068,495			472,525			21,466			14,067,909			9,948,750
Options exercised		—			—			—			—			—			—
Options expired		(7,071	)		(5,138,381	)		(401,662	)		(14,949	)		(9,775,765	)		(5,558,400	)
Options closed		(880	)		(621,500	)		(38,500	)		(7,573	)		(4,952,144	)		(4,531,150	)
Outstanding options, end of year		871		$	617,164		$	48,863			-		$	-		$	-

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Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements:

Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.

The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of futures and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the three-month period ended March 31, 2018 and the twelve-month period ended December 31, 2017, the Partnership did not hold any derivative instruments for which market quotations were not readily available and which were priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Any transfers between levels are recognized at the beginning of the period. During the three months ended March 31, 2018 and the twelve months ended December 31, 2017, there were no transfers of assets or liabilities between Level 1 and Level 2.

	Total March 31, 2018		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments in U.S. government securities, at    fair value	$	33,163,466	$	—		$	33,163,466	$	—
Options purchased		—		—			—		—
Total assets		33,163,466		—			33,163,466		—
Liabilities
Written options	$	59,488	$	59,488		$	—	$	—
Total liabilities		59,488		59,488			—		—
Net fair value	$	33,103,978	$	(59,488	)	$	33,163,466	$	—

	Total December 31, 2017		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments in U.S. government securities, at    fair value	$	25,107,663	$	—	$	25,107,663	$	—
Options purchased		211,200		211,200		—		—
Total assets		25,318,863		211,200		25,107,663		—
Liabilities
Written options	$	209,000	$	209,000	$	—	$	—
Total liabilities		209,000		209,000		—		—
Net fair value	$	25,109,863	$	2,200	$	25,107,663	$	—

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Financial Instrument Risks

3 Months Ended

Mar. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instrument Risks

6. Financial Instrument Risks:

In the normal course of business, the Partnership is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments on specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward and option contracts. OTC contracts are negotiated between contracting parties and include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer, or seller, of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s current contracts are traded OTC, although contracts may be traded OTC in the future.

Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500^® Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership on each business day, depending on the daily fluctuations in the value of the underlying instruments, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses.

Options. The Partnership may purchase and write (sell), both exchange listed and OTC, options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership writes an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Partnership purchases an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership had credit risk and concentration risk during the reporting period and prior periods included in this report, as MS&Co. and/or Wells Fargo, Wedbush and ADM, or their affiliates, were the sole counterparties or brokers with respect to the Partnership’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or Wells Fargo, Wedbush or ADM, or their affiliates, the Partnership’s counterparty is an exchange or clearing organization. The Partnership continues to be subject to such risks with respect to Wedbush and ADM.

The Partnership’s trading will be concentrated in exchange-traded futures and options on the S&P 500^® Index. Concentration in a limited number of commodity interests may subject the Partnership’s account to greater volatility than if a more diversified portfolio of contracts were traded on behalf of the Partnership.

As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership does not consider these contracts to be guarantees.

The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and, accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

         The risk to the Limited Partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

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Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events:

The General Partner evaluated events that occurred after the balance sheet date but before financial statements were issued and included in this Quarterly Report on Form 10-Q. The General Partner has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Use of Estimates

The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Partnership's Investments

Partnership’s Investments: The fair value of exchange-traded futures and options contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period.

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

The Partnership’s investments in U.S. government securities as of March 31, 2018 consist of short-term T-Bills. The T-Bills are reported at cost plus accrued interest, which approximates fair value.

Investment Company Status

Investment Company Status: Based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of FASB Accounting Standards Codification Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

Income Taxes

Income Taxes: Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Partnership's Fair Value Measurements

Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Financial Highlights for Each Limited Partner Class

Financial highlights for each Limited Partner Class for the three months ended March 31, 2018 and 2017 were as follows:

	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Class A			Class D			Class A			Class D
Net realized and unrealized gains (losses)	$	44.06		$	47.24		$	49.69		$	52.75
Interest Income		2.87			3.08			0.83			0.88
Expenses		(21.60	)		(19.45	)		(24.65	)		(25.13	)
Increase (decrease) for the period		25.33			30.87			25.87			28.50
Net asset value per unit, beginning of    period		1,253.14			1,341.44			1,234.93			1,309.33
Net asset value per unit, end of period	$	1,278.47		$	1,372.31		$	1,260.80		$	1,337.83

Summary of Ratios to Average Net Assets

	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income (loss)**		(0.4	)%		(0.3	)%		(6.6	)%		(5.3	)%
Allocation to Special Limited Partner		—	%		(0.0	)%		(0.3	)%		(0.5	)%
Net investment income (loss) after allocation to Special Limited Partner		(0.4	)%		(0.3	)%		(6.9	)%		(5.8	)%
Operating expenses		0.4	%		0.4	%		6.8	%		5.6	%
Allocation to Special Limited Partner		—	%		(0.0	)%		0.3	%		0.5	%
Total expenses		0.4	%		0.4	%		7.1	%		6.1	%
Total return:
Total return before allocation to Special    Limited Partner		2.0	%		2.3	%		2.4	%		2.7	%
Allocation to Special Limited Partner		—	%		(0.0	)%		(0.3	)%		(0.5	)%
Total return after allocation to Special    Limited Partner		2.0	%		2.3	%		2.1	%		2.2	%

* Annualized (except allocation to Special Limited Partner, if applicable).

** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

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Trading Activities (Tables)

3 Months Ended

Mar. 31, 2018

Brokers And Dealers [Abstract]

Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at March 31, 2018 and December 31, 2017, respectively.

									Gross Amounts not Offset in the Statement of Financial Condition
March 31, 2018	Gross Amounts Recognized			GrossAmounts Offsetinthe Statementof Financial Condition		Amounts Presentedinthe Statementof Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged		Net Amount
Liabilities
Written options	$	(59,488	)	$	—	$	(59,488	)	$	—	$	—	$	(59,488	)
Total liabilities		(59,488	)		—		(59,488	)		—		—		(59,488	)
Net fair value													$	(59,488	)

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2017	Gross Amounts Recognized			GrossAmounts Offsetinthe Statementof Financial Condition		Amounts Presentedinthe Statementof Financial Condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	211,200		$	—	$	211,200		$	(209,000	)	$	—	$	2,200
Total assets		211,200			—		211,200			(209,000	)		—		2,200
Liabilities
Written options	$	(209,000	)	$	—	$	(209,000	)	$	209,000		$	—	$	—
Total liabilities		(209,000	)		—		(209,000	)		209,000			—		—
Net fair value														$	2,200

Gross Fair Values of Derivative Instruments of Futures and Option Contracts as Separate Assets and Liabilities

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of March 31, 2018 and December 31, 2017, respectively.

	March 31, 2018
Liabilities
Written options premium received
Indices	$	(59,488	)
Total written options premium received	$	(59,488	)	**

* This amount is in “Options purchased, at fair value” on the Statement of Financial Condition.

** This amount is in “Written options, at fair value” on the Statement of Financial Condition.

	December 31, 2017
Assets
Options purchased
Indices	$	211,200
Total options purchased	$	211,200		*
Liabilities
Written options premium received
Indices	$	(209,000	)
Total written options premium received	$	(209,000	)	**

* This amount is in “Options purchased, at fair value” on the Statement of Financial Condition.

** This amount is in “Written options, at fair value” on the Statement of Financial Condition.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2018 and 2017.

	Three Months Ended March 31,
Sector	2018				2017
Net realized gains (losses) on closed contracts	$	2,024,663			$	2,259,050
Change in net unrealized gains (losses) on open contracts		(22,725	)			573,500
Total trading results	$	2,001,938		***	$	2,832,550	***

*** This amount is included in “Total trading results” on the Statements of Income and Expenses.

Summary of Transactions in Options Written

The following table rolls forward the transactions in Options Written for the three-month period ended March 31, 2018.

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options, beginning of year		440		$	308,550		$	16,500			1,056		$	660,000		$	140,800
Options written		8,382			6,068,495			472,525			21,466			14,067,909			9,948,750
Options exercised		—			—			—			—			—			—
Options expired		(7,071	)		(5,138,381	)		(401,662	)		(14,949	)		(9,775,765	)		(5,558,400	)
Options closed		(880	)		(621,500	)		(38,500	)		(7,573	)		(4,952,144	)		(4,531,150	)
Outstanding options, end of year		871		$	617,164		$	48,863			-		$	-		$	-

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs

During the three months ended March 31, 2018 and the twelve months ended December 31, 2017, there were no transfers of assets or liabilities between Level 1 and Level 2.

	Total March 31, 2018		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments in U.S. government securities, at    fair value	$	33,163,466	$	—		$	33,163,466	$	—
Options purchased		—		—			—		—
Total assets		33,163,466		—			33,163,466		—
Liabilities
Written options	$	59,488	$	59,488		$	—	$	—
Total liabilities		59,488		59,488			—		—
Net fair value	$	33,103,978	$	(59,488	)	$	33,163,466	$	—

	Total December 31, 2017		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments in U.S. government securities, at    fair value	$	25,107,663	$	—	$	25,107,663	$	—
Options purchased		211,200		211,200		—		—
Total assets		25,318,863		211,200		25,107,663		—
Liabilities
Written options	$	209,000	$	209,000	$	—	$	—
Total liabilities		209,000		209,000		—		—
Net fair value	$	25,109,863	$	2,200	$	25,107,663	$	—

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Organization - Additional Information (Detail)		3 Months Ended
	Mar. 31, 2015	Mar. 31, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Incentive fee	20.00%
Class A [Member] | Morgan Stanley Wealth Management [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ongoing selling agent fees		0.1667%
Ongoing selling agent fees per year		2.00%
Class A [Member] | Robert W- Baird And Company [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ongoing selling agent fees		0.1667%
Ongoing selling agent fees per year		2.00%
Class A [Member] | Robert W- Baird And Company [Member] | Customer Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of maintenance fee		0.1667%
Maintenance fees per year		2.00%
Class A [Member] | Credit Suisse Securities (USA) LLC [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ongoing selling agent fees		0.1667%
Ongoing selling agent fees per year		2.00%
Class D [Member] | Morgan Stanley Wealth Management [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ongoing selling agent fees		0.0625%
Ongoing selling agent fees per year		0.75%
Class D [Member] | Robert W- Baird And Company [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ongoing selling agent fees		0.0625%
Ongoing selling agent fees per year		0.75%
Class D [Member] | Robert W- Baird And Company [Member] | Customer Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of maintenance fee		0.0625%
Maintenance fees per year		0.75%
Class D [Member] | Credit Suisse Securities (USA) LLC [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ongoing selling agent fees		0.0625%
Ongoing selling agent fees per year		0.75%

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Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018 USD ($)
Accounting Policy [Line Items]
Provision for income tax	$ 0
Latest Tax Year [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2017
Earliest Tax Year [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2014

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Financial Highlights - Schedule of Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ 44.06	$ 49.69
Interest Income	2.87	0.83
Expenses	(21.60)	(24.65)
Increase (decrease) for the period	25.33	25.87
Net asset value per unit, beginning of period	1,253.14	1,234.93
Net asset value per unit, end of period	1,278.47	1,260.80
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	47.24	52.75
Interest Income	3.08	0.88
Expenses	(19.45)	(25.13)
Increase (decrease) for the period	30.87	28.50
Net asset value per unit, beginning of period	1,341.44	1,309.33
Net asset value per unit, end of period	$ 1,372.31	$ 1,337.83

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Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(0.40%)	(6.60%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	(0.30%)
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(0.40%)	(6.90%)
Ratios to Average Net Assets, Operating expenses	0.40%	6.80%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.30%
Ratios to Average Net Assets, Total expenses	0.40%	7.10%
Total return:
Total return before allocation to Special Limited Partner	2.00%	2.40%
Total return, Allocation to Special Limited Partner	0.00%	(0.30%)
Total return after allocation to Special Limited Partner	2.00%	2.10%
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(0.30%)	(5.30%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	(0.50%)
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(0.30%)	(5.80%)
Ratios to Average Net Assets, Operating expenses	0.40%	5.60%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.50%
Ratios to Average Net Assets, Total expenses	0.40%	6.10%
Total return:
Total return before allocation to Special Limited Partner	2.30%	2.70%
Total return, Allocation to Special Limited Partner	0.00%	(0.50%)
Total return after allocation to Special Limited Partner	2.30%	2.20%

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Trading Activities - Additional Information (Detail) - Contract	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Brokers And Dealers [Abstract]
Monthly average number of option contracts held	580	4,370

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Trading Activities - Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts Recognized, Assets		$ 211,200
Gross Amounts Offset in the Statement of Financial Condition, Assets		0
Amounts Presented in the Statement of Financial Condition, Assets		211,200
Financial Instruments, Assets		(209,000)
Cash Collateral Received/Pledged, Assets		0
Net Amount, Assets		2,200
Gross Amounts Recognized, Liabilities	$ (59,488)	(209,000)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(59,488)	(209,000)
Financial Instruments, Liabilities		209,000
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(59,488)	0
Net fair value	(59,488)	2,200
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets		211,200
Gross Amounts Offset in the Statement of Financial Condition, Assets		0
Amounts Presented in the Statement of Financial Condition, Assets		211,200
Financial Instruments, Assets		(209,000)
Cash Collateral Received/Pledged, Assets		0
Net Amount, Assets		2,200
Written Options [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(59,488)	(209,000)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(59,488)	(209,000)
Financial Instruments, Liabilities		209,000
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ (59,488)	$ 0

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Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Options Purchased Indices [Member]
Assets
Total options purchased		$ 211,200
Options Purchased [Member]
Assets
Total options purchased		211,200
Written Options Premium Received Indices [Member]
Liabilities
Total written options premium received	$ (59,488)	(209,000)
Written Options Premium Received [Member]
Liabilities
Total written options premium received	$ (59,488)	$ (209,000)

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Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	$ 2,024,663	$ 2,259,050
Change in net unrealized gains (losses) on open contracts	(22,725)	573,500
Total trading results	2,001,938	2,832,550
Indices [Member]
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts	2,024,663	2,259,050
Change in net unrealized gains (losses) on open contracts	(22,725)	573,500
Total trading results	$ 2,001,938	$ 2,832,550

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Trading Activities - Summary of Transactions in Options Written (Detail)	3 Months Ended
	Mar. 31, 2018 USD ($) Contract
Summary Of Investment Holdings [Line Items]
Outstanding options, Premiums Received, beginning of year	$ 157,300
Outstanding options, Premiums Received, end of year	$ 48,863
Calls [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	440
Options written, Contracts | Contract	8,382
Options expired, Contracts | Contract	(7,071)
Options closed, Contracts | Contract	(880)
Outstanding options, Contracts, end of year | Contract	871
Outstanding options, Notional, beginning of year	$ 308,550,000
Options written, Notional	6,068,495,000
Options expired, Notional	(5,138,381,000)
Options closed, Notional	(621,500,000)
Outstanding options, Notional, end of year	617,164,000
Outstanding options, Premiums Received, beginning of year	16,500
Options written, Premiums Received	472,525
Options expired, Premiums Received	(401,662)
Options closed, Premiums Received	(38,500)
Outstanding options, Premiums Received, end of year	$ 48,863
Puts [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	1,056
Options written, Contracts | Contract	21,466
Options expired, Contracts | Contract	(14,949)
Options closed, Contracts | Contract	(7,573)
Outstanding options, Notional, beginning of year	$ 660,000,000
Options written, Notional	14,067,909,000
Options expired, Notional	(9,775,765,000)
Options closed, Notional	(4,952,144,000)
Outstanding options, Premiums Received, beginning of year	140,800
Options written, Premiums Received	9,948,750
Options expired, Premiums Received	(5,558,400)
Options closed, Premiums Received	$ (4,531,150)

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Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

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Fair Value Measurements - Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 33,163,466	$ 25,318,863
Liabilities	59,488	209,000
Net fair value	33,103,978	25,109,863
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		211,200
Liabilities	59,488	209,000
Net fair value	(59,488)	2,200
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	33,163,466	25,107,663
Net fair value	33,163,466	25,107,663
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	33,163,466	25,107,663
U.S. Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	33,163,466	25,107,663
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		211,200
Options Purchased Indices [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		211,200
Written Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	59,488	209,000
Written Options [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 59,488	$ 209,000

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Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year