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 June 30, 2021

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
Title of each class	Trading Symbol(s)		Name of each exchange on which registered
N/A	N/A		N/A
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 every Interactive Data File required to be submitted 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 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  ☒ 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 July 31, 2021 14,113.27 Limited Partnership Class A Redeemable Units were outstanding and 290.73 Limited Partnership Class D Redeemable Units were outstanding.

MANAGED FUTURES PREMIER WARRINGTON L.P.

FORM 10-Q

INDEX

		Page Number
PART I — Financial Information:
Item 1.	Financial Statements:	3
	Statements of Financial Condition at June 30, 2021 (unaudited) and December 31, 2020 (unaudited)	3
	Condensed Schedules of Investments at June 30, 2021 (unaudited) and December 31, 2020 (unaudited)	4-5
	Statements of Income and Expenses for the three and six months ended June 30, 2021 and 2020 (unaudited)	6
	Statements of Changes in Partners’ Capital for the three and six months ended June 30, 2021 and 2020 (unaudited)	7
	Notes to Financial Statements (unaudited)	8-17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18-19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20
Item 4.	Controls and Procedures	21
PART II — Other Information:
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 5.	Other Information	22
Item 6.	Exhibits	23-24

2

PART I

Item 1. Financial Statements

Managed Futures Premier Warrington L.P.

Statements of Financial Condition

(Unaudited)

	June 30, 2021		December 31, 2020
Assets:
Equity in trading account:
Cash	$	10,533,574	$	18,063,606
Cash margin		8,107,091		4,427,508
Options purchased, at fair value (cost $66,750 and $198,400 at June 30, 2021 and    December 31, 2020, respectively)		40,875		129,600
Total trading equity		18,681,540		22,620,714
Total assets	$	18,681,540	$	22,620,714
Liabilities and Partners’ Capital:
Liabilities:
Written options premium received, at fair value (premium $91,500 and $211,888 at    June 30, 2021 and December 31, 2020, respectively)	$	34,500	$	145,175
Accrued expenses:
Ongoing selling agent fees		30,313		36,712
Advisory fees		30,535		37,033
Administrative fees		15,267		18,516
Professional fees		92,066		15,694
Other		3,979		9,757
Redemptions payable		—		871,665
Total liabilities		206,660		1,134,552
Partners’ Capital:
General Partner, Class GP (137.22 and 137.22  unit equivalents outstanding at    June 30, 2021 and December 31, 2020, respectively)		199,978		193,854
Limited Partners, Class A (14,151.09 and 16,648.54 Redeemable Units    outstanding at June 30, 2021 and December 31, 2020, respectively)		17,866,245		20,888,654
Limited Partners, Class D (290.73 and 290.73 Redeemable Units outstanding at    June 30, 2021 and December 31, 2020, respectively)		408,657		403,654
Total partners’ capital		18,474,880		21,486,162
Total liabilities and partners’ capital	$	18,681,540	$	22,620,714
Net asset value per unit:
Class A	$	1,262.54	$	1,254.68
Class D	$	1,405.62	$	1,388.41
Class GP	$	1,457.45	$	1,412.82

See accompanying notes to financial statements.

3

Managed Futures Premier Warrington L.P.

Condensed Schedule of Investments

June 30, 2021

(Unaudited)

	Number of Contracts		Fair Value			% of Partners’ Capital
Options Purchased
Indices
Puts		90	$	40,875			0.22
Total options purchased (cost $66,750)				40,875			0.22
Written Options
Indices
Calls	60			(750	)		(0.00	)
Puts	270			(33,750	)		(0.19	)
Total written options (premium received $91,500)				(34,500	)		(0.19	)
Net fair value			$	6,375			0.03	%
See accompanying notes to financial statements.

4

Managed Futures Premier Warrington L.P.

Condensed Schedule of Investments

December 31, 2020

(Unaudited)

	Number of Contracts		Fair Value			% of Partners’ Capital
Options Purchased
Indices
Puts		64	$	129,600			0.60	%
Total options purchased (cost $198,400)				129,600			0.60	%
Written Options
Indices
Puts		226		(145,175	)		(0.67	)
Total written options (premium received $211,888)				(145,175	)		(0.67	)
Net fair value			$	(15,575	)		(0.07	)%
See accompanying notes to financial statements.

5

Managed Futures Premier Warrington L.P.

Statements of Income and Expenses

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Investment Income:
Interest income	$	—		$	14,434		$	—		$	80,581
Expenses:
Ongoing selling agent fees		89,609			142,566			188,812			304,774
Clearing fees		68,031			68,262			134,295			159,900
Advisory fees		91,996			145,383			194,201			309,954
Administrative fees		45,998			72,692			97,100			154,978
Professional fees		72,588			74,388			142,926			148,777
Other		(1,790	)		1,134			(1,331	)		3,157
Total expenses		366,432			504,425			756,003			1,081,540
Net investment income (loss)		(366,432	)		(489,991	)		(756,003	)		(1,000,959	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		288,248			550,573			857,590			699,098
Change in net unrealized gains (losses) on open contracts		11,025			(2,926	)		33,213			11,924
Total trading results		299,273			547,647			890,803			711,022
Net income (loss) before allocation to Special Limited Partner		(67,159	)		57,656			134,800			(289,937	)
Allocation to Special Limited Partner		—			—			—			—
Net income (loss) available for pro rata distribution	$	(67,159	)	$	57,656		$	134,800		$	(289,937	)
Net income (loss) allocation by class:
Class A	$	(68,578	)	$	51,917		$	123,673		$	(291,775	)
Class D	$	(304	)	$	2,968		$	5,003		$	(1,289	)
Class GP	$	1,723		$	2,771		$	6,124		$	3,127
Net asset value per unit:
Class A (14,151.09 and 21,524.29 units outstanding at    June 30, 2021 and 2020, respectively)	$	1,262.54		$	1,264.48		$	1,262.54		$	1,264.48
Class D (290.73 and 409.53 units outstanding at    June 30, 2021 and 2020, respectively)	$	1,405.62		$	1,390.71		$	1,405.62		$	1,390.71
Class GP (137.22 and 137.22 units outstanding at    June 30, 2021 and 2020, respectively)	$	1,457.45		$	1,388.82		$	1,457.45		$	1,388.82
Net income (loss) per unit:
Class A*	$	(4.79	)	$	2.71		$	7.86		$	(10.72	)
Class D*	$	(1.04	)	$	7.25		$	17.21		$	(3.14	)
Class GP*	$	12.56		$	20.15		$	44.63		$	22.75
Weighted average units outstanding:
Class A		14,224.84			22,581.07			15,052.06			24,042.06
Class D		290.73			409.53			290.73			409.53
Class GP		137.22			137.22			137.22			137.22

* 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 and Six Months Ended June 30, 2021 and 2020

(Unaudited)

	Class A						Class D					Class GP				Total
	Amount			Units			Amount			Units		Amount		Units		Amount			Units
Partners’ capital at    December 31, 2020	$	20,888,654			16,648.54		$	403,654			290.73	$	193,854		137.22	$	21,486,162			17,076.49
Net Income (loss) available for    pro rata distribution		192,251			—			5,307			—		4,401		—		201,959			—
Allocation of Redeemable Units    to Special Limited Partner		—			—			—			—		—		—		—			—
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(2,979,760	)		(2,365.66	)		—			—		—		—		(2,979,760	)		(2,365.66	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at    March 31, 2021	$	18,101,145			14,282.88		$	408,961			290.73	$	198,255		137.22	$	18,708,361			14,710.83
Net income (loss) available for    pro rata distribution		(68,578	)		—			(304	)		—		1,723		—		(67,159	)		—
Allocation of Redeemable Units    to Special Limited Partner		—			—			—			—		—		—		—			—
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(166,322	)		(131.79	)		—			—		—		—		(166,322	)		(131.79	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at    June 30, 2021	$	17,866,245			14,151.09		$	408,657			290.73	$	199,978		137.22	$	18,474,880			14,579.04
	Class A						Class D					Class GP				Total
	Amount			Units			Amount			Units		Amount		Units		Amount			Units
Partners’ capital at    December 31, 2019	$	33,162,002			26,005.41		$	570,828			409.53	$	187,435		137.22	$	33,920,265			26,552.16
Net Income (loss) available for    pro rata distribution		(343,692	)		—			(4,257	)		—		356		—		(347,593	)		—
Allocation of Redeemable Units    to Special Limited Partner		—			—			—			—		—		—		—			—
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(3,270,154	)		(2,587.39	)		—			—		—		—		(3,270,154	)		(2,587.39	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at    March 31, 2020	$	29,548,156			23,418.02		$	566,571			409.53	$	187,791		137.22	$	30,302,518			23,964.77
Net income (loss) available for    pro rata distribution		51,917			—			2,968			—		2,771		—		57,656			—
Allocation of Redeemable Units    to Special Limited Partner		—			—			—			—		—		—		—			—
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(2,382,968	)		(1,893.73	)		—			—		—		—		(2,382,968	)		(1,893.73	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at    June 30, 2020	$	27,217,105			21,524.29		$	569,539			409.53	$	190,562		137.22	$	27,977,206			22,071.04

See accompanying notes to financial statements.

7

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

1. Organization:

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

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

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

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

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended June 30, 2021.

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

During the three and six months ended June 30, 2021, the Partnership’s commodity brokers were Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), both of whom are registered futures commission merchants.

8

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

Effective November 27, 2018, the Partnership entered into a commodity futures customer agreement with HSBC (the “HSBC Customer Agreement”); however, the Partnership did not engage in any trading activity through HSBC until September 4, 2019. The Partnership paid HSBC trading fees for the clearing and, if applicable, execution of transactions. Effective September 30, 2020, the HSBC customer agreement was terminated because the Partnership is no longer engaged in such trading through accounts at HSBC.

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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted 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. For the purposes of calculating the fees paid to Morgan Stanley Wealth Management, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted 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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted month-end net assets for Class D Redeemable Units for services provided to such current Limited Partners. For the purposes of calculating the fees paid to Baird, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted 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. For the purposes of calculating the fees paid to Credit Suisse Securities (USA) LLC, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition and condensed schedule of investments at June 30, 2021 and December 31, 2020, the results of its operations for the three and six months ended June 30, 2021 and 2020 and changes in partners’ capital for the three and six months ended June 30, 2021 and 2020. These financial statements present the results of interim periods and do not include all disclosures normally provided

9

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

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, 2020. The December 31, 2020 information has been derived from the audited financial statements as of and for the year ended December 31, 2020.

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

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

The Partnership’s trading of futures and options contracts, as applicable, on commodities is done primarily on U.S. commodity exchanges. At various times during the three and six months ended June 30, 2021 and 2020, the Partnership engaged in such trading through commodity brokerage accounts with Wedbush, ADM and HSBC.

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

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

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below in Note 5 “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

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 2018 through 2020 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2020.

10

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

3. Financial Highlights:

Financial highlights for each Limited Partner Class for the three and six months ended June 30, 2021 and 2020 were as follows:

	For the Three Months Ended June 30, 2021						For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2021						For the Six Months Ended June 30, 2020
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Net realized and unrealized    gains (losses)	$	20.38		$	22.64		$	24.06		$	26.42		$	57.08		$	63.31		$	30.36		$	33.31
Interest Income		0.00			0.00			0.62			0.66			0.00			0.00			3.14			3.43
Expenses		(25.17	)		(23.68	)		(21.97	)		(19.83	)		(49.22	)		(46.10	)		(44.22	)		(39.88	)
Increase (decrease) for the       period		(4.79	)		(1.04	)		2.71			7.25			7.86			17.21			(10.72	)		(3.14	)
Net asset value per unit, beginning of period		1,267.33			1,406.66			1,261.77			1,383.46			1,254.68			1,388.41			1,275.20			1,393.85
Net asset value per unit, end of period	$	1,262.54		$	1,405.62		$	1,264.48		$	1,390.71		$	1,262.54		$	1,405.62		$	1,264.48		$	1,390.71

	For the Three Months Ended June 30, 2021						For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2021						For the Six Months Ended June 30, 2020
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income    (loss)**		(8.0	)%		(6.8	)%		(6.9	)%		(5.6	)%		(7.9	)%		(6.7	)%		(6.6	)%		(5.3	)%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Net investment income (loss) after allocation to Special Limited Partner		(8.0	)%		(6.8	)%		(6.9	)%		(5.6	)%		(7.9	)%		(6.7	)%		(6.6	)%		(5.3	)%
Operating expenses		8.0	%		6.8	%		7.1	%		5.8	%		7.9	%		6.7	%		7.1	%		5.8	%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		8.0	%		6.8	%		7.1	%		5.8	%		7.9	%		6.7	%		7.1	%		5.8	%
Total return:
Total return before allocation to Special Limited Partner		(0.4	)%		(0.1	)%		0.2	%		0.5	%		0.6	%		1.2	%		(0.8	)%		(0.2	)%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Total return after allocation to Special Limited Partner		(0.4	)%		(0.1	)%		0.2	%		0.5	%		0.6	%		1.2	%		(0.8	)%		(0.2	)%

* 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

June 30, 2021

(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 HSBC Customer Agreement 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, HSBC and other executing brokers, as applicable are (or in the case of HSBC, 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 June 30, 2021 and 2020 were 435 and 485, and the six months ended June 30, 2021 and 2020 were 303 and 243. 

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at June 30, 2021 and December 31, 2020, respectively:

									Gross Amounts not Offset in the Statements of Financial Condition
June 30, 2021	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received/ Pledged		Net Amount
Assets
Options purchased	$	40,875		$	—	$	40,875		$	(34,500	)	$	—	$	6,375
Total assets		40,875			—		40,875			(34,500	)		—		6,375
Liabilities
Written options	$	(34,500	)	$	—	$	(34,500	)	$	34,500		$	—	$	—
Total liabilities		(34,500	)		—		(34,500	)		34,500			—		—
Net fair value														$	6,375

12

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2020	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	129,600		$	—	$	129,600		$	(145,175	)	$	—	$	(15,575	)
Total assets		129,600			—		129,600			(145,175	)		—		(15,575	)
Liabilities
Written options	$	(145,175	)	$	—	$	(145,175	)	$	145,175		$	—	$	—
Total liabilities		(145,175	)		—		(145,175	)		145,175			—		—
Net fair value														$	(15,575	)

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of June 30, 2021 and December 31, 2020, respectively:

	June 30, 2021
Assets
Options purchased
Indices	$	40,875
Total options purchased	$	40,875		*
Liabilities
Written options premium received
Indices	$	(34,500	)
Total written options premium received	$	(34,500	)	**

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

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

	December 31, 2020
Assets
Options purchased
Indices	$	129,600
Total options purchased	$	129,600		*
Liabilities
Written options premium received
Indices	$	(145,175	)
Total written options premium received	$	(145,175	)	**

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

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

13

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2021 and 2020:

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
Sector-Indices	2021			2020				2021			2020
Net realized gains (losses) on closed    contracts	$	288,248		$	550,573			$	857,590		$	699,098
Change in net unrealized gains (losses) on    open contracts		11,025			(2,926	)			33,213			11,924
Total trading results	$	299,273	***	$	547,647		***	$	890,803	***	$	711,022	***

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

The following table rolls forward the transactions in Options Written for the six-month period ended June 30, 2021:

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options,    beginning of year		—		$	—		$	—			226		$	193,225		$	211,888
Options written		2,150			2,235,082			309,766			13,527			12,893,001			7,803,297
Options exercised		(15	)		(15,450	)		(93,750	)		(305	)		(307,014	)		(301,595	)
Options expired		(1,949	)		(2,028,218	)		(177,591	)		(10,413	)		(9,862,920	)		(5,457,041	)
Options closed		(126	)		(125,528	)		(33,925	)		(2,765	)		(2,638,417	)		(2,169,549	)
Outstanding options,    end of period		60		$	65,886		$	4,500			270		$	277,875		$	87,000

5. Fair Value Measurements:

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

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

14

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

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

In August 2018, the FASB issued Accounting Standards Update (ASU) 2018-13, Disclosure Framework-Changes to the Disclosure requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements, primarily as it relates to Level 3 investments. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The effect of adopting this accounting guidance did not have a material impact on the Partnership’s financial statements.

The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of futures and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the three and six-month period ended June 30, 2021 and the twelve-month period ended December 31, 2020, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Any transfers between levels are recognized at the beginning of the period. During the three and six months ended June 30, 2021 and the twelve months ended December 31, 2020, there were no transfers of assets or liabilities between Level 1 and Level 2.

	Total June 30, 2021		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Options purchased		40,875		40,875		—		—
Total assets		40,875		40,875		—		—
Liabilities
Written options	$	34,500	$	34,500	$	—	$	—
Total liabilities		34,500		34,500		—		—
Net fair value	$	6,375	$	6,375	$	—	$	—

	Total December 31, 2020			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Options purchased	$	129,600		$	129,600		$	—	$	—
Total assets		129,600			129,600			—		—
Liabilities
Written options	$	145,175		$	145,175		$	—	$	—
Total liabilities		145,175			145,175			—		—
Net fair value	$	(15,575	)	$	(15,575	)	$	—	$	—

15

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

6. Financial Instrument Risks:

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

Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500^® 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 any change in net unrealized gains (losses) on futures contracts from the preceding period 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 any change in net unrealized gains (losses) on option contracts from the preceding period are included in the Statements of Income and Expenses.

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

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

16

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2021

(Unaudited)

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.

17

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 generally its equity in its trading account (consisting of cash and cash margin, options purchased at fair value), prepaid expenses and other receivables 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 six months of 2021.

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 six months ended June 30, 2021, the Partnership’s capital decreased from $21,486,162 to $18,474,880. This decrease was attributable to redemptions of Class A Units totaling $3,146,082 and a net income of $134,800. 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, 2020 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 second quarter of 2021, the net asset value per Class A unit decreased 0.4% from $1,267.33 to $1,262.54, as compared to an increase of 0.2% in the second quarter of 2020. During the Partnership’s second quarter of 2021, the net asset value per Class D unit decreased 0.1% from $1,406.66 to $1,405.62, as compared to an increase of 0.5% in the second quarter of 2020. The Partnership experienced a net trading gain before fees and expenses and interest income in the second quarter of 2021 of $299,273. 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 second quarter of 2020 of $547,647. 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 second quarter of 2021, the Partnership recorded gross trading gains in the S&P 500^® Index. The most significant gains were achieved during May and June as moderate market volatility in the S&P 500^® Index provided profitable trading opportunities. The Partnership used positions at multiple expiration dates to capture gains and aggregate to a positive gross return for the quarter.

During the Partnership’s six months ended June 30, 2021, the net asset value per Class A unit increased 0.6% from $1,254.68 to $1,262.54, as compared to a decrease of 0.8% in the six months ended June 30, 2020. During the Partnership’s six months ended June 30, 2021, the net asset value per Class D unit increased 1.2% from $1,388.41 to $1,405.62, as compared to a decrease of 0.2% in the six months ended June 30, 2020. The Partnership experienced a net trading gain before fees and expenses and interest income in the six months ended June 30, 2021 of $890,803. Gains were primarily attributable to the trading of commodity futures in the 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 six months ended June 30, 2020 of $711,022. Gains were primarily attributable to the trading of commodity futures in the S&P 500^® Index Calls and the S&P 500^® Index Puts. During the six month period ended June 30, 2021, the Partnership recorded gross trading gains in S&P 500^® Index options. The most significant gains were achieved during February, March, May and June as the Partnership was able to profitably close out its ratio call and put spreads in multiple expirations due to market volatility over these periods. The Partnership recorded gross losses in January and April due to limited downside volatility which caused many ratio put spreads to expire worthless.

18

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, public health epidemics and pandemics, 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.

During the reporting period no interest income was earned. Wedbush and ADM do not and HSBC did not pay interest on assets maintained in cash in the Partnership’s brokerage accounts. Interest income for the three and six months ended June 30, 2021 decreased by $14,434 and $80,581, respectively, as compared to the corresponding periods in 2020. The decrease in the three and six months ended June 30, 2021 in interest income is due to no balances maintained in T-Bills as compared to the corresponding periods in 2020. Interest earned by the Partnership will increase the net asset value of the Partnership.

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 and six months ended June 30, 2021 decreased by $52,957 and $115,962, respectively, as compared to the corresponding periods in 2020. This decrease is due to lower average net assets during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020.

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 and six months ended June 30, 2021 decreased by $231 and $25,605, respectively, as compared to the corresponding periods in 2020. The decrease in clearing fees is primarily due to the lower number of trades executed during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020. 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 and six months ended June 30, 2021 decreased by $53,387 and $115,753, respectively, as compared to the corresponding periods in 2020. The decrease in advisory fees is due to lower average net assets during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020.

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 and six months ended June 30, 2021 decreased by $26,694 and $57,878, respectively, as compared to the corresponding periods in 2020. The decrease in administrative fees is due to lower average net assets during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020. 

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 no profit share allocation for the three and six months ended June 30, 2021 and no profit share allocation for the corresponding periods in 2020.

Off-Balance Sheet Arrangements and Contractual Obligations

The Partnership does not have any off-balance sheet arrangements, nor does it have contractual obligations or commercial commitments to make future payments, that would affect its liquidity or capital resources.

19

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.

“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  June 30, 2021 and December 31, 2020, and the highest, lowest and average values during the three months ended June 30, 2021 and the twelve months ended December 31, 2020. 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, 2020.

As of June 30, 2021, the Partnership’s total capitalization was $18,474,880.

June 30, 2021

						Three months ended June 30, 2021**
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Indices	$	8,107,091		43.88	%	$	16,739,830	$	—	$	9,488,461
Total	$	8,107,091		43.88	%

As of December 31, 2020, the Partnership’s total capitalization was $21,486,162.

December 31, 2020

						Twelve months ended December 31, 2020**
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Indices	$	4,427,508		20.61	%	$	33,268,029	$	—	$	12,052,683
Total	$	4,427,508		20.61	%

* Average of month-end Values at Risk.

** Based upon daily Values at Risk.

20

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.

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 June 30, 2021, 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 June 30, 2021, that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

21

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, 2020. The COVID-19 pandemic has not impacted the Partnership through June 30, 2021. The extent of the operational and financial impact the COVID-19 pandemic may have on the Partnership and its investment operations remains uncertain and is dependent on many variables, including its duration and spread, any related operational restrictions and the impact on the overall economy.  The Partnership is unable to predict how the COVID-19 pandemic will impact results.

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

For the three months ended June 30, 2021, 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
April 1, 2021 – April 30, 2021		42.33	$	1,258.37	N/A	N/A	N/A	N/A
May 1, 2021 – May 31, 2021		89.46	$	1,263.74	N/A	N/A	N/A	N/A
June 1, 2021 – June 30, 2021		—	$	1,262.54	N/A	N/A	N/A	N/A
Total		131.79	$	1,262.01	N/A	N/A	N/A	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

22

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).
4.1		Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (filed as Exhibit 4.1 to the annual report on Form 10-K filed on March 16, 2020 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).

23

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).
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		Futures and Cleared Derivatives Transactions Customer Agreement between the Partnership and HSBC Securities (USA) Inc., dated November 27, 2018 (filed as Exhibit 10.9 to the quarterly report on Form 10-Q filed on November 08, 2019 and incorporated herein by reference).
10.10	(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).
10.11	(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).
		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		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101. SCH		Inline XBRL Taxonomy Extension Schema Document.
101. CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101. LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101. PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101. DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
104.		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

24

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: August 10, 2021

25

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: August 10, 2021

/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 June 30, 2021, 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: August 10, 2021

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	MANAGED FUTURES PREMIER WARRINGTON L.P.
Entity Central Index Key	0001353282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-52603
Entity Tax Identification Number	20-3845577
Entity Address, Address Line One	c/o Warrington GP, LLC, 200 Crescent Court
Entity Address, Address Line Two	Suite 520
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	230-2100
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NY
Document Quarterly Report	true
Document Transition Report	false
Class A [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		14,113.27
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		290.73

XML

Statements of Financial Condition - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Equity in trading account:
Cash	$ 10,533,574	$ 18,063,606
Cash margin	8,107,091	4,427,508
Options purchased, at fair value (cost $66,750 and $198,400 at June 30, 2021 and December 31, 2020, respectively)	40,875	129,600
Total trading equity	18,681,540	22,620,714
Total assets	18,681,540	22,620,714
Liabilities:
Written options premium received, at fair value (premium $91,500 and $211,888 at June 30, 2021 and December 31, 2020, respectively)	34,500	145,175
Accrued expenses:
Ongoing selling agent fees	30,313	36,712
Advisory fees	30,535	37,033
Administrative fees	15,267	18,516
Professional fees	92,066	15,694
Other	3,979	9,757
Redemptions payable		871,665
Total liabilities	206,660	1,134,552
Partners’ Capital:
Total partners’ capital	18,474,880	21,486,162
Total liabilities and partners’ capital	18,681,540	22,620,714
Class GP [Member]
Partners’ Capital:
General Partner, Class GP (137.22 and 137.22 unit equivalents outstanding at June 30, 2021 and December 31, 2020, respectively)	199,978	193,854
Total partners’ capital	$ 199,978	$ 193,854
Net asset value per unit:
Net asset value per unit	$ 1,457.45	$ 1,412.82
Class A [Member]
Partners’ Capital:
Limited Partners	$ 17,866,245	$ 20,888,654
Total partners’ capital	$ 17,866,245	$ 20,888,654
Net asset value per unit:
Net asset value per unit	$ 1,262.54	$ 1,254.68
Class D [Member]
Partners’ Capital:
Limited Partners	$ 408,657	$ 403,654
Total partners’ capital	$ 408,657	$ 403,654
Net asset value per unit:
Net asset value per unit	$ 1,405.62	$ 1,388.41

XML

Statements of Financial Condition (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Cost of options purchased	$ 66,750	$ 198,400
Premium received	$ 91,500	$ 211,888
Class GP [Member]
General Partner unit equivalents outstanding	137.22	137.22
Class A [Member]
Limited Partners Redeemable units outstanding	14,151.09	16,648.54
Class D [Member]
Limited Partners Redeemable units outstanding	290.73	290.73

XML

Condensed Schedule of Investments	Jun. 30, 2021 USD ($) Contract	Dec. 31, 2020 USD ($) Contract
Schedule of Investments [Line Items]
Fair Value	$ 6,375	$ (15,575)
% of Partners’ Capital	0.03%	(0.07%)
Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Fair Value	$ 40,875	$ 129,600
% of Partners’ Capital	0.22%	0.60%
Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Fair Value	$ (34,500)	$ (145,175)
% of Partners’ Capital	(0.19%)	(0.67%)
Put Option [Member] | Call or Put Options Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	90	64
Fair Value	$ 40,875	$ 129,600
% of Partners’ Capital	0.22%	0.60%
Put Option [Member] | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	270	226
Fair Value	$ (33,750)	$ (145,175)
% of Partners’ Capital	(0.19%)	(0.67%)
Call Option | Call or Put Written Options [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	60
Fair Value	$ (750)
% of Partners’ Capital	0.00%

XML

Condensed Schedule of Investments (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Investments [Abstract]
Options purchased at cost	$ 66,750	$ 198,400
Premium received	$ 91,500	$ 211,888

XML

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investment Income:
Interest income			$ 14,434		$ 80,581
Expenses:
Ongoing selling agent fees		$ 89,609	142,566	$ 188,812	304,774
Clearing fees		68,031	68,262	134,295	159,900
Advisory fees		91,996	145,383	194,201	309,954
Administrative fees		45,998	72,692	97,100	154,978
Professional fees		72,588	74,388	142,926	148,777
Other		(1,790)	1,134	(1,331)	3,157
Total expenses		366,432	504,425	756,003	1,081,540
Net investment income (loss)		(366,432)	(489,991)	(756,003)	(1,000,959)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		288,248	550,573	857,590	699,098
Change in net unrealized gains (losses) on open contracts		11,025	(2,926)	33,213	11,924
Total trading results		299,273	547,647	890,803	711,022
Net income (loss) before allocation to Special Limited Partner		(67,159)	57,656	134,800	(289,937)
Net income (loss) available for Pro rata distribution
Net income (loss)		(67,159)	57,656	134,800	(289,937)
Class A [Member]
Net income (loss) available for Pro rata distribution
Net income (loss)		$ (68,578)	$ 51,917	$ 123,673	$ (291,775)
Net asset value per unit:
Net asset value per unit		$ 1,262.54	$ 1,264.48	$ 1,262.54	$ 1,264.48	$ 1,254.68
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ (4.79)	$ 2.71	$ 7.86	$ (10.72)
Weighted average units outstanding:
Weighted average units outstanding		14,224.84	22,581.07	15,052.06	24,042.06
Class D [Member]
Net income (loss) available for Pro rata distribution
Net income (loss)		$ (304)	$ 2,968	$ 5,003	$ (1,289)
Net asset value per unit:
Net asset value per unit		$ 1,405.62	$ 1,390.71	$ 1,405.62	$ 1,390.71	1,388.41
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ (1.04)	$ 7.25	$ 17.21	$ (3.14)
Weighted average units outstanding:
Weighted average units outstanding		290.73	409.53	290.73	409.53
Class GP [Member]
Net income (loss) available for Pro rata distribution
Net income (loss)		$ 1,723	$ 2,771	$ 6,124	$ 3,127
Net asset value per unit:
Net asset value per unit		$ 1,457.45	$ 1,388.82	$ 1,457.45	$ 1,388.82	$ 1,412.82
Net income (loss) per unit:
Net income (loss) per unit	[1]	$ 12.56	$ 20.15	$ 44.63	$ 22.75
Weighted average units outstanding:
Weighted average units outstanding		137.22	137.22	137.22	137.22

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

XML

Statements of Income and Expenses (Parenthetical) - shares	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Units outstanding	14,579.04	14,710.83	17,076.49	22,071.04	23,964.77	26,552.16
Class A [Member]
Units outstanding	14,151.09	14,282.88	16,648.54	21,524.29	23,418.02	26,005.41
Class D [Member]
Units outstanding	290.73	290.73	290.73	409.53	409.53	409.53
Class GP [Member]
Units outstanding	137.22	137.22	137.22	137.22	137.22	137.22

XML

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	Class A [Member]	Class A [Member] Limited Partners [Member]	Class D [Member]	Class GP [Member]
Partners' capital, Amount, beginning balance at Dec. 31, 2019	$ 33,920,265		$ 33,162,002		$ 570,828	$ 187,435
Partners' capital, Units, beginning balance at Dec. 31, 2019	26,552.16		26,005.41		409.53	137.22
Net Income (loss) available for pro rata distribution	$ (347,593)		$ (343,692)		$ (4,257)	$ 356
Redemptions, Amount		$ (3,270,154)		$ (3,270,154)
Redemptions, Units		(2,587.39)		(2,587.39)
Partners' capital, Amount, ending balance at Mar. 31, 2020	$ 30,302,518		$ 29,548,156		$ 566,571	$ 187,791
Partners' capital, Units, ending balance at Mar. 31, 2020	23,964.77		23,418.02		409.53	137.22
Partners' capital, Amount, beginning balance at Dec. 31, 2019	$ 33,920,265		$ 33,162,002		$ 570,828	$ 187,435
Partners' capital, Units, beginning balance at Dec. 31, 2019	26,552.16		26,005.41		409.53	137.22
Net Income (loss) available for pro rata distribution	$ (289,937)		$ (291,775)		$ (1,289)	$ 3,127
Partners' capital, Amount, ending balance at Jun. 30, 2020	$ 27,977,206		$ 27,217,105		$ 569,539	$ 190,562
Partners' capital, Units, ending balance at Jun. 30, 2020	22,071.04		21,524.29		409.53	137.22
Partners' capital, Amount, beginning balance at Mar. 31, 2020	$ 30,302,518		$ 29,548,156		$ 566,571	$ 187,791
Partners' capital, Units, beginning balance at Mar. 31, 2020	23,964.77		23,418.02		409.53	137.22
Net Income (loss) available for pro rata distribution	$ 57,656		$ 51,917		$ 2,968	$ 2,771
Redemptions, Amount		$ (2,382,968)		$ (2,382,968)
Redemptions, Units		(1,893.73)		(1,893.73)
Partners' capital, Amount, ending balance at Jun. 30, 2020	$ 27,977,206		$ 27,217,105		$ 569,539	$ 190,562
Partners' capital, Units, ending balance at Jun. 30, 2020	22,071.04		21,524.29		409.53	137.22
Partners' capital, Amount, beginning balance at Dec. 31, 2020	$ 21,486,162		$ 20,888,654		$ 403,654	$ 193,854
Partners' capital, Units, beginning balance at Dec. 31, 2020	17,076.49		16,648.54		290.73	137.22
Net Income (loss) available for pro rata distribution	$ 201,959		$ 192,251		$ 5,307	$ 4,401
Redemptions, Amount		$ (2,979,760)		$ (2,979,760)
Redemptions, Units		(2,365.66)		(2,365.66)
Partners' capital, Amount, ending balance at Mar. 31, 2021	$ 18,708,361		$ 18,101,145		$ 408,961	$ 198,255
Partners' capital, Units, ending balance at Mar. 31, 2021	14,710.83		14,282.88		290.73	137.22
Partners' capital, Amount, beginning balance at Dec. 31, 2020	$ 21,486,162		$ 20,888,654		$ 403,654	$ 193,854
Partners' capital, Units, beginning balance at Dec. 31, 2020	17,076.49		16,648.54		290.73	137.22
Net Income (loss) available for pro rata distribution	$ 134,800		$ 123,673		$ 5,003	$ 6,124
Partners' capital, Amount, ending balance at Jun. 30, 2021	$ 18,474,880		$ 17,866,245		$ 408,657	$ 199,978
Partners' capital, Units, ending balance at Jun. 30, 2021	14,579.04		14,151.09		290.73	137.22
Partners' capital, Amount, beginning balance at Mar. 31, 2021	$ 18,708,361		$ 18,101,145		$ 408,961	$ 198,255
Partners' capital, Units, beginning balance at Mar. 31, 2021	14,710.83		14,282.88		290.73	137.22
Net Income (loss) available for pro rata distribution	$ (67,159)		$ (68,578)		$ (304)	$ 1,723
Redemptions, Amount		$ (166,322)		$ (166,322)
Redemptions, Units		(131.79)		(131.79)
Partners' capital, Amount, ending balance at Jun. 30, 2021	$ 18,474,880		$ 17,866,245		$ 408,657	$ 199,978
Partners' capital, Units, ending balance at Jun. 30, 2021	14,579.04		14,151.09		290.73	137.22

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Organization

6 Months Ended

Jun. 30, 2021

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.

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

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

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended June 30, 2021.

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

During the three and six months ended June 30, 2021, the Partnership’s commodity brokers were Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), both of whom are registered futures commission merchants.

Effective November 27, 2018, the Partnership entered into a commodity futures customer agreement with HSBC (the “HSBC Customer Agreement”); however, the Partnership did not engage in any trading activity through HSBC until September 4, 2019. The Partnership paid HSBC trading fees for the clearing and, if applicable, execution of transactions. Effective September 30, 2020, the HSBC customer agreement was terminated because the Partnership is no longer engaged in such trading through accounts at HSBC.

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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted 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. For the purposes of calculating the fees paid to Morgan Stanley Wealth Management, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted 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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted month-end net assets for Class D Redeemable Units for services provided to such current Limited Partners. For the purposes of calculating the fees paid to Baird, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

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 adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted 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. For the purposes of calculating the fees paid to Credit Suisse Securities (USA) LLC, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

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Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition and condensed schedule of investments at June 30, 2021 and December 31, 2020, the results of its operations for the three and six months ended June 30, 2021 and 2020 and changes in partners’ capital for the three and six months ended June 30, 2021 and 2020. 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, 2020. The December 31, 2020 information has been derived from the audited financial statements as of and for the year ended December 31, 2020.

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

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

The Partnership’s trading of futures and options contracts, as applicable, on commodities is done primarily on U.S. commodity exchanges. At various times during the three and six months ended June 30, 2021 and 2020, the Partnership engaged in such trading through commodity brokerage accounts with Wedbush, ADM and HSBC.

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

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

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below in Note 5 “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

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 2018 through 2020 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2020.

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Financial Highlights

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Financial Highlights

3. Financial Highlights:

Financial highlights for each Limited Partner Class for the three and six months ended June 30, 2021 and 2020 were as follows:

	For the Three Months Ended June 30, 2021						For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2021						For the Six Months Ended June 30, 2020
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Net realized and unrealized    gains (losses)	$	20.38		$	22.64		$	24.06		$	26.42		$	57.08		$	63.31		$	30.36		$	33.31
Interest Income		0.00			0.00			0.62			0.66			0.00			0.00			3.14			3.43
Expenses		(25.17	)		(23.68	)		(21.97	)		(19.83	)		(49.22	)		(46.10	)		(44.22	)		(39.88	)
Increase (decrease) for the       period		(4.79	)		(1.04	)		2.71			7.25			7.86			17.21			(10.72	)		(3.14	)
Net asset value per unit, beginning of period		1,267.33			1,406.66			1,261.77			1,383.46			1,254.68			1,388.41			1,275.20			1,393.85
Net asset value per unit, end of period	$	1,262.54		$	1,405.62		$	1,264.48		$	1,390.71		$	1,262.54		$	1,405.62		$	1,264.48		$	1,390.71

	For the Three Months Ended June 30, 2021						For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2021						For the Six Months Ended June 30, 2020
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income    (loss)**		(8.0	)%		(6.8	)%		(6.9	)%		(5.6	)%		(7.9	)%		(6.7	)%		(6.6	)%		(5.3	)%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Net investment income (loss) after allocation to Special Limited Partner		(8.0	)%		(6.8	)%		(6.9	)%		(5.6	)%		(7.9	)%		(6.7	)%		(6.6	)%		(5.3	)%
Operating expenses		8.0	%		6.8	%		7.1	%		5.8	%		7.9	%		6.7	%		7.1	%		5.8	%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		8.0	%		6.8	%		7.1	%		5.8	%		7.9	%		6.7	%		7.1	%		5.8	%
Total return:
Total return before allocation to Special Limited Partner		(0.4	)%		(0.1	)%		0.2	%		0.5	%		0.6	%		1.2	%		(0.8	)%		(0.2	)%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Total return after allocation to Special Limited Partner		(0.4	)%		(0.1	)%		0.2	%		0.5	%		0.6	%		1.2	%		(0.8	)%		(0.2	)%

* 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

6 Months Ended

Jun. 30, 2021

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 HSBC Customer Agreement 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, HSBC and other executing brokers, as applicable are (or in the case of HSBC, 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 June 30, 2021 and 2020 were 435 and 485, and the six months ended June 30, 2021 and 2020 were 303 and 243. 

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at June 30, 2021 and December 31, 2020, respectively:

									Gross Amounts not Offset in the Statements of Financial Condition
June 30, 2021	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received/ Pledged		Net Amount
Assets
Options purchased	$	40,875		$	—	$	40,875		$	(34,500	)	$	—	$	6,375
Total assets		40,875			—		40,875			(34,500	)		—		6,375
Liabilities
Written options	$	(34,500	)	$	—	$	(34,500	)	$	34,500		$	—	$	—
Total liabilities		(34,500	)		—		(34,500	)		34,500			—		—
Net fair value														$	6,375

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2020	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	129,600		$	—	$	129,600		$	(145,175	)	$	—	$	(15,575	)
Total assets		129,600			—		129,600			(145,175	)		—		(15,575	)
Liabilities
Written options	$	(145,175	)	$	—	$	(145,175	)	$	145,175		$	—	$	—
Total liabilities		(145,175	)		—		(145,175	)		145,175			—		—
Net fair value														$	(15,575	)

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of June 30, 2021 and December 31, 2020, respectively:

	June 30, 2021
Assets
Options purchased
Indices	$	40,875
Total options purchased	$	40,875		*
Liabilities
Written options premium received
Indices	$	(34,500	)
Total written options premium received	$	(34,500	)	**

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

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

	December 31, 2020
Assets
Options purchased
Indices	$	129,600
Total options purchased	$	129,600		*
Liabilities
Written options premium received
Indices	$	(145,175	)
Total written options premium received	$	(145,175	)	**

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

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

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2021 and 2020:

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
Sector-Indices	2021			2020				2021			2020
Net realized gains (losses) on closed    contracts	$	288,248		$	550,573			$	857,590		$	699,098
Change in net unrealized gains (losses) on    open contracts		11,025			(2,926	)			33,213			11,924
Total trading results	$	299,273	***	$	547,647		***	$	890,803	***	$	711,022	***

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

The following table rolls forward the transactions in Options Written for the six-month period ended June 30, 2021:

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options,    beginning of year		—		$	—		$	—			226		$	193,225		$	211,888
Options written		2,150			2,235,082			309,766			13,527			12,893,001			7,803,297
Options exercised		(15	)		(15,450	)		(93,750	)		(305	)		(307,014	)		(301,595	)
Options expired		(1,949	)		(2,028,218	)		(177,591	)		(10,413	)		(9,862,920	)		(5,457,041	)
Options closed		(126	)		(125,528	)		(33,925	)		(2,765	)		(2,638,417	)		(2,169,549	)
Outstanding options,    end of period		60		$	65,886		$	4,500			270		$	277,875		$	87,000

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Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements:

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

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

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

In August 2018, the FASB issued Accounting Standards Update (ASU) 2018-13, Disclosure Framework-Changes to the Disclosure requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements, primarily as it relates to Level 3 investments. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The effect of adopting this accounting guidance did not have a material impact on the Partnership’s financial statements.

The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of futures and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the three and six-month period ended June 30, 2021 and the twelve-month period ended December 31, 2020, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Any transfers between levels are recognized at the beginning of the period. During the three and six months ended June 30, 2021 and the twelve months ended December 31, 2020, there were no transfers of assets or liabilities between Level 1 and Level 2.

	Total June 30, 2021		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Options purchased		40,875		40,875		—		—
Total assets		40,875		40,875		—		—
Liabilities
Written options	$	34,500	$	34,500	$	—	$	—
Total liabilities		34,500		34,500		—		—
Net fair value	$	6,375	$	6,375	$	—	$	—

	Total December 31, 2020			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Options purchased	$	129,600		$	129,600		$	—	$	—
Total assets		129,600			129,600			—		—
Liabilities
Written options	$	145,175		$	145,175		$	—	$	—
Total liabilities		145,175			145,175			—		—
Net fair value	$	(15,575	)	$	(15,575	)	$	—	$	—

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Financial Instrument Risks

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instrument Risks

6. Financial Instrument Risks:

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

Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500^® 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 any change in net unrealized gains (losses) on futures contracts from the preceding period 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 any change in net unrealized gains (losses) on option contracts from the preceding period are included in the Statements of Income and Expenses.

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

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

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

6 Months Ended

Jun. 30, 2021

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)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Use of Estimates

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

Partnership's Investments

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

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below in Note 5 “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

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 2018 through 2020 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)

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Financial Highlights for Each Limited Partner Class

Financial highlights for each Limited Partner Class for the three and six months ended June 30, 2021 and 2020 were as follows:

	For the Three Months Ended June 30, 2021						For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2021						For the Six Months Ended June 30, 2020
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Net realized and unrealized    gains (losses)	$	20.38		$	22.64		$	24.06		$	26.42		$	57.08		$	63.31		$	30.36		$	33.31
Interest Income		0.00			0.00			0.62			0.66			0.00			0.00			3.14			3.43
Expenses		(25.17	)		(23.68	)		(21.97	)		(19.83	)		(49.22	)		(46.10	)		(44.22	)		(39.88	)
Increase (decrease) for the       period		(4.79	)		(1.04	)		2.71			7.25			7.86			17.21			(10.72	)		(3.14	)
Net asset value per unit, beginning of period		1,267.33			1,406.66			1,261.77			1,383.46			1,254.68			1,388.41			1,275.20			1,393.85
Net asset value per unit, end of period	$	1,262.54		$	1,405.62		$	1,264.48		$	1,390.71		$	1,262.54		$	1,405.62		$	1,264.48		$	1,390.71

Summary of Ratios to Average Net Assets

	For the Three Months Ended June 30, 2021						For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2021						For the Six Months Ended June 30, 2020
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income    (loss)**		(8.0	)%		(6.8	)%		(6.9	)%		(5.6	)%		(7.9	)%		(6.7	)%		(6.6	)%		(5.3	)%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Net investment income (loss) after allocation to Special Limited Partner		(8.0	)%		(6.8	)%		(6.9	)%		(5.6	)%		(7.9	)%		(6.7	)%		(6.6	)%		(5.3	)%
Operating expenses		8.0	%		6.8	%		7.1	%		5.8	%		7.9	%		6.7	%		7.1	%		5.8	%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Total expenses		8.0	%		6.8	%		7.1	%		5.8	%		7.9	%		6.7	%		7.1	%		5.8	%
Total return:
Total return before allocation to Special Limited Partner		(0.4	)%		(0.1	)%		0.2	%		0.5	%		0.6	%		1.2	%		(0.8	)%		(0.2	)%
Allocation to Special    Limited Partner		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
Total return after allocation to Special Limited Partner		(0.4	)%		(0.1	)%		0.2	%		0.5	%		0.6	%		1.2	%		(0.8	)%		(0.2	)%

* 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)

6 Months Ended

Jun. 30, 2021

Brokers And Dealers [Abstract]

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

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at June 30, 2021 and December 31, 2020, respectively:

									Gross Amounts not Offset in the Statements of Financial Condition
June 30, 2021	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received/ Pledged		Net Amount
Assets
Options purchased	$	40,875		$	—	$	40,875		$	(34,500	)	$	—	$	6,375
Total assets		40,875			—		40,875			(34,500	)		—		6,375
Liabilities
Written options	$	(34,500	)	$	—	$	(34,500	)	$	34,500		$	—	$	—
Total liabilities		(34,500	)		—		(34,500	)		34,500			—		—
Net fair value														$	6,375

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2020	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	129,600		$	—	$	129,600		$	(145,175	)	$	—	$	(15,575	)
Total assets		129,600			—		129,600			(145,175	)		—		(15,575	)
Liabilities
Written options	$	(145,175	)	$	—	$	(145,175	)	$	145,175		$	—	$	—
Total liabilities		(145,175	)		—		(145,175	)		145,175			—		—
Net fair value														$	(15,575	)

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

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of June 30, 2021 and December 31, 2020, respectively:

	June 30, 2021
Assets
Options purchased
Indices	$	40,875
Total options purchased	$	40,875		*
Liabilities
Written options premium received
Indices	$	(34,500	)
Total written options premium received	$	(34,500	)	**

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

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

	December 31, 2020
Assets
Options purchased
Indices	$	129,600
Total options purchased	$	129,600		*
Liabilities
Written options premium received
Indices	$	(145,175	)
Total written options premium received	$	(145,175	)	**

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

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

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

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2021 and 2020:

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
Sector-Indices	2021			2020				2021			2020
Net realized gains (losses) on closed    contracts	$	288,248		$	550,573			$	857,590		$	699,098
Change in net unrealized gains (losses) on    open contracts		11,025			(2,926	)			33,213			11,924
Total trading results	$	299,273	***	$	547,647		***	$	890,803	***	$	711,022	***

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

Summary of Transactions in Options Written

The following table rolls forward the transactions in Options Written for the six-month period ended June 30, 2021:

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options,    beginning of year		—		$	—		$	—			226		$	193,225		$	211,888
Options written		2,150			2,235,082			309,766			13,527			12,893,001			7,803,297
Options exercised		(15	)		(15,450	)		(93,750	)		(305	)		(307,014	)		(301,595	)
Options expired		(1,949	)		(2,028,218	)		(177,591	)		(10,413	)		(9,862,920	)		(5,457,041	)
Options closed		(126	)		(125,528	)		(33,925	)		(2,765	)		(2,638,417	)		(2,169,549	)
Outstanding options,    end of period		60		$	65,886		$	4,500			270		$	277,875		$	87,000

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs

During the three and six months ended June 30, 2021 and the twelve months ended December 31, 2020, there were no transfers of assets or liabilities between Level 1 and Level 2.

	Total June 30, 2021		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Options purchased		40,875		40,875		—		—
Total assets		40,875		40,875		—		—
Liabilities
Written options	$	34,500	$	34,500	$	—	$	—
Total liabilities		34,500		34,500		—		—
Net fair value	$	6,375	$	6,375	$	—	$	—

	Total December 31, 2020			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Options purchased	$	129,600		$	129,600		$	—	$	—
Total assets		129,600			129,600			—		—
Liabilities
Written options	$	145,175		$	145,175		$	—	$	—
Total liabilities		145,175			145,175			—		—
Net fair value	$	(15,575	)	$	(15,575	)	$	—	$	—

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Organization - Additional Information (Detail)		6 Months Ended
	Mar. 31, 2015	Jun. 30, 2021
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)	6 Months Ended
	Jun. 30, 2021 USD ($)
Accounting Policy [Line Items]
Provision for income tax	$ 0
Latest Tax Year [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2020
Earliest Tax Year [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2018

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Financial Highlights - Schedule of Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ 20.38	$ 24.06	$ 57.08	$ 30.36
Interest Income	0.00	0.62	0.00	3.14
Expenses	(25.17)	(21.97)	(49.22)	(44.22)
Increase (decrease) for the period	(4.79)	2.71	7.86	(10.72)
Net asset value per unit, beginning of period	1,267.33	1,261.77	1,254.68	1,275.20
Net asset value per unit, end of period	1,262.54	1,264.48	1,262.54	1,264.48
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	22.64	26.42	63.31	33.31
Interest Income	0.00	0.66	0.00	3.43
Expenses	(23.68)	(19.83)	(46.10)	(39.88)
Increase (decrease) for the period	(1.04)	7.25	17.21	(3.14)
Net asset value per unit, beginning of period	1,406.66	1,383.46	1,388.41	1,393.85
Net asset value per unit, end of period	$ 1,405.62	$ 1,390.71	$ 1,405.62	$ 1,390.71

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Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(8.00%)	(6.90%)	(7.90%)	(6.60%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(8.00%)	(6.90%)	(7.90%)	(6.60%)
Ratios to Average Net Assets, Operating expenses	8.00%	7.10%	7.90%	7.10%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Total expenses	8.00%	7.10%	7.90%	7.10%
Total return:
Total return before allocation to Special Limited Partner	(0.40%)	0.20%	0.60%	(0.80%)
Total return, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Total return after allocation to Special Limited Partner	(0.40%)	0.20%	0.60%	(0.80%)
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(6.80%)	(5.60%)	(6.70%)	(5.30%)
Ratios to Average Net Assets, Net investment income (loss), Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Net investment income (loss) after allocation to Special Limited Partner	(6.80%)	(5.60%)	(6.70%)	(5.30%)
Ratios to Average Net Assets, Operating expenses	6.80%	5.80%	6.70%	5.80%
Ratios to Average Net Assets, Operating expenses, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Ratios to Average Net Assets, Total expenses	6.80%	5.80%	6.70%	5.80%
Total return:
Total return before allocation to Special Limited Partner	(0.10%)	0.50%	1.20%	(0.20%)
Total return, Allocation to Special Limited Partner	0.00%	0.00%	0.00%	0.00%
Total return after allocation to Special Limited Partner	(0.10%)	0.50%	1.20%	(0.20%)

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Trading Activities - Additional Information (Detail) - Contract	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Brokers And Dealers [Abstract]
Monthly average number of option contracts held	435	485	303	243

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Trading Activities - Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 40,875	$ 129,600
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	40,875	129,600
Financial Instruments, Assets	(34,500)	(145,175)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	6,375	(15,575)
Gross Amounts Recognized, Liabilities	(34,500)	(145,175)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(34,500)	(145,175)
Financial Instruments, Liabilities	34,500	145,175
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net fair value	6,375	(15,575)
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	40,875	129,600
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	40,875	129,600
Financial Instruments, Assets	(34,500)	(145,175)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	6,375	(15,575)
Written Options [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(34,500)	(145,175)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(34,500)	(145,175)
Financial Instruments, Liabilities	34,500	145,175
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ 0	$ 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 ($)		Jun. 30, 2021	Dec. 31, 2020
Options Purchased Indices [Member]
Assets
Total options purchased		$ 40,875	$ 129,600
Options Purchased [Member]
Assets
Total options purchased	[1]	40,875	129,600
Written Options Premium Received Indices [Member]
Liabilities
Total written options premium received		(34,500)	(145,175)
Written Options Premium Received [Member]
Liabilities
Total written options premium received	[2]	$ (34,500)	$ (145,175)

[1] This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.

[2] This amount is in “Written options premium received, at fair value” on the Statements of Financial Condition.

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Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts		$ 288,248	$ 550,573	$ 857,590	$ 699,098
Change in net unrealized gains (losses) on open contracts		11,025	(2,926)	33,213	11,924
Total trading results		299,273	547,647	890,803	711,022
Indices [Member]
Summary Of Investment Holdings [Line Items]
Net realized gains (losses) on closed contracts		288,248	550,573	857,590	699,098
Change in net unrealized gains (losses) on open contracts		11,025	(2,926)	33,213	11,924
Total trading results	[1]	$ 299,273	$ 547,647	$ 890,803	$ 711,022

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

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Trading Activities - Summary of Transactions in Options Written (Detail)	6 Months Ended
	Jun. 30, 2021 USD ($) Contract
Summary Of Investment Holdings [Line Items]
Outstanding options, Premiums Received, beginning of year	$ 211,888
Outstanding options, Premiums Received, end of period	$ 91,500
Calls [Member]
Summary Of Investment Holdings [Line Items]
Options written, Contracts | Contract	2,150
Options exercised, Contracts | Contract	(15)
Options expired, Contracts | Contract	(1,949)
Options closed, Contracts | Contract	(126)
Outstanding options, Contracts, end of period | Contract	60
Options written, Notional	$ 2,235,082,000
Options exercised, Notional	(15,450,000)
Options expired, Notional	(2,028,218,000)
Options closed, Notional	(125,528,000)
Outstanding options, Notional, end of period	65,886,000
Options written, Premiums Received	309,766
Options exercised, Premiums Received	(93,750)
Options expired, Premiums Received	(177,591)
Options closed, Premiums Received	(33,925)
Outstanding options, Premiums Received, end of period	$ 4,500
Puts [Member]
Summary Of Investment Holdings [Line Items]
Outstanding options, Contracts, beginning of year | Contract	226
Options written, Contracts | Contract	13,527
Options exercised, Contracts | Contract	(305)
Options expired, Contracts | Contract	(10,413)
Options closed, Contracts | Contract	(2,765)
Outstanding options, Contracts, end of period | Contract	270
Outstanding options, Notional, beginning of year	$ 193,225,000
Options written, Notional	12,893,001,000
Options exercised, Notional	(307,014,000)
Options expired, Notional	(9,862,920,000)
Options closed, Notional	(2,638,417,000)
Outstanding options, Notional, end of period	277,875,000
Outstanding options, Premiums Received, beginning of year	211,888
Options written, Premiums Received	7,803,297
Options exercised, Premiums Received	(301,595)
Options expired, Premiums Received	(5,457,041)
Options closed, Premiums Received	(2,169,549)
Outstanding options, Premiums Received, end of period	$ 87,000

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Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
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 ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 40,875	$ 129,600
Liabilities	34,500	145,175
Net fair value	6,375	(15,575)
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	40,875	129,600
Liabilities	34,500	145,175
Net fair value	6,375	(15,575)
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	40,875	129,600
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	40,875	129,600
Written Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	34,500	145,175
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	$ 34,500	$ 145,175

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Financial Instrument Risks - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year