Trading Activities

12 Months Ended

Dec. 31, 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 and ADM Customer Agreements give, and the HSBC and Wells Fargo Customer Agreements 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 clearing fees paid to Wedbush, ADM and executing brokers, as applicable, are and all clearing fees paid to HSBC and Wells Fargo, 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 years ended December 31, 2021 and 2020 was 577 and 357, respectively.

The following tables summarize the valuation of the Partnership’s investments as of December 31, 2021 and 2020:

Gross Amounts not Offset in the Statements of Financial Condition

December 31, 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

Net Amount

Assets

Options purchased

$

—

$

—

$

—

$

—

$

—

$

—

Total assets

—

—

—

—

—

—

Liabilities

Written options

$

—

$

—

$

—

$

—

$

—

$

—

Total liabilities

—

—

—

—

—

—

Net fair value

$

—

									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 table indicates the gross fair values of derivative instruments of option contracts as separate assets and liabilities as of December 31, 2021 and 2020:

	2021		2020
Assets
Options Purchased
Indices	$	—	$	129,600
Total options purchased	$	—	$	129,600	*

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

	2021			2020
Liabilities
Written Options
Indices	$	—		$	(145,175	)
Total written options	$	—	**	$	(145,175	)	**

** This amount is included in “Written options, 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 years ended December 31, 2021, 2020 and 2019:

Sector - Indices	2021			2020			2019
Net realized gains (losses) on closed contracts	$	1,822,707		$	1,445,017		$	1,945,724
Change in net unrealized gains (losses) on open contracts		2,089			12,760			(14,848	)
Total trading results	$	1,824,796	***	$	1,457,777	***	$	1,930,876		***

*** 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 year ended December 31, 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		5,460			6,124,786			668,366			50,798			52,808,695			15,136,942
Options exercised		(90	)		(96,618	)		(217,500	)		(529	)		(554,534	)		(533,706	)
Options expired		(4,800	)		(5,385,760	)		(365,629	)		(42,566	)		(44,316,571	)		(11,398,804	)
Options closed		(570	)		(642,408	)		(85,237	)		(7,929	)		(8,130,815	)		(3,416,320	)
Outstanding options,    end of period		-		$	-		$	-			-		$	-		$	-