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Commodity trading adviser (CTA)
A commodity trading adviser is a US regulatory term that refers to a wide range of investment companies and hedge funds which trade futures or other derivatives, most commonly with a systematic strategy.
The derivatives in these funds are collectively known as managed futures. They do not always have commodities as their underlying; some CTA funds invest in contracts tied to equities, currencies, indexes and interest rates. Most CTA funds pursue trend-following strategies.
All CTAs are required to register with the US Commodity and Futures Trading Commission and must also be members the US National Futures Association.
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