梳理完，我发现这类策略已经变天了！

Core Viewpoint - The article discusses the evolution of CTA (Commodity Trading Advisor) strategies, highlighting how they have transformed from traditional single-asset approaches to more diversified multi-asset and macro-hedging strategies, adapting to market changes and investor preferences [5][12]. Group 1: Traditional CTA Strategies - Traditional CTA strategies primarily focused on commodities, relying on basic factors such as weather, supply and demand, and political events for trading decisions [10]. - These strategies often resulted in high volatility in performance, with significant gains possible but also substantial risks of loss [11]. - Common criticisms of traditional CTA strategies include their complexity, limited diversification, and perceived lack of value outside crisis situations [6][7][8]. Group 2: New Iterations of CTA Strategies - The first new iteration involves expanding from single commodity trading to multi-asset trading, incorporating various asset classes like interest rates and stock indices, which has proven effective [14][15]. - The second iteration introduces multi-strategy approaches, combining trend-following with other strategies such as relative strength hedging and arbitrage, enhancing adaptability to different market conditions [17][18][19][20]. - The third iteration shifts focus from purely trading strategies to macro-hedging strategies, integrating macroeconomic factors and asset allocation considerations, thus improving risk management and overall portfolio performance [23][24][25].