Many of the largest US hedge funds and investment advisors invest and trade in not only securities and bonds, but also in futures, swaps, and other derivatives. As a result, a fair number of US hedge funds and investment advisors are regulated by the CFTC. The fact that hedge funds and investment advisors are regulated by the CFTC is not common knowledge because most people focus on the fact that funds and investment advisors are known for their securities trading, but a great deal of funds and investment vehicles also trade in interest rate derivatives, a circumstance that brings them within the CFTC’s regulatory ambit. Persons that are paid to give trading and investment advice regarding derivatives are called “commodity trading advisors” (CTAs).