Contradictory definition by CFA and CAIA

CFA General
#1

In the CFA curriculum, real assets do not include commodities (CFA level 1 Reading 45 section 3.1 classifications of assets and markets)

Commodities include precious metals, energy products, industrial metals, and agricultural products. Real assets are tangible properties such as real estate, airplanes, or machinery. Securities, currencies, and contracts are classified as financial assets whereas commodities and real assets are classified as physical assets.

But in CAIA curriculum, real assets are defined as

Investments in which the underlying assets involve direct ownership of nonfinancial assets rather than ownership through financial assets.

And in Chapter 1 of the level 1 CAIA book, section 1.2 Alternative investments by inclusion

  1. Real assets (including natural resources, commodities, real estate, infratructure investment and intellecture property)

So is commodities classified as a real asset as in CAIA or not a real asset but together with real assets makes up physical assets as defined in CFA.

#2

I don’t see where the CFA curriculum says that commodities ARE NOT real assets. They just don’t specifically say that they are…is that your confusion? To me real/physical/hard assets are just tangible assets and financial assets are securities, currencies, contracts, etc.