Series 51: Municipal Fund Ads With Performance Data

Taken from our Series 51 Online Guide

Municipal Fund Ads with Performance Data

Advertisements with performance data should also include a legend saying the following:

  • Past performance does not guarantee future results
  • The value and monetary return of an investment will vary over time and be worth more or less at redemption than its original cost
  • Current performance may be lower or higher than the performance data included in the advertisement

The legend must be presented in close proximity to the performance data. The legend may not be placed in a footnote unless the performance data is also presented in a footnote.

Advertisements with performance data also must include:

  • The maximum amount of sales

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