Compliance · Disclosures
Past Performance Disclaimer
A past performance disclaimer is the required language accompanying historical return data, covering gross vs. net figures, the time period, and that past results don't guarantee future ones. The SEC Marketing Rule sets the substance: what has to be disclosed and calculated. This entry covers the practical side, the specific wording and on-screen timing that satisfies it in a video or social post.
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What the disclaimer has to cover
| Element | Requirement | Source |
|---|---|---|
| Gross vs. net | Net performance must appear with equal prominence to any gross figure, same period, same methodology | 17 CFR 275.206(4)-1(d)(1) |
| Standardized periods | One-, five-, and ten-year returns, each with equal prominence, ending no earlier than the most recent calendar year-end. Life of the portfolio substitutes for any period it did not exist. Private funds are excluded, and hypothetical performance is exempt under the (d)(6) proviso, though it still needs net figures | 17 CFR 275.206(4)-1(d)(2) |
| No implied SEC endorsement | The disclaimer cannot state or imply the SEC approved or reviewed the performance calculation | 17 CFR 275.206(4)-1(d)(3) |
| Fair and balanced presentation | A statement that past performance does not guarantee future results is standard practice; it supports, but doesn't replace, the fair-and-balanced requirement | 17 CFR 275.206(4)-1(a)(6) |
On-screen timing
| Format | Practical standard |
|---|---|
| Spoken on camera | Disclaimer should appear on screen at the same time the number is spoken, not only in a description below the video |
| Text or graphic on screen | Held long enough to read at a normal pace, matched to the length of the performance claim it qualifies |
| Recurring claims in one video | Repeated at each point a new performance figure appears, not stated once at the start and assumed to cover the rest |
| Livestream | Repeated periodically, since viewers may join mid-stream and miss an opening disclosure |
What this means for your marketing
The net figure needs the same screen time as the gross figure. If a return is on screen for five seconds in large type, the net version needs the same size and duration, not a fine-print aside.
"Past performance doesn't guarantee future results" is necessary but not sufficient. That standard line covers one part of the requirement. It doesn't substitute for the gross/net pairing or the standardized time periods.
A single strong year fails the standardized-period test on its own. Showing only the best twelve months of a track record, without the one-, five-, and ten-year figures alongside it, is the selective presentation the rule targets.
The disclaimer belongs in the same format as the claim. A spoken performance number needs a spoken or synchronized on-screen disclaimer, since a caption alone will be missed by anyone watching without sound.
What this looks like in practice
17 CFR 275.206(4)-1(d)(1) requires net performance with at least equal prominence to gross.
A single strong year without the standardized comparison periods fails 206(4)-1(d)(2).
A disclaimer viewers cannot read in the time given does not satisfy a fair-and-balanced presentation.
Common questions
Primary sources
- 17 CFR 275.206(4)-1(d), Investment Adviser Marketing, performance provisionsfull rule text, performance requirements at (d)
- FINRA Rule 2210, Communications with the Publicfair-and-balanced performance standard for broker-dealers
Related terms
Daniel Schoester
Founder & CEO
Daniel Schoester is the founder and CEO of Croton Content, a video-first AEO, SEO, and GEO agency exclusively for financial brands.
He holds an Honours Bachelor of Business Administration in finance and began his career writing for financial publishers, with bylines at Forbes Advisor, The Average Joe, Hardbacon, MoneyWise, money.ca, Loans Canada, WealthRocket and Canadian Mortgage Trends. His content at a prominent Canadian mortgage website quadrupled monthly traffic to over one million views.
He founded Croton Content in 2022 to build evergreen content assets for financial brands, then expanded into YouTube in 2024 after studying Google's shift toward video in search. His client work has influenced more than $1M in revenue and drawn over 5M views. In March 2026, Otterly.AI named him one of 33 global AI Search Top Voices.
Canadian by nationality, he lives in Lisbon, Portugal, speaks in person across Europe and works remotely worldwide.
Educational information only. This is not legal or compliance advice. Confirm current requirements with your compliance officer and the primary sources above.
Last reviewed: 10 September 2026 · Reviewed against 17 CFR 275.206(4)-1(d).
