Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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A federal covered investment adviser's advertisement for its large-cap composite shows gross returns for the 1-, 5- and 10-year periods ended December 31, 2025, in large bold type on the front page. Net returns for the same periods, calculated with the same method, appear only in a footnote on the back page in smaller type. The advertisement will be distributed in August 2026 and does not concern a private fund.
Under the applicable federal advertising rules, which statement is correct?
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