Hypothetical performance
(8) Hypothetical performance means performance results that were not actually achieved by any portfolio of the investment adviser. (i) Hypothetical performance includes, but is not limited to; (A) Performance derived from model portfolios; (B) Performance that is backtested by the application of a strategy to data from prior time periods when the strategy was not actually used during those time periods; and (C) Targeted or projected performance returns with respect to any portfolio or to the investment advisory services with regard to securities offered in the advertisement, however: (ii) Hypothetical performance does not include: (A) An interactive analysis tool where a client or investor, or prospective client, or investor, uses the tool to produce simulations and statistical analyses that present the likelihood of various investment outcomes if certain investments are made or certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices; provided that the investment adviser: