According to FINRA's rules, which communication is considered misleading?

The statement that describes sale literature illustrating performance as a projection is considered misleading because projections or forecasts imply a certainty about future performance that cannot be guaranteed. FINRA's rules emphasize that any communication regarding investment performance must be clear and not imply unrealistic expectations of future results. When performance is presented as a projection, it can mislead investors into thinking they will achieve similar results in the future, which is not necessarily true.

In investment communications, it's critical to provide an accurate and realistic representation of the potential risks and returns associated with an investment. This ensures that investors can make informed decisions based on factual information rather than assumptions or optimistic forecasts that may lead to poor investment choices. Therefore, the focus on avoiding projections that mislead investors makes this option in particular fall under FINRA's definition of misleading communication.