On January 11, 2023, the staff of the SEC’s Division of Investment Management (the “Division Staff”) updated its list of frequently asked questions (“FAQs”) related to amended Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940. The updated FAQ clarifies that performance of a single investment (i.e., a case study) is “extracted performance” subject to the net performance requirements under the Marketing Rule, which had been a point for which SEC-registered investment advisers (“investment advisers”) have sought clarification.