Data show that most multi-level marketing (MLM) participants make little to no money or lose money. MLM companies often advertise the earning potential of their business opportunities using vague terminology such as “supplemental income” or “financial freedom.” This can leave consumers with inaccurate impressions of typical earnings, causing them to invest resources into the opportunity which they otherwise would not. The Federal Trade Commission is considering promulgating regulations which could require recruits to be presented with disclaimers and disclosures that communicate past participants’ profit and loss information. The impact of this information in the MLM domain has not been investigated. We fill this gap by testing both the independent and interactive effects of disclaimers and disclosures in a randomized controlled trial experiment with 305 Minnesota State Fairgoers. We showed participants a MLM promotional video and website content. Participants were randomly assigned to a control group (with no information treatment) or one of three treatments: disclaimer only; disclosure only; or disclaimer and disclosure. The disclaimer provided a short message of central tendency while the disclosure included a pictograph with a distribution of profit and loss outcomes. Participants then reported their personal earnings expectations and interest/attraction as well as earnings expectations for others. We also captured potential correlates such as financial literacy, prior MLM exposure, and numeracy. We find that the information treatments reduce interest and bring participants earnings expectations closer to objective reality. For example, the participants who received an information treatment were almost twice as likely to say the typical participant in the MLM loses money (a finding that aligns with the information in the treatments), compared with control participants. While all treatments were statistically significant, the disclosure had the largest effect. Our results suggest that profit-and-loss disclaimers and disclosures could be used by regulators to inform consumers.