I'd be very surprised if it didn't. Static is easy to test. Just have a tub of water and a clock. Dynamic would add an ream of paper to the standard. What kind of motion? How fast? How often? Now you'd need some kind of robot to do that.
If a board will hold 200 lbs and you weigh 180, would you do jumping jacks on it? I wouldn't. Likewise with swimming, you've got fluid flow, turbulence and things like that going on. Plus, on the bottom of your stroke, the Band will be half a meter underwater. There just isn't enough safety margin from the static test for everything going on.
OTOH, if you have one of those watches that were rated for 666 feet - I think you'd drown before the watch did.
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