Under the ________,an arrangement is considered an investment contract if there is an investment of money by an investor in a common enterprise and the investor expects to make profits based on the sole or substantial efforts of the promoter or others.

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The description matches the definition of the "Howey Test," which was established by the US Supreme Court in SEC v. W.J. Howey Co. (1946) and is used to determine whether a particular transaction qualifies as an investment contract and therefore a security under US federal securities laws. Choices A, B, C, and E are not relevant or related to the Howey Test.

Under the ________,An Arrangement Is Considered an Investment Contract If