Question: Which criterion does NOT refer to the Howey test that is used to identify whether money is invested into a security? The investment is made

Which criterion does NOT refer to the Howey test that is used to identify whether money is invested into a security?

The investment is made in an intangible asset.

The investment is based on a reasonable expectation of profits.

The profits will be earned through the efforts of someone other than the investor.

The investment is made in a common business activity.

EXPLAIN WHY OTHER OPTION IS NOT CORRECT

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