The required element is that the investment is in a common enterprise. The ACFE material explains that the investment-contract analysis parallels the Howey test, under which all required elements must exist: an investment of money or other assets, a common enterprise, an expectation of profit, and profits derived primarily from the efforts of others. Option A is incorrect because profits must come from the efforts of people other than the investor, not solely from the investor’s own management efforts. Option B is too narrow because the investment may involve money or another asset. Option C is incorrect because notarization is not an element of an investment contract. Therefore, the common-enterprise requirement makes option D correct.

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