Each of the following is a part of the Howey test for determining whether something is defined as a security except Multiple Choice there must be either horizontal or vertical commonality in the expectation of profit in the investment the investment must be a cash or noncash instrument for ftrmich the investing party receives only speculative promises of a return. the expectation of a return must not be the primary reason for the investment the efforts of the promoters or their agents must be the primary sources of profits