The first element of the Howey test requires that the investor enter the transaction with a clear expectation of making a profit on the money invested.

Name: The first element of the Howey test requires that the investor enter the transaction with a clear expectation of making a profit on the money invested.
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The first element of the Howey test requires an investment of money, not necessarily a clear expectation of profit. The expectation of profit is a separate element of the test.

The First Element of the Howey Test Requires That the Investor