A business offers a pooled investment where participants contribute funds to purchase rare coins. Investors receive profits based on the appreciation and sale of the coins, but all buying and selling decisions are made by the business. Under the USA and Howey Test, this arrangement is:

1. AA security, because it meets all elements of the Howey Test✓ Correct answer
2. BNot a security, because coins are collectibles
3. CA security only if the coins are also registered as securities
4. DNot a security, unless investors are promised a minimum return

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