Consider the following : 1. Exchange-Traded Funds (ETF) 2. Motor vehicles 3. Currency swap Which of the above is/are considered financial instruments ?

Option (d) is correct because Exchange-Traded Funds (ETFs) and currency swaps are monetary contracts that represent a claim on financial value or future cash flows, qualifying them as financial instruments. Option (c) is the most tempting wrong choice for those who confuse general assets with financial instruments; however, motor vehicles are tangible "real assets" rather than contractual financial vehicles. The core concept being tested is the classification of assets into financial instruments (intangible contractual claims) versus physical or real assets.