Explanation:

Let's break down the series step by step:

- First letters: H, O, V, C, ?

- H (8) ? O (15) ? V (22) ? C (3) ? J (10)

- Pattern: +7 each time, then wraps around alphabet for C, then +7 again for J

- Second letters: D, V, N, F, ?

- D (4) ? V (22) ? N (14) ? F (6) ? W (23)

- Pattern: -8 steps each time (backward in alphabet), loop after F to W

- Third letters: M, V, E, N, ?

- M (13) ? V (22) ? E (5) ? N (14) ? W (23)

- Pattern: +9 each time, loop continues

- Fourth letters: S, I, Y, O, ?

- S (19) ? I (9) ? Y (25) ? O (15) ? E (5)

- Pattern: -10 each time (backward), loop after O to E

Now let's check the options:

- Option 1: JYWF ? (Third letter should be W, last should be E)

- Option 2: JXWE (Matches above patterns!)

- Option 3: KXWE ? (First letter doesn't fit)

- Option 4: JXXF ? (Last letter should be E)

Correct answer:

Option 2: JXWE ??