The four corner symbols move together round the frame, and the arrow in the middle turns a little each time. One figure is wrong. Which one?

Each step every corner symbol moves one corner clockwise and the arrow turns $45^{\circ }$ clockwise. In (d) the arrow is correct (down-right) but the circle and the square are in each other's corners, so (d) is wrong. (e) is correct: after four moves the symbols are back where they started and the arrow points down.