All of the following are considered money market instruments except:

Money market instruments are short-term debt securities that typically have maturities of one year or less and are used by governments, financial institutions, and corporations to manage their short-term funding needs. The options presented include various financial instruments, but not all fall under the money market category.

Commercial paper, negotiable jumbo certificates of deposit, and banker's acceptances are indeed considered money market instruments. Commercial paper is an unsecured, short-term debt instrument issued by corporations. Negotiable jumbo CDs are large denomination time deposits that can be traded in the secondary market. Banker's acceptances are short-term credit instruments that are used in international trade and are backed by a bank.

In contrast, exchange-traded funds (ETFs) are investment funds that are traded on stock exchanges and can hold a variety of assets, including stocks, bonds, and commodities. ETFs can track money market instruments but themselves are not classified as money market instruments, as they usually have much longer investment horizons and can include a wide variety of underlying assets.

Thus, choosing exchange-traded funds as the answer highlights an understanding of the differences between money market instruments and other types of financial products.