Correct option is D
Given: ONE, QPF, SRG, UTH, ?

Logic: 1st letter + 2, 2nd letter + 2 and 3rd letter + 1 place.
For, 1st letter
O + 2 = Q, Q + 2 = S, S + 2 = U, U + 2 = W
For, 2nd letter
N + 2 = P, P + 2 = R, R + 2 = T, T + 2 = V
For, 3rd letter
E + 1 = F, F + 1 = G, G + 1 = H, H + 1 = I
So, the missing term is WVI.
Thus, correct option is (d).