What should replace the question mark?

The correct answer is Option (1) → 

Read the four figures as a series, the top row first and then the bottom row. The corner line turns 90° clockwise from each figure to the next (bottom-left corner, top-left, top-right, bottom-right), while the circle and the triangle stay where they are; the small shape is a diamond in the first and last figures and a square in the two middle ones. The missing second figure therefore has its corner at the top left and a square, as Option (1) shows.