[fnordpiglet]

No, you still are wrong. It has to be backed by an enterprise. Commodities are regulated by the CFTC. There’s no need for a security to be back by physical assets. A corporation can have no material asset backing (in fact some retailers have no assets at all, everything is rented or purchased on warehouse lines of credit with the expectation they can generate cash flow with minimal to zero capital investment; but their shares are still securities because they’re backed by an enterprise. I find it strange you learned of the Howey test but didn’t understand this, as it’s very clear in the description, a security must be:

An investment of money In a common enterprise With the expectation of profit To be derived from the efforts of others