That's not what the Howie test says. In US law a security requires the expectation of earning a profit.

'Security' is an English word that exists outside US law, and refers to contracts in a more general sense than strictly 'investment'. I don't think OP was using the word that way, hence my response.

The comment I was responding too seemed to add meaning that I didn't read in the OPs comment. I may be wrong, but it was my intent to clarify based on my own reading.