I'm pretty sure that's why picostocks is structured differently. You are not buying ownership in anything. Picostocks owns all of the assets..."users" are profit sharers.
A tradable profit sharing agreement is a security
(1) The term security means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation
in any profit-sharing agreement, collateral-trust certificate,....
https://www.sec.gov/about/laws/sa33.pdf