来自：FRM > 一级 > Financial Markets and Products 2020-10-08 08:38
想问一下pass-through investment是什么意思，经常在练习册看到？
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jason 2020-10-08 10:06
致精进的你:
A pass-through security is a pool of fixed-income securities backed by a package of assets. A servicing intermediary collects the monthly payments from issuers and, after deducting a fee, remits or passes them through to the holders of the pass-through security (that is, people or entitities who have invested in it). A pass-through security is also known as a "pay-through security" or a "pass-through certificate"—though technically the certificate is the evidence of interest or participation in a pool of assets that signifies the transfer of payments to investors; it's not the security itself.
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追问12020-10-08 11:25
英文理解不是很懂，能麻烦老师用中文讲一下吗？还有pass-through security的持有者收到的每份的金额都是一样的吗？
回答2020-10-12 14:07
pass-through security就是抵押转手证券，是属于机构按揭贷款证券化资产支持证券（Agency RMBS）的一种，是最简单的资产支持证券，资产池里的现金流来源都是借款人每月归还的房贷，包括利息、本金及提前偿还的本金，这些现金在扣除服务费、管理费后直接流向MPS的投资人。每个投资人面临的风险和收益均相同，证券持有人收到的每份金额都是一样的，根据投资的金额不一样分到的份额不一样。
