A Participation Certificate is a financial instrument representing a share in a pool of funds or in other assets, such as mortgage pools. It provides investors with a means to invest in collective assets and receive proportional income from those assets.
A Pass-Through Certificate is an investment instrument that allows investors to receive income that is derived from another entity, often a group of pooled assets such as mortgages. These pooled assets generate receipts or payments that are subsequently passed through to the certificate holders.
