underlying securities

基本解释

Of course, the company is not going to have to make good on all that insurance: the underlying securities are not all going to zero.
当然，它是不会需要赔偿所有这种保险：因为不是所有相关证券都会贬值为零的。
Moreover—and this was Hamilton’svisionary insight—if the interest were paid regularly, and everyone knew itwould be paid, then the underlying securities would gain stable value.
再者——这也是汉密尔顿的远见卓识之处——如果定期支付利息，并且每个人都认为会如此，那么基础证券将获得稳定的价格。
Yet more fees are paid to funds of hedge funds, which invest in a range of single-manager hedge funds rather than in the underlying securities.
但是更多的费用被付给对冲基金的基金，它们投资于单一管理对冲基金而不是投资于其下的证券。

The opposite trade occurs when ETF shares trade at a discount to their underlying securities.
FORBES: Why We Don't Buy Corporate Bond ETFs
Schaeffer is an options guy, but the technical indicators he monitors are useful for determining trends in underlying securities, as well.
FORBES: Bernie Schaeffer: Tech And Gold Harmony
Some market makers, called authorized participants (APs), are allowed to interchange ETF shares for their underlying securities, corporate bonds in this case.
FORBES: Why We Don't Buy Corporate Bond ETFs