Consider the circuit with two transformers in picture.

^{simulate this circuit – Schematic created using CircuitLab}

I tried to simulate it and I get that on CH1 I see V1 transformed (i.e. V1 times the transformation ratio of T1), while on CH2 I see approximately 0 Volts!

I tried for many values of R and V1 but the results it's always the same, nevertheless when I tried this on a real circuit I saw that both on CH1 and on CH2 I had nonzero sinusoidal voltage (and the difference between voltage was V1 times the transformation ratio).

I do not understand why V on CH2 should be 0 volts at all.., can't current flow in the loop where R is placed? Is this related to the fact that the circuit is open after the second transformer?