> For the complete documentation index, see [llms.txt](https://docs.qiro.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.qiro.fi/qiro-marketplace-product-guide/for-investors/tranche-tokens.md).
# Tranche Tokens
Most of pools on Qiro marketplace will have tranching where it will split into senior/junior tranche. To keep track of the investors we use tranche tokens. Every time investors put capital in a particular tranche, they receive tranche tokens pro-rate to their investment. These tokens represent share of the investors in the pool and can be redeemed to receive the share from the pool. \
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There will be two kind of tranche tokens on Qiro marketplace. \
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**Senior Tranche Token:** These tokens holders will receive the pool cashflows in second priority after Senior tranche token holders. This token holders receive a fixed interest rate.
**Junior Tranche Token:** These tokens holders are mostly underwriters, and will receive the pool cashflows in second priority after Senior tranche token holders. This token holders receive a variable interest rate. \
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These tokens are non-transferable to maintain the KYC restrictions, we foresee secondary markets in coming time when we would allow transfers to other KYCed investors.
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