# Glossary ### Fixed Term Tranches Fixed term [tranches](#tranching) have an automatic maturity period after which they become claims on the underlying asset. ### Perpetual Tranches Perpetual [tranches](#tranching) have no maturity period. As a result they can be used to resegment volatility indefinitely. ### Tranching Tranching is the process of resegmenting the volatility of an underlying asset into two or more different assets with different volatility profiles. In the SPOT protcol, tranches are represented by ERC-20 tokens. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.spot.cash/spot-documentation/glossary.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.