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In structured finance, tranches are slices of a securitized product designed to appeal to different types of investors by offering varying financial terms, risk profiles, investment returns, and maturity dates. Each tranche may contain dozens, hundreds, or even thousands of underlying securities, debt obligations, or partial claims on securities and obligations. Tranches are often divided into "senior," "mezzanine," and "junior" tranches, offering varying risk profiles and differing claims on the underlying obligations.