Tranche ROOK is the other half of the split main tranche. It is a leveraged product with no forced liquidation. Token ROOK holder borrows daily from Token BISHOP holder to buy the main fund that tracks BTC. Token ROOK holder receives all gains and losses of the main fund, i.e., Token ROOK's return = the profits and losses of the main fund - the interest paid to Token BISHOP. Tranche ROOK realizes a leveraged portfolio by borrowing equity from Tranche BISHOP. Tranche ROOK does not run the risk of forced liquidation, unlike leveraged products currently on the market, because it is borrowing from within the main tranche.