# Redemption

As mentioned in the [Redemption Flow](/buttonwood/learn/tranche/redemption-flow.md), the actual difference in risk profiles doesn't become apparent until the relevant bond reaches maturity.

Once the bond expiration date hits, users will be able to see the bonds move from 'Active' to 'Expired':

![](/files/ykhiY2uGehx4WJ2qNgAX)

Once the bond is mature, users can redeem their A/B/Z Tranche tokens for the underlying collateral.


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