Multi-passphrase encryption (hidden wallets)
You can also set up multiple passphrases, each generating a separate wallet. This section of this article attempts to explain, why that might be a good idea. However, be aware that this is a security feature for advanced users. Make sure that you understand the use of passphrase before you set it up.
See also Passphrase
Security researchers have a habit of coming up with spicy names for simple attacks. One such attack is referred to as the $5 wrench attack. (Image credit: Randall Munroe xkcd.com. Used under the terms of the Creative Commons Attribution license.)
If you have your passphrase memorized and you haven't written it down anywhere, attackers with physical access to your Trezor may still be able to extract the passphrase with a $5 wrench. To diminish this risk, it is possible to set up your Trezor with multiple passphrases. The goal is to have one "spoof" setup that only holds minimal cryptocurrency funds and one "real" setup that holds your fortune.
To achieve this, all you need to do is set up your Trezor with a passphrase, then unplug and replug your Trezor and enter a different passphrase. Here's an example situation:
I set up my Trezor with the passphrase "lonelypumpkins" and load most of my funds into my account. I unplug and replug my Trezor and enter the passphrase "funnyspirit". I then send considerably less funds to the "funnyspirit" account. When the thugs come and steal my Trezor, I can now safely tell them that my passphrase is "funnyspirit". They might be able to steal some money from me, but they won't be able to touch my fortune or even to find out that a second passphrase exists.