The "hook keeper" is just that: it keeps the hook (the fly), in a stable, out-of-the-way position when not being "fished." It is used when the fly fisher is temporarily done fishing for a period of time. Hook keepers are a small, but highly functional rod component. Don't concern yourself with the style or type, but we do recommend each rod have one. (Some rods do not.)
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overview, go to butt caps: