About StrikeAndYield

StrikeAndYield is a DELISORIA project — a free, independent reference for financial products. Every instrument in the atlas — from a plain share of common stock to a total return swap — is explained on five levels:

• Snapshot — the one idea to remember, in a sentence or two.
• Beginner — what the product actually is, in plain English.
• Intermediate — how it works in practice: mechanics, conventions, worked examples.
• Advanced — how professionals price and risk-manage it, with the real formulas.
• Desk notes — how practitioners actually think about it, distilled.

Who this is for

Students preparing for finance interviews, professionals brushing up on adjacent markets, journalists decoding a term sheet, and anyone who has ever nodded along to the words "variance swap" and quietly wondered. No account, no paywall, no jargon left undefined.

Principles

• Educational only. Nothing here is investment advice or a recommendation. We describe instruments; we do not tell you what to buy. See the disclaimer.
• Honest about risk. Where a product has hurt people — leveraged CFDs, autocallables, retail binary options — the page says so plainly.
• Original work. All text, graphics, diagrams and code on this site are original creations of StrikeAndYield. Third-party open-source components are credited on the licenses page.

How the site is funded

StrikeAndYield is free to read. To keep it that way, pages may carry clearly separated advertising, and some resource links may become affiliate links in the future — always labelled as such, never influencing the editorial content.

Errors

Markets evolve and conventions vary by region and desk. If you spot an error or an outdated convention, we genuinely want to know — a contact address will be published here.