Disclaimer

1. Educational purpose only

Everything published on this site — product guides, asset-class overviews, worked examples, diagrams, formulas and interactive calculators — exists to explain how financial instruments work. It is general information and educational commentary. It is not, and must not be treated as, a basis for any financial decision.

2. No advice and no recommendation

Nothing on this site constitutes investment advice, financial advice, legal advice, tax advice or accounting advice. Nothing constitutes a personal recommendation, an inducement, or an offer or solicitation to buy, sell, subscribe for or hold any financial instrument, nor an invitation to engage in any investment activity.

Where a page describes what a particular type of investor typically does with an instrument, that is a description of market practice — not a suggestion that you should do it.

3. Nothing here is tailored to you

This site is written for a general, international audience. It cannot and does not take into account your investment objectives, financial situation, income, existing holdings, tax position, level of knowledge and experience, investment horizon, or your capacity and willingness to bear losses. An instrument that is appropriate for one reader may be entirely unsuitable — or unavailable — for another.

4. Examples, figures and calculators are illustrative

Worked examples use round numbers chosen to make a mechanism visible. They generally ignore transaction costs, bid-offer spreads, financing and borrow costs, collateral and margin requirements, settlement conventions, taxes, and the many market-specific details that materially change real-world outcomes.

The interactive calculators are teaching tools. They implement standard textbook formulations with simplifying assumptions, run entirely in your browser, use no live market data, and produce no output that should be relied upon for any transaction, valuation, accounting or reporting purpose.

5. Pricing models are simplified

The valuation approaches presented — Black–Scholes, Bachelier, discounted cash flow, hazard-rate credit models, cost-of-carry relationships and others — are the standard published frameworks used in teaching. Financial institutions apply calibrated models, live market data, volatility surfaces, and credit, funding, capital and liquidity adjustments on top of them. A formula on this site will not reproduce a dealer's quote and does not constitute a valuation.

6. Risk warning

Financial instruments involve risk, including the risk of losing your entire investment.

• Leverage can cost you more than you deposit. Futures, options written (sold), contracts for difference, perpetual futures, margin loans and similar instruments can produce losses exceeding the amount you originally invested.
• Complexity hides risk. Structured products, barrier options and securitised instruments can behave in ways that are not obvious from their headline terms, including sudden, large losses after long periods of apparent stability.
• Illiquidity can trap capital. Private markets, certain funds and many over-the-counter instruments cannot be exited quickly, or can only be exited at a substantial discount.
• Past performance is not indicative of future results. Historical figures and market episodes described here are context, not forecasts.

7. Accuracy, completeness and currency

We take care to be accurate, but markets, conventions, regulations, benchmarks and tax treatments change, and errors are possible. All content is provided "as is" and "as available", without warranty of any kind, express or implied, including without limitation any warranty of accuracy, completeness, timeliness, merchantability or fitness for a particular purpose. We are under no obligation to update any page.

8. No regulated activity, no client relationship

StrikeAndYield is an independent publication operated by DELISORIA. It is not a bank, broker, dealer, investment firm, fund manager, financial adviser or any other regulated financial services provider, and it is not authorised or supervised by any financial regulator. It does not manage money, receive client funds, arrange transactions, or provide any financial service.

Reading this site, using its calculators, or contacting us does not create any adviser–client, fiduciary or other professional relationship.

9. Advertising, affiliate links and independence

To keep this site free, pages may display clearly separated advertising, and some links to books, courses, brokers or tools may become affiliate links, meaning we could earn a commission if you follow them. Any such link will be labelled. Advertisers and affiliate partners have no influence over editorial content, and their presence is never an endorsement or a recommendation of any product or provider.

10. External links

Links to third-party websites are provided for convenience. We do not control, endorse or assume responsibility for the content, accuracy, products, services or privacy practices of any external site.

11. Local availability and eligibility

Many instruments described here are restricted, unavailable, or only available to professional or accredited investors in particular jurisdictions — some, such as contracts for difference and retail binary options, are prohibited outright for retail investors in certain countries. Nothing on this site is directed at any person in any jurisdiction where publication or availability would be contrary to local law. It is your responsibility to observe the rules that apply to you.

12. Limitation of liability

To the fullest extent permitted by applicable law, StrikeAndYield, DELISORIA and their operators accept no liability whatsoever for any loss or damage — direct, indirect, incidental, consequential, financial or otherwise — arising from use of, reliance on, or inability to use this website or its content. Nothing in this disclaimer excludes or limits liability that cannot be excluded or limited under applicable law.

13. Get proper advice

Before making any investment or financial decision, seek advice from a professional licensed in your jurisdiction who can consider your individual circumstances — and who is accountable to you for that advice. This website cannot be, and is not a substitute for, that conversation.