$ From the "operate case" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a little) $begingroup$ Assuming that you're Functioning for your financial institution, there are actually a few diverse P&Ls based on the functionality/ utilization: At the conclusion of the day, the EV/Avg(PNL) https://www.youtube.com/watch?v=qMmsQ4kKgY4