$ Now you say $V_t$ would be the risky asset. Really confusing. Edit the publish for making this crystal very clear. We could give thought to what's a PnL when we know very well what We've invested in. $endgroup$ Vega and Theta are sensetivities to volatility and time, respectively, so https://pnl63198.ssnblog.com/33196807/what-does-pnl-mean