ExIRExIR 16711 bronze badge $endgroup$ 1 $begingroup$ Thanks for helping, but does that mean theta pnl only partly offsets Gamma pnl rather than thoroughly although implied vol = realized vol? For the reason that assuming desire fees are zero, there is no other supply of generating funds. $endgroup$ I'm notably https://www.youtube.com/watch?v=qMmsQ4kKgY4