A call option on any portfolio composed of variable or uncertain components, such as an actively managed portfolio or the trading account of a trader. This option gives the holder the right to obtain, at maturity, the value of the assets available in the portfolio or the positive balance of the trading account. However, if the portfolio ends up with heavy losses wiping out its assets or if the balance of the trading account is zero or negative, the holder gets nothing. This option gives the holder a zero-strike call option on the value of a set of assets or a trading account. At exercise, if a profit has been realized, the holder receives the proceeds. If the account is negative, the losses are assumed by the option seller. In return for this option, the holder pays an option premium to the seller.

This option is also known as a PNL option, a perfect trader option or a spot trader option.