Being a tastytrader, we are all fully aware of the power of positive theta. Generally, we talk about theta in terms of individual positions in specific underlyings. But, what might be even more important is how all of these individual positions work collectively to build our portfolio theta. Today, we take a closer look at portfolio theta (and we remember the conventions for). Specifically, we examine what various thetas as a fraction of net liquidating value look like, and how they translate into return expectations based on our capturing a percentage of total possible theta.