The level is a metric that allows investors to view the point at which a security, index, or portfolio is at on a given day.
For indices, the level tracks the price return of the index. For example, for the S&P 500 index, the level will display the aggregated price performance of the underlying constituents of the index.
Model Portfolios are also tracked using level. This level will show the total return level of the underlying securities. The model portfolio level differs from the index level in that it is meant to show the value of the portfolio rather than the tracking of the index.