Here’s a summary of what is happening to the source

Here’s a summary of what is happening to the source
image in the example project:
1. The source image is interpreted on import (on the
Footage Settings > Color Management tab) according
to its Working Space setting.
2. The image is transformed to the Project Working
Space; its color values will change to preserve its
appearance.
3. With View > Simulate Output and any profi le selected
a. Color values are transformed to the specifi ed Output
Profi le.
b. Color appearance (but not actual values) is transformed
to a specifi ed Simulation Profi le.
4. With View > Display Color Management enabled
(required for step 3) color appearance (but not actual
values) is transformed to the Monitor Profi le (the one
that lives in system settings, that you created when you
calibrated your monitor, remember?)
That leaves output, which relies only on steps 1 and 2. The
others are only for previewing, although you may wish to
render an output simulation (to show the fi lmed-out look

on a video display in dailies, for example). To replicate the
two-stage color conversion of output simulation:
1. Apply the Color Profi le Converter effect, and match
the Output Profi le setting to the one listed under
View > Simulate Output > Custom. Change the Intent
setting to Absolute Colorimetric.
2. Set a second Color Profi le Converter effect, and match
the Input Profi le setting to the Simulation Profi le
under View > Simulate Output > Custom (leaving
Intent as the default Relative Colorimetric).
The Output Profi le in the Render Queue then should
match the intended display device.
Now let’s leave simulation behind and look at what happens
when you try to preserve actual colors in rendered
output. (Which is, after all, the whole point, right?)