Definition of 1 Day Trait Expiration Interval

When the trait expiration interval is set to 1 day, does it mean that the trait membership will be live for 24 hours from when the trait is first realised?

Example: If Audience Manager receives a server call for a Rule-Based trait at 5PM on 13th Dec, does the trait remain live for 24 hours or does it expire at 11:59:59 PM on that day?