b选项详细解释一下？

问题如下：

Which of the following statements about VaR is correct?

选项：

A.

VaR provides an estimate of the minimum loss a portfolio can incur.

B.

VaR is always calculated using historical data.

C.

VaR is not affected by the confidence level chosen.

D.

VaR measures the expected maximum loss over a specific time horizon at a given confidence level.

解释：

VaR measures the expected maximum loss of a portfolio over a specific time horizon at a given confidence level.