The 1% daily VaR for a portfolio is $10m. This can be interpreted as:

A.There is a 1% chance that your portfolio loses more than $10m, when held for 1 day without rebalancing

B.None of these answers are correct

C.You are 99% confident that the portfolio will lose more than $10 m when held for 10 days without rebalancing

D.You expect the portfolio makes a loss no more than $10m in 1 day, without rebalancing