The following traits are used with Value-at-Risk:

I. VaR requires the assumption that returns are normally distributed.

II. VaR provides a metric that measures how much a portfolio will lose over a year.

III. VaR often ignores that returns may not be normally distributed, exhibit kurtosis/fat tails

IV. VaR metrics is calculated using the delta-normal method, simulations based on sufficient historical data or Monte Carlo simulation.

V. A 95% VaR informs portfolio managers how much is expected to be lost 5% of the time.

I., II. and IV. only

II. III. and V. only

III. and IV. only

V. and II. only