Value-at-Risk (VaR) is most closely defined as?

A.The probability of a specified level of negative return of a portfolio in the left tail of its profit-and-loss distribution.

B. The dollar loss at which a pre-specified cumulative probability occurs in the left tail of the profit-and-loss distribution.

C. The probability of a negative return below a specified threshold in the left tail of the distribution.

D. The negative return rate for which a pre-specified probability lies in the left tail of the distribution.