When assessing tail risk by looking at the $1\%$ worst$-$case scenario, the VaR is the:

Multiple Choice

most realistic, as it is the most complete measure of risk.

most pessimistic, as it is the most complete measure of risk.

most optimistic, as it is the most complete measure of risk.

most optimistic, as it takes the highest return $($smallest loss$)$ of all the cases.

None of the options are correct.