Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.

Tina Ming is a senior portfolio manager at Flusk Pension Fund (Flusk). Flusk's portfolio is composed of fixed-income instruments structured to match Flusk's liabilities.Ming works with Shrikant McKee, Flusk's risk analyst. Ming and McKee discuss the latest risk report. McKee calculated value at risk (VaR) for the entire portfolio using the historical method and assuming a lookback period of five years and 250 trading days per year. McKee presents VaR measures in Exhibit 1. ]
| Exhibit 1 | F lusk Portfolio VaR(in$millions) |
| Confidence Interval | Daily VaR | Monthly VaR |
| 95% | 1.10 | 5.37 |


After reading McKee's report, Ming asks why the number of daily VaR breaches over the last year is zero even though the portfolio has accumulated a substantial loss.Next Ming requests that McKee perform the following two risk analyses on Flusk's portfolio:Analysis 1 Use scenario analysis to evaluate the impact on risk and return of a repeat of the last financial crisis.Analysis 2 Estimate over one year, with a 95% level of confidence, how much Flusk's assets could underperform its liabilities.Ming recommends purchasing newly issued emerging market corporate bonds that have embedded options. Prior to buying the bonds, Ming wants McKee to estimate the effect of the purchase on Flusk's VaR. McKee suggests running a stress test using a historical period specific to emerging markets that encompassed an extreme change in credit spreads.At the conclusion of their conversation, Ming asks the following question about risk management tools: “What are the advantages of VaR compared with other risk measures?”
The estimate requested in Analysis 2 is best described as:
Option A:liquidity gap.
Option B:surplus at risk.
Option C:maximum drawdown.

Answer: B