VaR - Expected value or Unexpected value

CFA Level III Fixed Income
#1

Relevant to the VaR readings in Fixed Income - I believe VaR to be the expected minimum loss over a given time frame.

However, I saw in a CFAI online Q that VaR is the UNexpected minimum loss over a given time frame.

Just curious - intuitively, how can you calculate an unexpected number… if its calculated, I would imagine its an expected value.

#2

That makes no sense.

Over a given period of time, there is a given probability that the loss will be the VaR or more.

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