Var`(Value at Risk) is a commonly used index to measure the risk of financial investment, which is used to estimate the maximum loss that may occur in a portfolio or assets in a certain period. However, there are some limitations and risks in using "VaR".

First of all,' var' only considers the maximum possible loss, and does not consider the potential risk exceeding this threshold. Therefore, if the maximum possible loss calculated by "value at risk" is exceeded, investors may face greater losses than expected.

Secondly, "var" assumes that the market is normally distributed, but in fact the market does not always operate like this, especially in extreme cases, such as financial crisis. This means that when the market does not conform to the normal distribution, "var" may underestimate the actual risk level.

Thirdly,' var' can't predict the possible risks brought by unknown events, such as natural disasters and wars. These events may have a major impact on the financial market, resulting in huge losses for investors.

Therefore, in order to evaluate the investment risk more comprehensively and accurately, investors need to use a variety of indicators and methods, and be careful not to rely solely on' var' to manage risks.