We trade derivatives with a hedge fund under an ISDA and a zero-threshold CSA with daily variation margin. Since we are fully collateralized daily, is our CVA exactly zero? If not, what specific risks remain?

我们和一家对冲基金交易衍生品，不仅签了 ISDA，还有零门槛的每日变动保证金（Variation Margin）协议。既然每天都收全额保证金，我们对这家基金的 CVA 是不是就是 0？如果不是，主要残留了什么风险？