The 3.53% level of risk relates to an interpolated leverage ratio of 28 to 1. Moving across the first table it can be seen that hedged returns below 30 OAS would fail to generate a TRR above the minimum 10% level. Consequently, if the assets, liabilities and hedges utilized in such a strategy conformed to expectations and OAS levels were 30 basis points or less, yet published returns were much higher than 10%, investors might question whether the true leverage being utilized is in excess of 28 to 1. Likewise, if the leverage used in this strategy was known to be 28 to 1 and OAS were known to be less than 30 basis points while published returns were notably higher than 10%, investors should begin to question whether the assets, liabilities and hedges conform to expectations, and whether valuations are correct.