Starting Tuesday, February 10th, Sierra has began to publish weekly vault reports prepared by Five Sigma Finance, a U.K. based asset manager, on our transparency dashboard. This marks another step forward in our commitment to providing industry-leading transparency into how SIERRA's reserves are managed.

What Are Vault Reports?

Five Sigma is a London-based, FCA-regulated asset manager and advisory firm that supports OpenTrade with all aspects of portfolio operations, trading and reporting for the OpenTrade SPV. Five Sigma Finance currently manages over $2B for pension funds, private equity funds, insurance companies, banks and other institutional investors across the U.K. and Europe. 

Each week, Five Sigma generates detailed reports on all OpenTrade vaults where Sierra has deployed capital. These reports are compiled using onchain data for DeFi applications like AAVE and Morpho, as well as account statements from institutions including Wilmington Trust and JP Morgan Transfer Agency.

The Vault Reports provide a weekly detailed snapshot of Sierra's deposits into each OpenTrade vault, including RWA holdings of money market funds and commercial paper and onchain deposits into DeFi applications like AAVE and Morpho. As Sierra expands its reserve management strategy and deposits into new vaults with OpenTrade, these vaults and reserve assets will be added to subsequent Vault Reports. 

Why This Matters

Transparency is a fundamental principle that differentiates SIERRA from other LYTs. With these weekly Vault Reports, SIERRA holders gain an additional layer of verification, as they can now:

• Compare on-chain data by viewing Sierra's vault token holdings on DeBank

• Cross-reference with the transparency dashboard to see real-time reserve composition

• Reconcile off-chain balances of RWAs collateralising OpenTrade vaults that Sierra has deposited into

This three-way verification system allows anyone to individually analyze that SIERRA is backed by exactly what is reported on the Transparency Dashboard.

How to Access the Reports

Beginning February 9th, you'll find the latest vault reports directly on ourtransparency dashboard. Going forward, the reports will be published weekly, giving SIERRA holders consistent, timely insight into Sierra's reserve management implementation.