ProFunds Chooses SS&C for Bitcoin Mutual Fund Risk Management

Rhea-AI Summary

SS&C Technologies Holdings (NASDAQ: SSNC) has been chosen by ProFunds to provide 18f-4 risk analytics for the new Bitcoin Strategy ProFund (BRCFX), the first publicly available U.S. mutual fund linked to bitcoin performance. The collaboration allows ProFunds to meet SEC compliance requirements for derivatives. SS&C's Algorithmics Managed Data and Analytics Service will support advanced risk analytics across various asset classes, including cryptocurrency. With over $60 billion in assets managed, ProFunds aims to enhance investor opportunities in the crypto market.

Positive

• ProFunds has partnered with SS&C for enhanced risk analytics on their Bitcoin Strategy ProFund, boosting compliance with SEC Rule 18f-4.
• SS&C's advanced analytics support multiple asset classes, enhancing the fund's risk management capabilities.
• The Bitcoin Strategy ProFund aims to provide investors with regulated exposure to cryptocurrency, increasing market opportunities.

Negative

• None.

WINDSOR, Conn., Feb. 3, 2022 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that ProFunds, a premier provider of a diverse lineup of mutual funds, has appointed SS&C to provide 18f-4 risk analytics for its BitCoin Strategy ProFund (BRCFX). BTCFX is the first publicly available U.S. mutual fund whose investment results generally correspond to the performance of bitcoin, before fees and expenses.

"We were looking for a risk analytics partner to help us develop a robust risk analytics model for 18f-4 compliance for the ProShares Bitcoin Strategy ETF and Bitcoin Strategy ProFund," said Ramesh Babu, Chief Technology Officer, ProShare Advisors. "SS&C delivered quickly and provided a cost-effective and efficient solution."

The SS&C Algorithmics Managed Data and Analytics Service (MDAS) will provide advanced market risk analytics to help ProFunds comply with the Securities and Exchange Commission Rule 18f-4. The rule requires registered fund providers to perform risk calculations for derivatives instruments starting in 2022. SS&C Algorithmics' advanced risk analytics can support multiple derivative instruments across asset classes, including crypto-related investments. Additionally, MDAS easily integrates with accounting and reporting engines used by ProFunds and ProShares, including SS&C Geneva.

 "We are pleased to partner with ProFunds in the launch of the first-ever U.S. mutual fund focused on bitcoin," said Mina Wallace, General Manager of SS&C Algorithmics. "Our customers look for innovative ways to provide investors with opportunities to participate in the cryptocurrency market through standard regulated methods. We look forward to supporting them with robust, scalable and efficient risk management tools."

About ProFunds

Founded in 1997, ProFunds has more than 20 years of experience managing a diverse lineup of some of the most innovative funds in the financial industry, offering trading flexibility to all shareholders. In addition to classic, broad-market index funds, ProFunds offers leveraged and inverse funds that track a variety of complex assets, including broad-market and sector-based domestic and international equity, fixed income, commodity, currency, CDS and other benchmarks. Together with ProShares, which launched the first U.S. leveraged and inverse exchange traded funds (ETFs) in 2006, ProFunds and its affiliates manage approximately $60 billion in assets for investors worldwide.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

SOURCE: SS&C

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

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SOURCE SS&C

FAQ

What is SSNC's role in ProFunds' Bitcoin Strategy ProFund?

SS&C Technologies provides 18f-4 risk analytics to ensure compliance for ProFunds' Bitcoin Strategy ProFund.

When was SSNC's partnership with ProFunds announced?

The partnership was announced on February 3, 2022.

What is the significance of the Bitcoin Strategy ProFund (BRCFX)?

It is the first publicly available U.S. mutual fund that aims to replicate bitcoin performance.

How much assets does ProFunds manage?

ProFunds, along with its affiliates, manages approximately $60 billion in assets.