Tuttle Capital Launches ETF Updating Browne’s Permanent Portfolio

Tuttle Capital has launched the Porter & Company Porter Portfolio Index ETF, ticker PCPP, which is listed on CBOE. The fund tracks the Porter & Co. Porter Portfolio Index and allocates 25% to property and casualty insurance companies, 25% to capital-efficient equities, 25% to hard assets including Bitcoin and precious metals, and 25% to short-duration, cash-like instruments. The ETF charges an annual fee of 75 basis points (0.75%).

The index rebalances periodically to keep each sleeve at its 25% weight. The fund may use derivatives such as swaps and futures to manage exposure and to hedge sensitivity to diversification risk. The ETF structure provides intraday tradability on an exchange and is described by the issuer as offering operational efficiency and potential tax benefits compared with mutual funds.

PCPP is presented as an update to Harry Browne’s permanent portfolio from the 1980s. Browne’s original allocation split assets among equities, long-duration government bonds, gold and cash. The new fund replaces the long-duration bond sleeve with property and casualty underwriters, substitutes capital-efficient equities for a traditional equity sleeve, expands the hard-asset allocation to include Bitcoin alongside precious metals, and holds short-duration instruments for liquidity.

Matthew Tuttle, chief executive officer of Tuttle Capital Management, wrote in the launch announcement that Browne’s idea was that an investor should not need to predict the next market cycle in order to endure it. He added: “PCPP takes that idea and updates it for how markets actually work today — with insurance underwriters that compound through cycles, quality businesses that generate cash, hard assets including Bitcoin, and short-duration cash.”

The fund was created in partnership with Porter & Company and uses a rules-based index to set allocation and rebalancing mechanics. The issuer states the approach is intended to capture the performance of four distinct return drivers within a single product and to maintain the equal-weight split rather than allowing market moves to create drift among the components.