1980s Permanent Portfolio Gets 2026 Upgrade: Bitcoin Joins The Party In New ETF

Tuttle Capital Management expanded its ETF lineup last week with the launch of the Porter & Company Porter Portfolio Index ETF (BATS:PCPP), a rules-based multi-asset fund designed to provide investors with diversified exposure across multiple market environments through a single fund.

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The ETF tracks the Porter & Co. Porter Portfolio Index, an index developed by investment research firm Porter & Company that combines equities, hard assets and cash-like investments in an updated version of the classic permanent portfolio strategy.

According to Tuttle Capital CEO Matthew Tuttle, the fund modernizes the “permanent portfolio” concept popularized by investment writer Harry Browne in the 1980s.

Rather than relying on investors to forecast market cycles, the strategy combines four distinct asset categories, including Bitcoin (BTC) that are intended to complement one another across changing economic conditions.

The approach replaces long-duration government bonds from Browne's original framework with a mix of property and casualty insurers, capital-efficient companies, hard assets and short-duration cash holdings.

Key features of PCPP

• Gross expense ratio: 0.75%
• Investment objective: Track the Porter & Co. Porter Portfolio Index before fees and expenses
• Portfolio allocation: 25% Property & Casualty Insurance equities, 25% Capital-efficient equities, 25% Hard assets, 25% Cash-like investments
• P&C insurance sleeve: Publicly traded insurers weighted partly by underwriting performance and combined ratios
• Capital-efficient equities sleeve: U.S.-listed companies screened for free cash flow margins, return on invested capital, return on assets, operating margins, sales growth, and shareholder cash returns
• Hard-assets sleeve: Exposure to Bitcoin and precious metals through a wholly owned Cayman subsidiary to maintain regulated investment company tax status
• Cash-like sleeve: U.S. Treasuries, government obligations, money market funds, Treasury inflation-protected securities, and other short-duration instruments
• Rebalancing: Periodically reset to the target 25/25/25/25 allocation
• Portfolio management: Primarily replication-based, with representative sampling permitted
• Additional tools: May use derivatives, including swaps, swaptions, futures, and credit derivatives for risk management and diversification purposes

The launch marks part of a broader collaboration between Tuttle Capital and Porter & Company aimed at bringing a suite of rules-based index ETFs to market. PCPP is positioned as the flagship multi-asset offering within that lineup, seeking exposure to return drivers that have historically performed differently during periods of economic growth, inflation, deflation, and heightened uncertainty.

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