Permanent portfolio ETF nears $25M as insurance does the work

Tuttle Capital Management's Porter Portfolio Index ETF (PCPP) has grown to $23.9 million in assets less than three months after its June 5, 2026 debut, and the strongest performance contribution is coming from the portfolio's financials sleeve. Of that asset base, $21.34 million arrived as net inflows, according to ETF Database data; the pace accelerated to $5.14 million in the past month, during which the fund returned 4.5%, and over three months it returned 10.3%, leaving it roughly $1.1 million shy of $25 million.

PCPP is a modernized version of Harry Browne's 1980s permanent portfolio, a four-bucket allocation built to hold up in any economic environment. Browne's original used long government bonds and gold; Tuttle's revision swaps in property-and-casualty insurers and a bitcoin sleeve alongside capital-efficient equities and short-term bonds, per the firm's launch announcement. Franco-Nevada, the precious-metals royalty company, anchored the capital-efficient equities sleeve, and Skyward Specialty and Kinsale Capital led the insurance group. Bitcoin has been the fund's largest single contributor, up 30.2% since launch and adding 2.07 percentage points to performance, according to VettaFi data. Yet the financials group added more in aggregate, returning 10.5% and contributing 2.82 percentage points, more than any other segment, with Skyward and Kinsale returning 26.3% and 26.5% and together contributing more than two percentage points. Gold, the original permanent-portfolio anchor, rose 6.3% and added 0.39 percentage points.

Bitcoin's recent jump came after the U.S. Treasury doubled monthly bond buybacks to $4 billion from $2 billion, a move Morningstar research tied to a revived debasement trade while federal debt sits at a record near $40 trillion—a macro tailwind behind the fund's crypto-linked gains. The flow data shows the same tilt: roughly 89% of AUM has come from net inflows, and the largest sector contribution belongs to insurers that compound through cycles, not to a coin that needs a macro narrative.

PCPP extends the pattern of asset managers putting non-traditional sleeves into an ETF wrapper, the same migration this publication tracked with private credit's PCR ETF. The wrapper is the product here: a permanent portfolio redesigned so insurance underwriters do the defensive work gold once did, with bitcoin as an optional kicker rather than the engine. If flows keep up their current pace, the fund crosses $25 million before its fourth month—and the insurance book will have carried it there.