• Tuttle Capital Management announces the launch of the Porter & Company Property & Casualty Index ETF (PCPC), a rules-based ETF that tracks the Porter & Co. P&C Insurance Index — an index that ranks P&C insurers by underwriting profit, not market capitalization.

• The Index selects up to 20 companies annually and weights each by the inverse of its combined ratio, so the insurers making the most money on the policies they write get the largest positions, capped at 10% per holding.

• The Fund's total annual operating expense ratio is 0.65% and will list on Cboe BZX under the ticker PCPC.

Riverside, Connecticut--(Newsfile Corp. - September 15, 2026) - Tuttle Capital Management, LLC, a leading issuer of thematic and rules-based ETFs, today announced the launch of the Porter & Company Property & Casualty Index ETF (CBOE: PCPC). PCPC is a passively managed ETF that tracks the Porter & Co. P&C Insurance Index, ranking leading U.S.-listed property and casualty insurers not by size — but by how good they actually are at the business of insurance.

The Combined Ratio Is the Whole Ballgame

Every P&C insurer runs the same play: collect the premium now, pay the claim later. What separates the winners from the losers is the combined ratio — claims, claims expenses, and underwriting costs, divided by premiums collected. Below 100%, an insurer profits on the insurance itself, before a dollar of investment income. Above 100%, it's paying for the privilege of holding your money.

Many insurance-sector index funds weight their holdings by market capitalization rather than by underwriting performance, which can mean outsized exposure to less profitable underwriters simply because they are larger companies. It's the same discipline Warren Buffett has pointed to in describing Berkshire Hathaway's insurance operations — when a company's premiums outrun its expenses and losses, it gets to invest that money for free. PCPC applies that same screen systematically, ranking P&C insurers by combined ratio rather than size.

"Insurance is a simple business that most investors overcomplicate. Collect the premium, pay the claim, see what's left over. The combined ratio tells you everything - who's actually good at this and who's just big. PCPC buys the insurers who are good at it and sizes the position to match. No story, no forecast, just the math." — Matthew Tuttle, CEO, Tuttle Capital Management

An Alternative to Bonds

Property and casualty insurers collect premiums up front and invest that capital until claims come due — in practice, a well-run insurer holds a large, actively managed bond portfolio with an underwriting business layered on top. Porter & Company's research has framed high-quality P&C insurers as a potential alternative to government bonds in a diversified portfolio, rather than a supplement to one, arguing that active duration management and underwriting profit can help offset the inflation and rate exposure that comes with holding long-duration Treasuries directly. Results will vary, and there is no assurance that P&C insurers will outperform bonds in any given period. PCPC applies its underwriting-first index screen to build a fund investors can consider as part of a diversified portfolio, whether alongside or as a partial substitute for a traditional bond allocation.

How It Works

PCPC is a passively managed ETF that invests at least 80% of its net assets in the securities that make up the Porter & Co. P&C Insurance Index. The Index, calculated by VettaFi and sponsored by Porter & Company, LLC, selects up to 20 companies annually from a universe of U.S.-listed P&C insurers and reinsurers. To qualify, a company must have a market capitalization of at least $1.5 billion, derive at least 51% of its revenue from P&C insurance, post a three-year average return on equity of 5% or better, and maintain a combined ratio below 99%. Eligible companies are then weighted by the inverse of their combined ratio, so the most disciplined underwriters receive the largest allocations, capped at 10% per holding, with any excess redistributed proportionally across the remaining constituents. The Index reconstitutes annually each June.

About the Index Provider

The Porter & Co. P&C Insurance Index is sponsored by Porter & Company, LLC, an independent investment research firm founded by Porter Stansberry. The Index Provider is independent of and unaffiliated with the Fund and the Adviser. Neither the Adviser nor its affiliates have any ability to select Index components or change the Index methodology. The Index Provider maintains and publishes, or designates a third-party calculation agent to publish, information regarding the market value of the Index.

About Porter & Company

Porter & Company, LLC is an independent investment research firm founded by Porter Stansberry, publishing research on individual stocks, macro trends, and portfolio strategy, including its research on property and casualty insurance investing and the Porter Portfolio framework underlying the Porter & Company Porter Portfolio Index ETF (CBOE: PCPP). Porter & Company serves as index provider to the Porter & Co. P&C Insurance Index and the other indexes underlying the Porter & Company family of ETFs.

About Tuttle Capital Management

Tuttle Capital Management is an industry leader in offering thematic ETFs that allow investors to capitalize on shifting market dynamics. The firm is known for its active management approach and its ability to construct portfolios around emerging trends. The Porter & Company Property & Casualty Index ETF joins Tuttle Capital's growing suite of products, which spans actively managed thematic equity ETFs, the Income Blast series of weekly-distribution ETFs, and rules-based index ETFs developed in collaboration with third-party index providers. For more about Tuttle Capital's full suite of funds, visit www.tuttlecap.com. For more about the Porter & Company family of ETFs, including PCPC's prospectus, visit https://PorterandCoFunds.com.

Important Disclosures
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Porter & Company Property & Casualty Index ETF (PCPC) before investing. For a prospectus with this and other information about the Fund, please visit https://PorterandCoFunds.com or call (833) 759-6110. Please read the prospectus carefully before investing.

An investment in the Fund involves risk, including possible loss of principal. The Fund is non-diversified, which means it may invest a relatively high percentage of its assets in a smaller number of issuers than a diversified fund. As a result, the Fund's performance may be more volatile and may be more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.

The Fund is subject to Market Risk, Equity Securities Risk, Passive Strategy/Index Risk, Insurance Industry Risk, Concentration Risk, Fixed Income Substitution Risk, Large- and Mid-Capitalization Securities Risk, Non-Diversification Risk, New Fund Risk, and the standard ETF Risks, among others.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Fixed Income Substitution Risk. The Fund invests in equity securities of insurance companies, not bonds or other fixed income instruments. An allocation to the Fund is not equivalent to owning bonds and does not offer the principal stability, duration characteristics, or coupon payments associated with fixed income investments. Substituting equity exposure for a bond allocation may result in greater volatility and risk of loss than direct bond ownership.

Insurance Industry Risk. Companies in the insurance industry are subject to a variety of risks, including changes in interest rates, general economic conditions, premium rate caps, competitive pressures, regulatory and tax changes, actuarial miscalculations, catastrophic events such as natural disasters and acts of terrorism, and the availability and cost of reinsurance.

Concentration Risk. Because the Fund concentrates its investments in the property and casualty insurance industry, it will be more susceptible to adverse economic, regulatory, or market events affecting that industry than a fund with broader exposure.

Passive Strategy/Index Risk. The Fund is not actively managed and will track its underlying Index regardless of the current or projected performance of the Index or its constituents, which may cause the Fund to underperform the overall market.

ETF shares may trade at a premium or discount to NAV. There can be no guarantee that an active trading market for Fund shares will develop or be maintained.

The Porter & Co. P&C Insurance Index is the exclusive property of Porter & Company, LLC, and has been licensed for use for certain purposes by Tuttle Capital Management, LLC. The Fund is not endorsed, sold, or promoted by Porter & Company, and Porter & Company bears no liability with respect to the Fund.

Distributor: Foreside Fund Services, LLC

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