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Security Comparison

BTCI vs STRC: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS Bitcoin High Income ETF and Strategy Variable Rate Series A Perpetual Stretch Preferred Stock covering yield, cost, risk, and income potential.

Data updated July 21, 2026

NEOS
ETFs19
Total AUM$30.0B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

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Side-by-side snapshot

BTCISTRC
Full nameNEOS Bitcoin High Income ETFStrategy Variable Rate Series A Perpetual Stretch Preferred Stock
IssuerNEOSStrategy
Last Close$29.53 as of July 21, 2026$87.10 as of July 21, 2026
Distribution yield26.54%10.26%
Distribution Safety Score™ 4680
Expense ratio0.98%—
AUM$1.12B—
Distribution frequencyMonthlySemi-Monthly
Underlying indexBitcoin ETPsPreferred equity security issued by MicroStrategy Incorporated.
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.Stretch (STRC) is Strategy’s perpetual preferred stock that pays a variable cash dividend twice a month (semi-monthly) — most recently $0.50 per share per payment, an annualized rate of about 12% on its $100 par value. STRC’s dividend rate is reset each month to encourage trading around STRC’s $100 par value and to help strip away price volatility.
Asset classEquityEquity
Inception date10/16/2024N/A
Beta1.6764—
Last dividend$0.6530$0.5000
Ex-dividend date06/16/202607/31/2026

Bottom lineChoose BTCI if you want to maximize current income — roughly 26.54%, generated by selling options premium. Choose STRC if you want the steadier, bond-like income of a preferred security. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while STRC keeps full price exposure.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BTCI has lagged STRC over the trailing twelve months, posting a -39.71% total return against 10.02%. Measured from Jul 2025 — when the younger fund began trading — STRC has compounded at 10.17% a year versus -40.14% for BTCI. STRC has been the steadier holding, though — annualized volatility of 22.0% against 40.3% for BTCI. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1YSince Jul 2025Volatility Sharpe Sortino Max drawdown
BTCI-24.81%-39.71%-40.14%40.3%-1.38-1.78-48.4%
STRC-6.36%10.02%10.17%22.0%0.240.35-24.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 20, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jul 2025” measures every fund from July 25, 2025 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

BTCI (NEOS Bitcoin High Income ETF) is an ETF, while STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock — they take fundamentally different approaches.

BTCI offers the higher yield at 26.54% vs 10.26% for STRC. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They track different benchmarks: BTCI is linked to Bitcoin ETPs while STRC tracks Preferred equity security issued by MicroStrategy Incorporated., which means their performance drivers differ.

Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $221.17/month, while STRC would produce $85.50/month, at current distribution rates.

BTCI yield26.54%
STRC yield10.26%
Monthly diff on $10K$135.67

Cost & efficiency

BTCI charges a 0.98% expense ratio — roughly $980 over 10 years on $10,000 (simplified, not compounded). STRC is a preferred stock, not a fund, so it charges no expense ratio.

BTCI ER0.98%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while STRC tracks Preferred equity security issued by MicroStrategy Incorporated. with a bitcoin approach.

BTCI beta1.6764
STRC beta—

Security details

BTCI is managed by NEOS (launched 10/16/2024) with $1.12B in assets. STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock.

BTCI AUM$1.12B
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Frequently asked questions

Is BTCI or STRC better for dividend income?

It depends on your goals. BTCI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BTCI and STRC?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) tracks Preferred equity security issued by MicroStrategy Incorporated. with a bitcoin approach. They are issued by NEOS and Strategy respectively.

Can I hold both BTCI and STRC?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, BTCI or STRC?

BTCI charges a 0.98% expense ratio. STRC is a preferred stock, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.

How much income does $10,000 in BTCI vs STRC generate?

At current rates, $10,000 in BTCI would generate roughly $221.17 per month ($2,654.00 annually). The same in STRC would produce about $85.50 per month ($1,026.00 annually).

Which has performed better historically, BTCI or STRC?

BTCI has lagged STRC over the trailing twelve months, posting a -39.71% total return against 10.02%. Measured from Jul 2025 — when the younger fund began trading — STRC has compounded at 10.17% a year versus -40.14% for BTCI. STRC has been the steadier holding, though — annualized volatility of 22.0% against 40.3% for BTCI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTCI vs STRC — at a glance

Generated July 2026 from current fund data.

Overview

BTCI is an ETF that holds Bitcoin ETPs and uses options strategies to generate 27% annual income, distributing monthly. STRC is a perpetual preferred stock issued by MicroStrategy that pays a 13% variable dividend semi-monthly, pegged to encourage trading near $100 par. Both securities expose investors to Bitcoin's price movement, but through entirely different structures: BTCI is a fund holding the asset directly, while STRC is a corporate obligation backed by MicroStrategy's balance sheet.

How they differ

The core difference is structure and income source. BTCI generates its yield through option sales layered on Bitcoin holdings—a synthetic-income strategy that requires continuous rebalancing and exposes the fund to roll risk as positions expire. STRC pays dividends from MicroStrategy's corporate cash flow and equity capital, not from trading strategies. That means BTCI's 27.16% yield depends on sustained option premiums and Bitcoin price behavior, while STRC's 13.34% yield is a corporate obligation (though variable and subordinate).

Second, STRC's dividend is reset monthly to anchor the price near $100 par, dampening volatility around that level; BTCI's price floats freely with its underlying Bitcoin holdings and fund structure. Third, BTCI carries a 0.98% expense ratio and $1.09B in AUM as an established fund structure, while STRC, newly issued in July 2025, has no reported expense ratio and represents a single security with its own credit risk tied to MicroStrategy's financial health and Bitcoin holdings.

Who each is best for

BTCI: Fits investors who want Bitcoin exposure combined with monthly income and can tolerate significant price swings (beta 1.68) and the structural complexity of options-based yield generation.

STRC: Fits investors seeking variable high income from a single preferred equity security, comfortable with MicroStrategy's credit risk and the anchor that STRC's rate-reset mechanism provides against par value.

Key risks to know

  • NAV erosion at yields above 15%. BTCI's 27.16% distribution rate substantially exceeds typical equity returns, creating pressure to erode net asset value unless option premiums and Bitcoin appreciation sustain the yield indefinitely—a condition unlikely to hold over multi-year horizons.
  • Options and roll risk. BTCI's income derives from selling options on Bitcoin; as these positions expire and are renewed, shifts in volatility, skew, and funding costs will change the yield and may force the fund to sell at unfavorable prices to rebalance.
  • Single-issuer and concentrated credit risk. STRC's dividend and principal repayment depend entirely on MicroStrategy's financial condition, capital structure, and Bitcoin holdings; any deterioration in MicroStrategy's creditworthiness or liquidity directly threatens the security's value and income.
  • Bitcoin price sensitivity and correlation. Both securities are highly exposed to Bitcoin price swings; holdings may overlap significantly, creating concentration risk if held together—a consideration to verify by checking prospectuses.
  • Par-value and liquidity risk for preferred stock. STRC is newly issued and has not yet traded through a full cycle of market stress; illiquidity, widening bid-ask spreads, or investor redemption pressure could push the price away from its intended $100 par anchor, eroding returns for holders who need to exit.

Bottom line

BTCI offers aggressive monthly income tied to Bitcoin through a fund wrapper with transparent fee disclosure; STRC offers higher perceived stability through a variable rate pinned to par, but concentrates credit risk in a single issuer. If you prioritize fund structure and cost transparency, BTCI's ETF format and published expense ratio provide clearer visibility; if you prefer simpler income mechanics without options complexity, STRC's direct preferred equity structure may appeal—though its reliance on MicroStrategy's balance sheet and its nascent liquidity warrant closer scrutiny. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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