To revisit. The STRC structured product is not obv marketed as a stable, but the intent is there; a high yield REIT-analog which attempts to replicate a TRS that targets par via withholding returns from vol when spot is trading above par and distributing excess when below (par).
It's dumb, tho. They still have to report an NAV so if it's doing well (vol + Delta1) then the thing will always trade above par as they will eventually be forced into a special dividend distro. Eventually, the thing will simply converge to all the rest, net of structuring-edge (or lack thereof). My guess is that it's all moot as it will typically trade under par as their structuring will be poor and underperform spot therefore no issue with retention.
If it consistently trades above $100, they'll reduce the promised future dividend, and price will drop. If it consistently trades below $100, they'll increase the promised future dividend, and price will rise. By design, it trades at approximately $100 in the long run. The idea is to keep the price less volatile than STRD, STRF, and STRK by regularly adjusting the dividend.
I get the elasticity argument but it lacks any utility either as a div-vehicle (pass thru cap-gains) or as a stable.