HGY-style physical-gold covered exposure is not competitive versus gold-producer covered-call ETFs on the total-return/volatility tradeoff.
The comparison explicitly says the gold-producer covered-call ETF versus a physical-gold covered-call equivalent is “not even close.” The rationale is producers offer more options exposure, higher volatility, and better long-run total returns.
"BREAKING: Global-X Launches CMCL: "All In One" Commodity Producer Covered Call ETF!"