Enhanced launched in August 2026 the first covered-call vault on tokenized gold (PAXG), targeting annualized returns of 4 to 14 % by selling call options 3-7 % above the spot price. Premiums are distributed in stablecoins every two weeks, with fees of approximately 0.5 % per year. This product addresses a tokenized gold market estimated between $4.9B and $5B, which traditionally generates no passive income. The strategy draws from the GLDI ETF, which has employed a similar approach on physical gold since 2013 with first-year returns ranging from 9 to 26 %, but with higher fees and limited accessibility for non-institutional investors. The main risks remain capped upside potential and PAXG options market depth, which depends on the presence of institutional market makers.
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