Which physically backed gold fund would you choose: BAR, PHYS, IAU, or GLD?

I want exposure to gold held as actual physical bullion. I don’t want miners, futures, derivatives, or an unallocated “paper gold” product. I’m comparing:

**BAR:** 0.17% fee, allocated gold in London, publishes its bar list
**IAU:** 0.25% fee, physical gold custodied by JPMorgan
**PHYS:** 0.39% fee, fully allocated and unencumbered gold at the Royal Canadian Mint, with physical-redemption rights above a large minimum
**GLD:** 0.40% fee, physical gold custodied by HSBC/JPMorgan, highest liquidity

I’m leaning toward BAR because of its low fee and physical backing, but PHYS’s custody structure seems stronger. For someone prioritizing genuine bullion backing, low overhead, and minimal counterparty risk, which would you choose and why?