I agree there are unknowns in all of these treatments. I don't have a sense about which carries greater risk. Hopefully all of the risks are small in an absolute sense.
The background for others:
Regarding SERMs, it bothers me that they are—mostly—not endogenous and that there's limited characterization of the effects they have on all the different estrogen receptors in our bodies. We can get the desired effect, with the hypothalamus and pituitary feeling estrogen-deprived. But SERMs are not that purely selective, as we see with
enclomiphene's suppression of IGF-1, which implies liver activity. This opens the door to other suppression we're unaware of, which might bite us in the long run.
The testosterone-based treatments use bioidentical molecules, but they can cause HPTA shutdown, reducing or eliminating natural production of kisspeptin, GnRH, LH and FSH. I continue to wonder out loud about the possible negative consequences of this, given that these hormones have effects that are distinct from their roles in the HPTA.