As the financial landscape evolves, institutional investors are increasingly looking at

innovative assets like tokenized RWAs to diversify their portfolios. PAX Gold, with its unique

characteristics of being both a digital asset and a representation of physical gold, presents a

new opportunity for managing risk in times of market uncertainty.

In this group assessment, you will take on the role of financial analysts working for a fund

manager or institutional investor. The objective is to evaluate the potential of PAX Gold as part

of a diversified investment portfolio. The analysis will focus on the performance and risk of

PAX Gold during crisis periods, particularly in comparison to Bitcoin $($BTC$)$ and a traditional

Gold ETF. You will also explore how these assets can hedge against stock market risks using

CAPM and beta, as well as assess the regulatory environments in Australia, India, and Dubai

for trading gold tokens.

$($c$)$ Reflect on the implications of regulatory differences for global investors. Provide

recommendations for institutional investors in these regions considering adding PAX Gold to

their portfolios.