An exchange traded fund (ETF) is a security that represents a portfolio of individual stocks. Consider an ETF for which each share represents a portfolio of two shares of International Business Machines (IBM), three shares of Merck (MRK), and three shares of Citigroup Inc. (C). Suppose the current market price of each individual stock are shown below:

Stock	Current Price
IBM	$121.57
MRK	$36.59
C	$3.15

39) Assume that the ETF is trading for $366.00, what (if any) arbitrage opportunity exists? What

(if any) trades would you make?