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 one share each of International Business Machines (IBM), Merck (MRK) and Citigroup Inc. (C). Suppose the current market price of each individual stock are as shown as below: Stock Bid Ask IBM $123.20 $123.25 MRK $36.50 $36.55 C $3.15 $3.20 The current quote for this ETF is 163.15 (bid) and $163.20 (ask). Describe an arbitrage strategy and resulting profit per share of ETF.