If the price of the S&P/ASX200 index futures contract exceeds its theoretical level an arbitrageur should be able to earn a riskless profit by: selling short treasury bills and buying S&P/ASX200 index futures. selling short all the stocks in the S&P/ASX200 index and buying treasury bills buying S&P/ASX200 index futures contracts and selling short all the stocks in the S&P/ASX200 index selling S&P/ASX200 index futures and buying all the stocks in the S&P/ASX200 index