The current level of the NASDAQ 100 index is $13,837.83 as of March 4^th (Yahoo Finance). The price of June 2022 E-Mini NASDAQ Futures is $13,838.50 (CME). The rate of the US Treasury T-Bill Rate for the day closest to June 22 3-month maturity date if 0.33% (US Treasury website). The average annualized dividend yield is 1.25% per annum, and dividends are paid out continuously during the year.

Is there a potential for arbitrage, and, if so, how would you go about setting up the arbitrage? Describe all steps in the arbitrage and calculate your arbitrage profit. (Hint: For the purposes of setting up the arbitrage, treat the E-mini Nasdaq-100 futures as a forward contract that requires settlement by delivery of the stocks in proportion to the contract size and ignore daily settlement. Ignore all transaction costs and assume both the dividend yield and risk-free rates are with continuous compounding.