http://www.indexarb.com/index.html Purpose of this Web Site The information at this site is intended to help arbitrageurs and investors who are not arbitrageurs but who can benefit from knowing likely arbitrageur activity. We intend to do this by presenting our estimates of the market conditions that could produce index arbitrage activity and a thorough tabulation of the underlying factors of those estimates. The non-arbitrageur investor audience that could perhaps benefit the most from this site are those with a comparatively short term investment time horizon (say less than a year) and those who are actively trading stocks, index futures or ETFs, or options. Long term investors can essentially ignore index arbitrage conditions because long term market and economic factors will be the prevailing determinants of investment success or failure. Yet, long term investors that use hedging (and hedge funds) may find this site helpful. A relevant hedge example would be the purchase of a basket of stocks that are expect to outperform their associated index and the sale of the index future; the converse case is, of course, the short sale of underperforming stocks (or the sale of their single stock futures) and the purchase of the index futures. The concepts covered at this site are not for the novice investor; further, even experienced investors should not be trading stocks, futures, ETFs, or options unless they thoroughly understand them and are prepared to incur losses, for which they will be solely responsible: see our page on Terms of Usage/Disclaimer. This web site is intended for informational purposes only and is not a solicitation, nor an offer, to buy or sell any security. Worth, to take a look at this website and especially READ IT carefully regarding index weights ! Have fun !