I just need help with question 4 and 5.

There is an exchangetraded fund, DVY, which seeks to track the investment results of an index composed of relatively high-dividend paying U.S. equities. To read more about this fund, please visit https://www.ishares.com/us/products/239500/ishares-seiectdividendetf. Suppose the spot rate for DVY as of the close of business on 26-Jan-2021 is $100.22 bid / $100.26 ask. Also as of the close of business on this day, the 12-month futures price is $100.40 bid / $100.50 ask. Assume the 12-month interest rate is 0.30%. Use this data to answer the following questions. 1. 2. State what a dividend is and why some companies pay dividends. Visit the website above and determine the expected dividend yield that you would earn if you held this ETF for one year. Compare this dividend yield versus the dividend yield of the S&P 500 index. Why is it higher or lower? . Set up the set of transactions necessary to seize the arbitrage opportunity that exists for a 12-month horizon. Be explicit. If you are executing a futures contract as part of this transaction, you must explicitly dene this futures contract according to all critical terms discussed in class. . Assume the DW spot rate is 110 after 12 months. Compute the gain/ loss on the arbitrage transaction. . Assume the DW spot rate is 90 after 12 months. Compute the gain/ loss on the arbitrage transaction. . What can go wrong with this trade? In other words, describe what can happen which would climate the \"arbitrage\". . Based on previous question, is it really arbitrage