To initiate a transaction an arbitrageur, though, needs a counter-party that's also engaged in arbitraging, but has an opposite opinion. Thought experiment - l

To initiate a transaction an arbitrageur, though, needs a counter-party that's also engaged in arbitraging, but has an opposite opinion. Thought experiment - let's say there's an imaginary country that has 100 companies listed publicly, each floating 1,000 shares. Most citizens prefer indexing so 99,000 shares are owned by a bunch of Country 100 index funds. Those index funds will only trade on inflow/outflow into their own fund, never on corporate earnings, board changes, product announcements or other external event. What opportunities are there for arbitrageurs?