Answer: arbitrageur.

## Explanation An **arbitrageur** is a market participant who seeks to profit from price discrepancies between related assets or markets. In this case: - **Hedgers** use derivatives to reduce or eliminate risk from their existing positions - **Index investors** typically follow passive investment strategies tracking market indices - **Arbitrageurs** specifically look for mispricings between spot prices (commodity) and futures prices to execute risk-free or low-risk trades When there's a mispricing between the commodity's spot price and its futures price, arbitrageurs can simultaneously buy the undervalued asset and sell the overvalued one, locking in a risk-free profit. This activity helps maintain market efficiency by eliminating pricing discrepancies.

Author: LeetQuiz Editorial Team