If I'm reading this right, they're getting outcomes like this: * No crash/external event. Coke goes up. Pepsi goes up more due to health products. They're out

If I'm reading this right, they're getting outcomes like this: * No crash/external event. Coke goes up. Pepsi goes up more due to health products. They're out money on Coke, but make enough on Pepsi to cover it and then some. * Crash/external event. Both drop. Pepsi drops less because of the health products. They lose some on Pepsi, but because Coke dropped more, they make more off the Coke short than was lost on Pepsi. They still come out ahead. * If the health products have no effect, then the gain or drop will be similar, giving roughly net-zero cost/gain. The real risk, as I see it, is that the correlation breaks the other way, and Pepsi drops while Coke goes up. That's the price you pay trying to make a bet on something - the fund is safe from external events, but you can't hedge against being dead wrong and still make a profit.