This is a thing https://en.wikipedia.org/wiki/130%E2%80%9330_fund https://en.wikipedia.org/wiki/130%E2%80%9330_fund Or often called the 1X0/X0 fund, meaning,

This is a thing https://en.wikipedia.org/wiki/130%E2%80%9330_fund https://en.wikipedia.org/wiki/130%E2%80%9330_fund Or often called the 1X0/X0 fund, meaning, using leverage you are long 1X0% of your holdings(typically in a board index) and short X0% of your holdings (typically in only specific shorts you pick, this is your alpha). The money you get for your short sale helps pay for the 1X0 leverage. You are really betting on your short positions to drive your alpha in this case, Jim Chanos is the one who made this structure famous.