You want exposure to 50% of the upside: this means you want exposure to 50k worth of each stock. You don't want to lose more than 100k total, and are ok being w

You want exposure to 50% of the upside: this means you want exposure to 50k worth of each stock. You don't want to lose more than 100k total, and are ok being wiped out if both drop 50%. Seems to me like you'd want to buy 25k worth of call options at a 50% strike price. The options would cost 25k and would reflect shares worth 50k. You get exposure to 50k of shares on the upside, but your loss is capped at 50k total, which is twice as good as your deal. All you need to do is pay interest.