510.3. On opening day, Lever Brothers Fund LP has a simple economic balance sheet: $100 in Cash, and Equity of $100. This corresponds to an initial placement of $100 in equity by investors, and no debt. Suppose Lever Brothers now adds three derivatives positions:

• A one month currency forward, in which Lever Brothers is short $150 against the euro
• An at-the-money (currently 50-delta) three month long call option on S&P 500 equity index futures, with an underlying index value of $100
• Short protection on Ford Motor Co. via a five year credit default swap, with a notional amount of $200

Assume that the non-option positions are initiated at market-adjusted prices and spreads, and therefore have zero NPV. Also assume that the counterparty is the same for all the positions, namely the prime broker or broker-dealer with which they are executed. If the initial margin on this derivatives portfolio (i.e., all three derivative positions) is $50, what is the leverage of the firm’s balance sheet after the trades?