Editor's Note: This is a bonus column from Steven Smith, whose commentary usually appears only on RealMoney . It originally appeared on RealMoney on March 21 at 2:38 p.m. ET. We're offering it today to TheStreet.com readers. To read Smith's commentary regularly, please click here for information about a free trial to RealMoney. Alan Farley's column on bank stocks offers some good names to consider buying. But for some people, the capital required to buy a meaningful number of shares in all six stocks may strain their accounts. They might consider using call options as a replacement for buying the shares. But understand that if you use in-the-money (ITM) calls, it is more of a financing tool than a risk-reduction strategy. For an example of this strategy, instead of buying 1,000 shares of Bank of America ( BAC) at $47, which would require $23,500 assuming 50% margin, one could buy the May $45 calls at $2.50 per contract. A couple of things to bear in mind: Given that call's current delta of 0.80, if you want to have the same share-equivalent position as 1,000 shares, you would need to buy about 12 contracts, so your total cost would be $3,000. If you went down to the $42.50 strike, with a delta of 0.97 and price of $5, the share equivalent and cost would be around 10 contracts and $5,000. But before you go spend $18,000 worth of call premium (i.e., $3,000 in six different names), it is very important to understand that 100% of that money is at risk. All it takes is for the group to decline by about 5%, and the calls will have lost roughly 70% of their value -- the exact numbers depend on which strikes you choose. The deeper in-the-money you go, the more akin the position is to owning the shares. Again, using ITM calls should be considered a financing tool, not a risk-management tool. But if you understand the risk, using options is a good way to get exposure in all the names. This way you won't try to cherry-pick the best ideas and end up with just the losers.