Nancy Pelosi's options trades: every call, strike and expiry
Nancy Pelosi's disclosures contain 17 option purchases since 2022, across 10 companies. All 17 are call options. None is a put. Every one is filed with the owner code SP: they were bought by her husband, Paul Pelosi, and disclosed under her name, as the STOCK Act requires for a spouse's trades.
These are the trades behind most of the headlines about Pelosi's investing. The filings say more about them than most coverage reports — and less than most coverage implies.
What the filings actually disclose
Most members who trade options disclose only that they did, with a dollar band. Pelosi's filings go further. Each one names the number of contracts, the strike price and the expiry date, which is enough to say exactly how each position was built. The complete list, with every strike and expiry, is on her page.
Three patterns run through all 17.
Every strike was set below the market. On the day each contract was bought, its strike sat between 21% and 63% below the stock's price — 44% on average. A call struck that far below the market is called deep in the money: it already has most of its value the moment it is bought.
They run for about a year. The average contract was bought around 12 months before it expired. Most were bought in batches around January and expire the following January.
They are bets on the stock, not on a big move. Put those two together and the shape is clear. A deep in-the-money call with a year to run behaves much like owning the shares, for a fraction of the cash. It is a leveraged long position in a company the buyer already likes — Apple, Nvidia, Alphabet, Amazon, Broadcom — not a speculative wager that something dramatic is about to happen.
That matters for how the trades are read. A headline that says a call option "made 300%" is usually describing the stock's move against a strike set far below it, not what the option position earned.
What happened to them
Of the 17 contracts, 9 have run their course and 8 are still open, the next expiring on 15 January 2027.
Every one finished above its strike. Measured on the day each contract ended — or today, for those still open — the stock stood 130% above the strike on average.
7 were exercised. Rather than being sold, the calls were converted into the shares themselves: a later filing reports the exercise and the number of shares delivered. Those shares then appear in her ordinary trades, marked Exercised call.
2 have no exercise on file (MSFT and TEM). Each finished above its strike, so none expired worthless. Most likely they were sold before expiry or exercised on a filing we could not match to them. We would rather say we do not know than guess.
What nobody can tell you about them
The premium is never disclosed. To know what an option made you need what was paid for it, and filings give only a dollar band for the whole position. Without the premium there is no cost to measure a return against — which is why Hillscore does not score option trades at all, and why any precise percentage return you read for one of these contracts is an estimate.
The deep strikes make this worse, not better. A call struck 44% below the market costs roughly 44% of the share price in premium before any time value, so the stock rising above the strike tells you the position was worth something. It does not tell you it was worth more than it cost.
Exercised shares are scored, the options are not. When a contract is exercised the delivered shares are real holdings, and they enter her scored record from the market price on the day they arrived. That is a conservative choice: it ignores whatever was gained between buying the option and exercising it. It is also the only one the disclosed data supports.
Reading Pelosi's options honestly
What the filings support is narrower than the reputation. Over 2022–present, the Pelosi household repeatedly bought year-long, deep in-the-money calls on large technology companies, and those stocks mostly rose. That is a consistent strategy and a well-timed one for the period. It is not, on the disclosed evidence, proof of an informational edge — the same calls bought by anyone in those Januaries would have done much the same.
For whether her stock picks beat their own sectors, which is the question the data can answer, see her full record and how every member compares. For why option returns are left out across the site, see the options page.