Congressman Discloses Buying Options In SPY, QQQ, IWM Days Before Expiration: Is He Day Trading?

Author: Chris Katje | October 16, 2025 10:32am

The trading activity of members of Congress has come under increased pressure from the public in recent years. Members of Congress are currently free to buy and sell stocks and options, even buying options that expire in less than a week, as one member recently disclosed.

Congressman Discloses Options Purchases

While some members of Congress engage in questionable trades that could be considered conflicts of interest due to their committee assignments, other recent disclosures have revealed that members are violating the Stock Act by reporting transactions late.

While recent disclosures from Rep. Robert Bresnahan (R-Pa.) don't violate the Stock Act, they may raise red flags for investors as they suggest potential day trading.

Bresnahan recently disclosed several options purchases in ETFs that track three of the biggest market indexes. Here are the purchases, which were reported on the Benzinga Government Trades Page:

• Invesco QQQ Trust (NASDAQ:QQQ): Bought options with strike price of $450 and expiration date of Sept. 19, 2025. The purchase was made on Sept. 16 and was valued at $1,000 to $15,000.
• SPDR S&P 500 ETF Trust (NYSE:SPY): Bought options with strike price of $470 and expiration date of Sept. 19, 2025. The purchase was made on Sept. 16 and was valued at $15,000 to $50,000.
• SPDR S&P 500 ETF Trust: Bought options with strike price of $470 and expiration date of Sept. 19, 2025. The purchase was made on Sept. 15 and was valued at $15,000 to $50,000.
• iShares Russell 2000 ETF (NYSE:IWM): Bought options with strike price of $175 and expiration date of Sept. 19, 2025. The purchase was made on Sept. 15 and was valued at $1,000 to $515,000
• iShares Russell 2000 ETF: Bought options with strike price of $175 and expiration date of Sept. 19, 2025. The purchase was made on Sept. 15 and was valued at $1,000 to $15,000.
• Invesco QQQ Trust: Bought options with strike price of $450 and expiration date of Sept. 19, 2025. The purchase was made on Sept. 15 and was valued at $1,000 to $15,000.

Each of the options purchased came with an expiration date three or four days away, making these short-term bets on market indexes such as the S&P 500, Nasdaq 100 and Russell 2000. Based on the short-term style of the trades, this indicates that Bresnahan's portfolio is following activity similar to that of a day trader or swing trader, which may be uncommon for a member of Congress.

In the notes of the disclosure, Bresnahan offers an explanation stating that it is not he who is making the trades.

"All investment decisions related to my personal financial portfolio are delegated to professional financial advisors. I have no role in, nor am informed of, specific investment decision prior to their execution,” the disclosure reads. “Accordingly, this transaction was planned and executed by a financial advisor."

Based on that explanation, it is Bresnahan's financial advisor doing the day trading for him.

Did You Know?

• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold With Our Easy-to-Use Tool

How Bresnahan's Options Have Performed

While it is unknown how many options in each ETF were purchased or at what price, investors can see where the ETFs traded each day and on the day of expiration.

Here are the closing prices on the day of purchase and on the day of expiration:

• QQQ: Sept. 16 close $591.18, Sept. 19 close: $599.35
• SPY: Sept. 16 close: $660.00, Sept. 19 close $663.70
• SPY: Sept. 15 close: $660.81, Sept. 19 close: $663.70
• IWM: Sept. 15 close: $239.35, Sept. 19 close $242.98
• QQQ: Sept. 15 close: $591.68, Sept. 19 close: $599.35

Each of the options trades likely ended up in the money and could have been sold for a higher price or exercised into common shares based on the prices above.

Bresnahan's investing portfolio likely gained in value from these short-term options bets on major stock indexes made by the Congressman's financial advisor.

Read Next:

• Top 10 Stock Traders In Congress For 2024: How Nancy Pelosi, Pete Sessions, Susan Collins, Marjorie Taylor Greene Rank

Photo: Shutterstock

Posted In: IWM QQQ SPY