September 2009 SPY dividend capture--part one

The SPY ex-dividend date is 18-Sept-09, and I am expecting the payout to be around $0.50 per share.

The downside risk on the market has made me pretty nervious about taking big positions in SPY. However I did pull the trigger on a deep in the money buy-write on 27-Aug, buying SPY at 102.70 and selling Sept 97 calls at 6.21 for a net debit of 96.49. I expect these options to be assigned on the night of 17-Sept, which is fine because my profit should be very close to the dividend value. If the options are not assigned (unlikely unless the market declines substantially) , even better, I collect the dividend too.