SPY Ex-Dividend Date is Friday
For anyone long in-the-money September SPY calls, remember that the ex-dividend date is Friday. This means that you must take action tomorrow, which is Thursday. Call option values will decline on the ex-dividend date because a 60 cent per share dividend is being paid, which will cause SPY to decline by the amount of the dividend. Holding the call into Friday without taking action is a mistake.
Consequently, you need to either sell your long SPY call or exercise it. Which one? Well, exercising will get you the 60 cent dividend, but the SPY stock you buy will immediately decline by 60 cents so exercising doesn't really gain you anything. Basically, you should sell the call if the bid price of the option has any extrinsic (i.e., time) value. For example, say you are long the Sep. 152 call, trading at 1.57. The SPY is currently trading at 153.12, so the intrinsic value is 1.12 (153.12-152) and the extrinsic value is 45 cents (1.57-1.12). Since there is extrinsic value, you should sell the call. If the bid price of the option is below intrinsic value, then you should exercise the call, collect the dividend, and sell the exercised stock to capture intrinsic value.