It seems like it's a win/win regardless what the share price does.
What's the catch? I guess you lose out on any potential gain from an increase in share price? Still seems like a good deal all around. I may give that a shot in my deferred comp account. I'm assuming it would work in a Roth account too, right? If SPLG were to rocket to $100, you only get $62/share. That is the risk, missing out on the upside or stock going to zero.