Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 11

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 11
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ations—Discount from or premium to NAV” on page 13 of the accompanying Prospectus. The following table sets forth for the period indicated the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount to NAV per share at which the Fund’s Common Shares were trading as of the same date. NAV is determined no less frequently than daily, generally on each day of the week that the NYSE is open for trading. See “Determination of Net Asset Value” on page 24 of the accompanying SAI for information as to the determination of the Fund’s net asset value.

On April 23, 2025, the last reported sale price, NAV per Common Share and percentage premium/(discount) to NAV per Common Share, were $ 12.42, $ 13.26and ( 6.33)%, respectively. As of April 23, 2025, the Fund had 116,754,568 Common Shares outstanding and net assets of $1,548,533,175. The following table provides information about our outstanding Common Shares as of April 23, 2025:

| Title of Class |     | Amount Authorized |     | Amount Held by the Fund or for its Account |   |     | Amount Outstanding |             |
| Common Shares  |     | Unlimited         |     |                                            | 0 |     |                    | 116,754,568 |

Use of Proceeds Sales of our Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be “at the market” as defined in Rule 415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange. There is no guarantee that there will be any sales of our Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales, if any, of our Common Shares under this Prospectus Supplement and the accompanying Prospectus may be less than as set forth below in this paragraph. In addition, the price per share of any such sale may be greater or less than the price set forth in this paragraph, depending on the market price of our Common Shares at the time of any such sale. As a result, the actual net proceeds we receive may be more or less than the amount of net proceeds estimated in this Prospectus Supplement. Assuming the sale of all of the Common Shares offered