Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 85

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 85
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 the securities into which they convert. Risk of Selling Index Call Options.The Fund expects to sell S&P 500 ®and NASDAQ‑100 ®call options on a continuous basis on at least 80% of the value of its total assets. The purchaser of an index call option has the right to any appreciation in the value of the index over the exercise price of the call option as of the valuation date of the option. Because their exercise is settled in cash, sellers of index call options such as the Fund cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Fund intends to mitigate the risks of its written index call positions by holding a diversified portfolio of stocks, Segment One of which is similar to the S&P 500 ®and Segment Two of which is similar to the NASDAQ‑100 ®. However, the 36 Fund does not intend to acquire and hold a portfolio containing exactly the same stocks as the S&P 500 ®and the NASDAQ‑100 ®. Due to tax considerations, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and each of the S&P 500 ®and the NASDAQ‑100 ®to less than 70% on an ongoing basis. Consequently, the Fund bears the risk that the performance of the securities held will vary from the performance of the S&P 500 ®and the NASDAQ‑100 ®. For example, the Fund will suffer a loss if the S&P 500 ®appreciates substantially above the exercise price of the S&P 500 ®call options written by the Fund while the securities held by the Fund in Segment One in the aggregate fail to appreciate as much or decline in value over the life of the written option. Index options written by the Fund are priced on a daily basis. Their value may be affected by changes in the price and dividend rates of the underlying common stocks in the S&P 500 ®and the NASDAQ‑100 ®, changes in actual or perceived volatility of the S&P 500 ®and the NASDAQ‑100 ®and the remaining time to the options’ expiration. The trading price of S&P 500 ®and NASDAQ‑100 ®call options may also be affected by liquidity considerations and the balance of purchase and sale orders. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market behavior or unexpected events. As the writer of S&P