Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 6

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 6
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| Summary of Fund Expenses                        |     | 22 |
| Financial Highlights and Investment Performance |     | 23 |
| The Fund                                        |     | 25 |
| Use of Proceeds                                 |     | 26 |
| Investment Objectives, Policies and Risks       |     | 26 |
| Management of the Fund                          |     | 43 |
| Plan of Distribution                            |     | 46 |
| Distributions                                   |     | 47 |
| U.S. Federal Income Tax Matters                 |     | 48 |
| Dividend Reinvestment Plan                      |     | 51 |
| Description of Capital Structure                |     | 51 |
| Custodian and Transfer Agent                    |     | 55 |
| Legal Matters                                   |     | 55 |
| Reports to Shareholders                         |     | 55 |
| Independent Registered Public Accounting Firm   |     | 56 |
| Potential Conflicts of Interest                 |     | 56 |
| Additional Information                          |     | 58 |
| Incorporation by Reference                      |     | 59 |
| The Fund’s Privacy Policy                       |     | 60 |
|                                                 |     | 63 |

5

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS This Prospectus, any accompanying Prospectus Supplement and the SAI, including documents incorporated by reference, contain “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negative of such terms. Such forward-looking statements may be contained in this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with the SEC. Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the “Investment Objectives, Policies and Risks” section of this Prospectus. All forward-looking statements contained or incorporated by reference in