Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 47

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 47
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 Fund will, in effect, sell the potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. If, at expiration, an S&P 500 ®or NASDAQ‑100 ®call option sold by the Fund is exercised, the Fund will pay the purchaser the difference between the cash value of the applicable index and the exercise price of the option. The premium, the exercise price and the market value of the applicable index will determine the gain or loss realized by the Fund as the seller of the index call option (after taking into consideration any transaction costs). The Fund expects to maintain high turnover in index call options, based on the Adviser’s intent to sell index call options on at least 80% of the value of its total assets. For its stock holdings, the Fund’s annual portfolio turnover rate is expected to exceed that of the S&P 500 ®and the NASDAQ‑100 ®due to turnover in connection with the Fund’s tax loss harvesting, gain matching, dividend capture and other strategies. On an overall basis, the Fund’s annual turnover rate may exceed 100%. A high turnover rate (100% or more) necessarily involves greater trading costs to the Fund. The Fund’s policies, under normal market conditions, to invest at least 80% of its total assets in a diversified portfolio of common stocks, designated segments of which seek to exceed the total return performance of the S&P 500 ®and the NASDAQ‑100 ®, and that at least 80% of the value of the Fund’s total assets are subject to written index call options, are non‑fundamental policies and may be changed by the Fund’s Board without Common Shareholder approval following the provision of 60 days’ prior written notice to Common Shareholders. In implementing the Fund’s investment strategy, the Adviser and Sub‑Adviser intend to employ a variety of techniques and strategies generally designed to minimize and defer the U.S. federal income taxes incurred by shareholders in connection with their investment in the Fund as described below. During unusual market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies and other policies. The S&P 500 ®is an unmanaged index of 500 stocks maintained and published by Standard & Poor’s that is market-capitalization weighted and generally representative of the performance of larger stocks traded in the United States. The NASDAQ‑100 ®is an unmanaged index maintained by the