Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 170

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 170
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 address these potential conflicts including a code of ethics and policies that govern the investment adviser’s and sub-adviser’strading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution. Compensation Structure for Eaton Vance.The compensation structure of MSIM, including its affiliates that are investment advisers, is based on a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to employees of MSIM and its affiliates that are investment advisers is generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Morgan Stanley Board of Directors. Base salary compensation.Generally, portfolio managers receive base salary compensation based on the level of their position with the investment adviser. Incentive compensation.In addition to base compensation, portfolio managers may receive discretionary year-endcompensation. Incentive compensation may include:

| • |     | Cash bonus |

| • |     | Deferred compensation: |

| • |     | A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions |

| • |     | IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants’ interests with the interests of the investment adviser’s clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by MSIM and its affiliates that are investment advisers. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu. |

MSIM and its affiliates that are investment advisers compensate employees based on principles of pay-for-performance,market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi- dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by portfolio management team and circumstances