Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 40

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 40
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 and international accords related to climate change may negatively impact certain issuers and/or industries. Market Disruption.Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may continue to result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the Common Shares. 20 Anti-Takeover Provisions.The Fund’s Agreement and Declaration of Trust (the “Declaration of Trust”) and Amended and Restated By‑Laws (the “By‑Laws” and, together with the Declaration of Trust, the “Organizational Documents”) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board. See “Description of Capital Structure - Certain Provisions of the Organizational Documents - Anti-Takeover Provisions in the Organizational Documents.” General Fund Investing Risk.The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

21

Summary of Fund Expenses The table below shows Fund expenses as a percentage of net assets attributable to Common Shares for the year ended December 31, 2024.

| Common Shareholder transaction expenses                   
 Sales load paid by you(as a percentage of offering price) 
 Offering expenses(as a percentage of offering price)      |     |   | — (1)   
 — (2)   |
|:----------------------------------------------------------|:----|:--|:--------|
| Dividend reinvestment plan fees                           |     | $ | 5.00(3) |

| Annual expenses                      |     | Percentage of net assets         
 attributable to Common Shares(4) |      |      |
| Investment adviser fee               |     |                                  | 1.00 | %(5) |
| Other expenses                       |     |                                  | 0.08 | %    |
| Total annual Fund operating expenses |     |                                  | 1.08 | %    |

| (1) | If Common