Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 7

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 7
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 Shareholders”) or result in a distribution consisting principally of a return of capital. Capitalization We may offer and sell up to 19,096,050 of our Common Shares, $0.01 par value per share, from time to time through the Dealer as sub‑placement agent under this Prospectus Supplement and the accompanying Prospectus. There is no guarantee that there will be any sales of our Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. The table below assumes that we will sell 19,096,050 Common Shares at a price of $12.42 per share (the last reported sale price per share of our Common Shares on the NYSE on April 23, 2025). Actual sales, if any, of our Common Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less than $12.42 per share, depending on the market price of our Common Shares at the time of any such sale. To the extent that the market price per share of our Common Shares on any given day is less than the net asset value per share on such day, we will instruct the Dealer not to make any sales on such day. The following table sets forth our capitalization:

| • |     | on a pro forma as adjusted basis to reflect the assumed sale of 19,096,050 Common Shares at $12.42 per share (the last reported sale price for our Common Shares on the NYSE on April 23, 2025), in an offering under this Prospectus Supplement and the accompanying Prospectus, after deducting the assumed commission of $2,371,729 (representing an estimated commission to the Distributor of 1.00% of the gross proceeds of the sale of Common Shares, of which a certain percentage will be paid to the Dealer in connection with sales of Common Shares effected in this Offering). |

|                                                        |     | As of             
 December 31, 2024 
 (audited)         |               |     | Pro Forma   
 (unaudited) |               |
|:-------------------------------------------------------|:----|:------------------|--------------:|:----|:------------|--------------:|
|                                                        |     | Actual            |               |     | As adjusted |               |
| Net Assets                                             |     | $                 | 1,745,593,073 |     | $           | 1,980,394,285 |
| $0.01 par value per share of common shares outstanding |     | $