Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 44

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 44
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us Supplement, the Fund currently intends to invest substantially all of the net proceeds of any sales of Common Shares pursuant to this Prospectus in accordance with the Fund’s investment objectives and policies within three months of receipt of such proceeds. Such investments may be delayed up to three months if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with remaining maturities of less than one year, cash and/or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Fund’s distribution to Common Shareholders or result in a distribution consisting principally of a return of capital. Investment Objectives, Policies and Risks INVESTMENT OBJECTIVES The Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate returns on an after‑tax basis, seeking to minimize and defer shareholder U.S. federal income taxes. There can be no assurance that the Fund will achieve its investment objectives. Under normal market conditions, the Fund’s investment program consists primarily of: (1) owning a diversified portfolio of common stocks, a segment of which (“Segment One”) seeks to exceed the total return performance of the S&P 500 ®Index (the “S&P 500 ®”) and a segment of which (“Segment Two”) seeks to exceed the total return performance of the NASDAQ‑100 ®Index (the “NASDAQ‑100 ®”); and (2) selling on a continuous basis S&P 500 ®call options on at least 80% of the value of Segment One and NASDAQ‑100 ®call options on at least 80% of the value of Segment Two. PRIMARY INVESTMENT POLICIES General Composition of the Fund.Under normal market conditions, the Fund invests 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 ®. Over time, the percentages of the Fund’s stock portfolio invested in each Segment may vary as a result of relative changes in the indices, the Adviser’s evaluation of equity market conditions and other factors. Although the Fund will designate separate S&P 500 ®and NASDAQ‑100 ®segments, the Fund’s stock portfolio will be managed on an integrated basis. Among