Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 8

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 8
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 |     1,167,546 |     | $           |     1,358,506 |
| Additional paid‑in capital                             |     | $                 |   387,191,108 |     | $           |   621,992,320 |
| Distributable earnings                                 |     | $                 | 1,357,234,419 |     | $           | 1,357,043,459 |
| Net Assets                                             |     | $                 | 1,745,593,073 |     | $           | 1,980,394,285 |
| Net asset value per share                              |     | $                 |         14.95 |     | $           |         14.58 |
| Common shares issued and outstanding                   |     |                   |   116,754,568 |     |             |   135,850,618 |

2

Summary of Fund Expenses The purpose of the table below is to help you understand all fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. Unless otherwise noted, the table shows Fund expenses as a percentage of net assets attributable to Common Sharesfor 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)      |     |   | 1.00% 
 0.08% | (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) | Represents the estimated commission with respect to the Fund’s Common Shares being sold in this Offering. There is no guarantee that there will be any sales of the Fund’s Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of the Fund’s Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “