Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 21

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 21
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in capital. For U.S. federal income tax purposes, distributions from short-term capital gains are treated as ordinary income. Distributions in any year may include a substantial return of capital component. The Fund’s distribution rate may be adjusted from time‑to‑time. The Fund’s distributions are determined by the Adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including 12 changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The Board may modify this distribution policy at any time without obtaining the approval of Common Shareholders. Common Shareholders may elect to automatically reinvest some or all of their distributions in additional Common Shares under the Fund’s dividend reinvestment plan. See “Distributions” and “Dividend Reinvestment Plan.” DIVIDEND REINVESTMENT PLAN The Fund has established a dividend reinvestment plan (the “Plan”). Under the Plan, a Common Shareholder may elect to have all dividend and capital gain dividend distributions automatically reinvested in additional Common Shares either purchased in the open market or newly issued by the Fund if the Common Shares are trading at or above their net asset value. Common Shareholders may elect to participate in the Plan by completing the dividend reinvestment plan application form. Common Shareholders who do not elect to participate in the Plan will receive all distributions in cash paid by check mailed directly to them by Equiniti Trust Company, LLC (“EQ”), as dividend paying agent. Common Shareholders who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee to determine whether or how they may participate in the Plan. See “Dividend Reinvestment Plan.” CLOSED‑END STRUCTURE Closed‑end funds differ from open‑end management investment companies (commonly referred to as mutual funds) in that closed‑end funds generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at NAV at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in‑flows and out‑flows that can complicate portfolio management, whereas closed‑end funds generally can stay more fully invested in securities consistent with the closed‑end fund’s investment objectives and policies. In addition, in comparison to open‑end funds, closed‑end funds