Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 218

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 218
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 held by clients with different investment objectives or strategies. For a more detailed discussion of these policies and procedures, see Appendix A, Appendix B and Appendix C of this SAI. Potential Conflict of Interest Related to Use of Sub-Adviser(s).To the extent the Adviser to a Fund engages affiliated and/or unaffiliated sub-advisers,the Adviser generally expects to compensate the sub-adviserout of the advisory fee it receives from the Fund, which creates an incentive for the Adviser to select sub-adviser(s)with lower fee rates or to select affiliated sub-adviser(s).In addition, a sub-advisermay have interests and relationships that create actual or potential conflicts of interest related to their management of Fund assets allocated to or managed by the sub-adviser.These conflicts may be similar to or different from the conflicts described herein related to Morgan Stanley and its investment advisory affiliates. For additional information about potential conflicts of interest for each sub-adviser(s) can be found in the relevant sub-adviser’sForm ADV. A copy of Part 1 and Part 2 of a sub-adviser’sForm ADV is available on the SEC’s website (www.adviserinfo.sec.gov). Electronic Communication Networks and Alternative Trading Systems.The Adviser’s affiliate(s) have ownership interests in and/or board seats on electronic communication networks (“ECNs”) or other alternative trading systems (“ATSs”). In certain instances the Adviser’s affiliate(s) could be deemed to control one or more of such ECNs or ATSs based on the level of such ownership interests and whether such affiliates are represented on the board of such ECNs or ATSs. Consistent with its fiduciary obligation to seek best execution, the Adviser may, from time to time, directly or indirectly, effect client trades through ECNs or other ATSs in which the Firm’s affiliates have or could acquire an interest or board seat. These affiliates might receive an indirect economic benefit based upon their ownership in the ECNs or other ATSs. The Adviser will, directly or indirectly, execute through an ECN or other ATSs in which an affiliate has an interest only in situations where the Firm or the broker dealer through whom it is accessing the ECN or ATS reasonably believes such transaction will be in the best interest of its clients and the requirements of applicable law have been satisfied.

General Process for Potential Conflicts.All of the transactions described above involve the potential for conflicts of interest between the Adviser, related persons of the Adviser and