Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 14

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 14
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Code”). Under the Code, capital gains and losses on Section 1256 contracts are generally recognized annually based on a marking‑to‑market of open positions at tax year‑end, with gains or losses treated as 60% long-term and 40% short-term, regardless of holding period. In implementing the Fund’s investment strategy, the Adviser and the Sub‑Adviser intend to employ a variety of techniques and strategies generally designed to minimize and defer the U.S. federal income taxes incurred by Common Shareholders in connection with their investment in the Fund. These include: (1) selling index call options that qualify for treatment as Section 1256 contracts on which capital gains and losses are generally treated as 60% long-term and 40% short-term, regardless of holding period; (2) limiting the overlap between its stock portfolio holdings (and any subset thereof) and each of the S&P 500 ®and the NASDAQ‑100 ®to less than 70% on an ongoing basis so that the Fund’s stock holdings and S&P 500 ®and NASDAQ‑100 ®call options are not subject to the “straddle rules;” (3) engaging in a systematic program of tax‑loss harvesting in the Fund’s stock portfolio, periodically selling stock positions that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund; and (4) managing the sale of appreciated stock positions so as to minimize the Fund’s net realized short-term capital gains in excess of net realized long-term capital losses. The Fund seeks to offset the 40% of gains on index options treated as short-term against Fund expenses and realized losses on other investments allocable against short-term gains. When an appreciated security is sold, the Fund generally seeks to select for sale the share lots resulting in the most favorable tax treatment, normally those with holding periods sufficient to qualify for long-term capital gains treatment that have the highest cost basis. There is no assurance the techniques and strategies the Fund employs to minimize or defer U.S. federal income tax will be successful. In addition, the Fund seeks to earn and distribute “qualified dividend income.” Qualified dividend income received by an individual is taxed at the rates applicable to long-term capital gain. In order for a dividend received by Fund shareholders to be qualified dividend income, the Fund must meet holding period and other requirements with respect to the dividend-paying stock in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund’s shares. A dividend will