Company: ETV
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000102
Chunk: 0

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 0
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| Filed pursuant to Rule 424(b)(3) 
 File Nos. 333-286821             |

<div align='center'>EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND

Supplement to Statement of Additional Information dated
April 29, 2025

as may be supplemented and/or revised from time to time</div>

1. The following replaces “Proxy Voting Policy.” under “Trustees and Officers”:

Proxy Voting Policy. The Board adopted a proxy voting
policy and procedures (the “Fund Policy”), pursuant to which the Board has delegated proxy voting responsibility to the Adviser
and Sub-Adviser and adopted the proxy voting policies and procedures of the Adviser and Sub-Adviser (the “Adviser Policies”).
An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of research, execution,
recordkeeping and reporting services. The members of the Board will review the Fund’s proxy voting records from time to time and
will review annually the Adviser Policies. For a copy of the Fund Policy and the Adviser Policies, see Appendix A, B and C, respectively.
Pursuant to certain provisions of the 1940 Act relating to funds investing in other funds, a Fund may be required or may elect to vote
its interest in another fund in the same proportion as the holders of all other shares of that fund. Information on how the Fund voted
proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request,
by calling 1-800-262-1122, (2) on the SEC’s website at http://www.sec.gov and (3) on the Fund’s website at https://www.eatonvance.com.

2. The following replaces the forty-third paragraph under “Potential Conflicts of Interest”:

Investments in Morgan Stanley Funds and Other Funds. To
the extent permitted by applicable law, a Fund may invest in a fund affiliated with the investment adviser or its affiliates or a
fund advised by the investment adviser or its affiliates. In connection with any such investments, an investing Fund, to the extent
permitted by the 1940 Act, will pay all advisory, administrative and/or Rule 12b-1 fees applicable to the investment. Investments
by a Fund in a fund affiliated with the investment adviser or its affiliates or a fund advised by the investment adviser or its affiliates