ETV - Eaton Vance Tax-Managed Buy-Write Opportunities Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. March 18, 2026

   The fund said it may sell new shares.

   Original document →

2. May 1, 2025

   The fund said it may sell new shares.

   Original document →

3. April 29, 2025

   The fund said it may sell new shares.

   Original document →

4. Oct 10, 2024

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Eaton Vance Management. Part of the Eaton Vance fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.85 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 2% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 8 funds we follow that invest in shares and sell options on them, 4 charge a lower management fee and 4 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $11 in the first year and about $132 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.19 a share. $0.01 of that was income; $1.02 came from gains; $0.16 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $15.66. The shares traded at $14.36, about 8.3% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 8.5% below to 4% below. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 7.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2005.

How this has changed

• Payouts per share: $1.19 in the fiscal year ended Dec 31, 2025; $1.18 in the year ended Dec 31, 2024; $1.14 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.16 in the year ended Dec 31, 2025; $0.22 in the year ended Dec 31, 2024; $0.56 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.08% a year in the fiscal year ended Dec 31, 2025; 1.08% a year in the year ended Dec 31, 2024; 1.09% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.83 billion at Dec 31, 2025; $1.75 billion at Dec 31, 2024; $1.54 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; 3% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 117 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +8.5%, counting payouts; the holdings +14.1%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +27.6%, counting payouts; the holdings +23.5%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +10%, counting payouts; the holdings +19.6%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -19.4%, counting payouts; the holdings -17.6%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +18.8%, counting payouts; the holdings +21.4%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +45.9%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $14,600 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +18.5%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 7 funds that invest in shares with options sold on them with a fiscal year ending within six months of this one, 5 reported a higher share return for that year and 1 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All shares (100%). About 98% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Nvidia - 8.4%
2. Apple - 7.8%
3. Alphabet - 6.6%
4. Microsoft - 5.4%
5. Amazon.com - 4.3%
6. Broadcom - 3.6%
7. Advanced Micro Devices - 3.5%
8. Micron Technology - 3.2%
9. Tesla - 3%
10. Lam Research - 2.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →