Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Frequently Asked Questions About ETV

What does ETV invest in?

The Eaton Vance Tax-Managed Buy-Write Opportunities Fund, a closed-end equity mutual fund, is operated by Eaton Vance Management and co-managed by Parametric Portfolio Associates LLC. Its investment strategy focuses on publicly traded U.S. equities, specifically targeting companies across a diverse range of sectors. A key part of its methodology involves writing (selling) call options on one or more major U.S. indices, covering a substantial portion of its common stock portfolio's value. The fund measures its performance against a suite of benchmarks: the S&P 500 Index, the CBOE S&P 500 BuyWrite Index, the NASDAQ-100 Index, and the CBOE NASDAQ-100 BuyWrite Index. This U.S.-domiciled fund was established on June 30, 2005.

What is the expense ratio of ETV?

Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) charges an expense ratio of 1.08%. This is the annual fee deducted from fund assets to cover management and operations.

What is ETV's distribution yield?

ETV's trailing-twelve-month yield is 7.85%, calculated from the sum of distributions over the past year divided by the current price.

How does ETV's covered-call strategy work?

ETV sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside — when the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is ETV?

Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) manages $1.77B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is ETV actively managed or an index fund?

ETV's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.