# Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV): Closed-End Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/etv for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Eaton Vance · Asset class: Equity - Strategy: Options Income · Inception: 2005-06-28 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 Buy... ## Key Facts | Metric | Value | |---|---| | Price | $14.67 | | Expense Ratio | 1.08% | | Market Value | $1.71B | | NAV | Not on file (no daily NAV for closed-end funds) | | Holdings Count | — | | Distribution Yield (TTM) | 8.12% | | Annual Distribution (TTM) | $1.19 /share | | Distribution Frequency | Monthly | | 52-Week Range | $13.13 – $15.49 | | Beta | 0.86 | ## Latest Distribution - Amount: $0.0993 /share - Ex-date: 2026-10-15 - Pay date: 2026-10-30 ## Frequently Asked Questions ### 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 8.12%, 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) has a market value of $1.71B: its share price times its shares outstanding. A closed-end fund trades above or below its net asset value, so its net assets differ from this figure. 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. ### Does ETV pay a distribution? Yes, Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) distributes distributions to shareholders. The trailing-twelve-month yield is 8.12%. Full distribution history is on this page. ### How often does ETV pay distributions? Eaton Vance Tax-Managed Buy-Write Opportunities Fund pays distributions Monthly. Each ex-dividend date, record date, and payment date is listed in the distribution history table on this page. ### When is ETV's next ex-distribution date? The most recently announced ex-distribution date for ETV was 2026-10-15. The next ex-date typically follows Monthly; once announced it appears at the top of the distribution history table on this page. ### Is ETV's distribution sustainable? Covered-call closed-end funds like ETV fund their distributions from option premium income. Sustainability depends on (1) whether option premiums stay high enough to cover the announced rate, and (2) whether NAV holds up over time. The NAV Erosion section on this page contrasts total return with price change since inception. If distributions consistently exceed total return, the fund is paying out capital rather than income. ### How much will ETV's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.08% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does ETV charge its expense ratio? The expense ratio is deducted in tiny daily slices from ETV's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does ETV cost more than a fund like VOO? ETV is an options-income fund (current expense ratio 1.08%). Covered-call and 0DTE strategies require active option-writing, daily rebalancing, and dedicated risk management. They cost more than passive equity funds. The Cost Verdict card compares ETV against the options-income cohort, not VOO. ### Are ETV's distributions taxed at ordinary income or qualified-dividend rates? ETV's option-premium distributions are typically classified as ordinary income (NOT the qualified-dividend rate), so they're taxed at your marginal federal rate plus state. For a 24% bracket investor that's roughly 2x the 15% long-term capital gains rate most dividend investors are used to. The Fee Compounding Forecast card above lets you layer in this tax drag alongside the fund fee. Consult a tax advisor. This is not tax advice. ### Are there cheaper alternatives to ETV? The Lower-Fee Alternatives card above lists closed-end funds following the same investment strategy as ETV (1.08%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/etv - Distribution history: https://www.dividenddata.com/funds/etv/dividend - Holdings & diversification: https://www.dividenddata.com/funds/etv/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/etv/expenses - Peer comparison: https://www.dividenddata.com/funds/etv/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.