# Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/exd 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: 2010-02-09 The Eaton Vance Tax-Managed Buy-Write Strategy Fund operates as a closed-end equity mutual fund, principally managed by Eaton Vance Management with co-management responsibilities also held by Parametric Risk Advisors, LLC. Its investment strategy focuses on equity markets, involving both direct investments in company stocks and the strategic use of derivatives like options. Portfolio construction is driven by rigorous internal and proprietary research. The fund measures its performance against the S&P 500 Composite Stock Price Index and the NASDAQ 100 Index. This U.S.-domiciled fund commenc... ## Key Facts | Metric | Value | |---|---| | Price | $9.58 | | Expense Ratio | — | | Assets Under Management | $93.6M | | NAV | — | | Holdings Count | — | | Distribution Yield (TTM) | — | | Annual Distribution (TTM) | — /share | | Distribution Frequency | Monthly | | 52-Week Range | $8.95 – $10.10 | | Beta | 0.00 | ## Latest Distribution - Amount: $0.0708 /share - Ex-date: 2023-03-21 - Pay date: 2023-03-31 ## Frequently Asked Questions ### What does EXD invest in? The Eaton Vance Tax-Managed Buy-Write Strategy Fund operates as a closed-end equity mutual fund, principally managed by Eaton Vance Management with co-management responsibilities also held by Parametric Risk Advisors, LLC. Its investment strategy focuses on equity markets, involving both direct investments in company stocks and the strategic use of derivatives like options. Portfolio construction is driven by rigorous internal and proprietary research. The fund measures its performance against the S&P 500 Composite Stock Price Index and the NASDAQ 100 Index. This U.S.-domiciled fund commenced operations on June 29, 2010. ### What is the expense ratio of EXD? An expense ratio for Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) is not available from our data sources. Neither our market-data feed nor the SEC's structured prospectus and annual-report datasets report one for this share class. The fund's prospectus on the issuer's site carries the authoritative fee. ### What is EXD's distribution yield? EXD's trailing-twelve-month yield is —, calculated from the sum of distributions over the past year divided by the current price. ### How does EXD's covered-call strategy work? EXD 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 EXD? Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) manages $93.6M 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 EXD actively managed or an index fund? EXD's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does EXD pay a distribution? Yes, Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) distributes distributions to shareholders. The trailing-twelve-month yield is —. Full distribution history is on this page. ### How often does EXD pay distributions? Eaton Vance Tax-Managed Buy-Write Strategy 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 EXD's next ex-distribution date? The most recently announced ex-distribution date for EXD was 2023-03-21. The next ex-date typically follows Monthly; once announced it appears at the top of the distribution history table on this page. ### Is EXD's distribution sustainable? Covered-call mutual funds like EXD 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. ### Why is EXD's expense ratio not shown? Neither our market-data feed nor the SEC's structured filing datasets (prospectus fee tables and Form N-CEN annual reports, which we re-check twice a month) report an expense ratio for Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD). That usually means the fund family doesn't register this share class's ticker in the SEC's machine-readable data, or the vehicle reports fees outside the standard fund forms. Rather than estimate, we leave it blank; the prospectus on the issuer's site carries the authoritative number. ### How does EXD charge its expense ratio? The expense ratio is deducted in tiny daily slices from EXD'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. ### Are EXD's distributions taxed at ordinary income or qualified-dividend rates? EXD'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. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/exd - Distribution history: https://www.dividenddata.com/funds/exd/dividend - Holdings & diversification: https://www.dividenddata.com/funds/exd/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/exd/expenses - Peer comparison: https://www.dividenddata.com/funds/exd/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.