<SEC-DOCUMENT>0000940394-21-000963.txt : 20210513
<SEC-HEADER>0000940394-21-000963.hdr.sgml : 20210513
<ACCEPTANCE-DATETIME>20210513085636
ACCESSION NUMBER:		0000940394-21-000963
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210513
DATE AS OF CHANGE:		20210513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Buy-Write Opportunities Fund
		CENTRAL INDEX KEY:			0001322436
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-236939
		FILM NUMBER:		21917467

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>etvprosaisupp.htm
<DESCRIPTION>EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND PRO AND SAI SUPP DTD 5-13-2021
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt 0 0; text-align: center"><B>EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES
FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt 0 0; text-align: center"><B>Supplement to Prospectus dated April 23,
2021</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The following changes are effective July 1, 2021:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"><B>The following replaces the seventh paragraph under &#8220;The
Adviser&#8221; in &#8220;Management of the Fund&#8221; in the Prospectus<FONT STYLE="font-size: 11pt">:</FONT></B></P>

<P STYLE="font: 10pt NewsGothicBT-Light,sans-serif; margin: 0">G.R. Nelson is responsible for managing the Fund&#8217;s overall investment
program and executing the Fund&#8217;s options strategy, and also provides the Sub-Adviser with research support and supervises the performance
of the Sub-Adviser. Mr. Nelson is a Vice President of Eaton Vance, has been an equity analyst at Eaton Vance since 2004 and has been a
portfolio manager of the Fund since July 2021.</P>

<P STYLE="font: 10pt NewsGothicBT-Light,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 49%; padding-top: 6pt; padding-bottom: 3pt; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">May 13, 2021</FONT></TD>
    <TD STYLE="width: 51%; padding-top: 6pt; padding-bottom: 3pt; text-align: right; font: 10pt NewsGoth Lt BT">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Supplement to Statement of Additional Information
dated April 23, 2021</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The following changes are effective July 1, 2021:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>The following replaces the tables under &#8220;Portfolio Managers.&#8221;
in &#8220;Investment Advisory and Other Services&#8221;:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt NewsGoth Lt BT; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Number of<BR>
All Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Total Assets of<BR>
All Accounts</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Number of Accounts<BR>
Paying a Performance Fee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Total Assets of Accounts<BR>
Paying a Performance Fee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#8195;G.R. Nelson</FONT><SUP>(1)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;3,374.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Other Accounts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;1.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#8195; Thomas C. Seto</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 22.75pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Registered Investment Companies</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">44</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;28,222.4<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;1,937.6</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Other Accounts</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">47,478</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;155,834.2<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><SUP>(1)</SUP></TD><TD>As of March 31, 2021</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><SUP>(2)</SUP></TD><TD>This portfolio manager provides investment advice with respect to only a portion of the total assets of certain of these accounts.
Only the assets allocated to this portfolio manager as of the Fund&#8217;s most recent fiscal year end are reflected in the table.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><SUP>(3)</SUP></TD><TD>For &#8220;Other Accounts&#8221; that are part of a wrap or model account program, the number of accounts is the number of sponsors
for which the portfolio manager provides advisory services rather than the number of individual customer accounts within each wrap or
model account program.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table shows the dollar range of Fund shares beneficially owned
by each portfolio manager as of the Fund&#8217;s most recent fiscal year ended December 31, 2020 and in the Eaton Vance family of funds
as of December 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt NewsGoth Lt BT; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Portfolio Managers</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Fund</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned<BR>
in all Registered Funds in<BR>
the Eaton Vance Family of Funds</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">G.R. Nelson</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-right: 0.1pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">None<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$500,001 - $1,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Thomas C. Seto</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-right: 0.1pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Over $1,000,000</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><SUP>(1)</SUP></TD><TD>As of March 31, 2021</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">May 13, 2021</P>


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