The Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE:ETV), with $1.04 billion in total assets, is an equity closed-end fund with an options-based strategy intended to generate income and reduce risk while managing tax implications. ETV currently yields 8.9% distributed on a monthly schedule, with a large component being a return of capital which is untaxed but reduces the investor's cost basis. Taking a close look at the fund's strategy and performance history, we think ETV has value as an income vehicle to gain equity market exposure for investors with a cautiously optimistic or