Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund is a closed-end management investment company with objective of providing current income and gains, with a secondary objective of capital appreciation. It invests in a diversified portfolio of common stocks and writes call options on one or more United States and foreign indices on a substantial portion of the value of its common stock portfolio to generate current earnings from the option premium. The company was founded on March 30, 2005 and is headquartered in Boston, MA.

The Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers a high 9.27% yield, better than most equity and fixed-income indices, making it attractive for income-focused investors. The fund's strategy involves writing index options on U.S. and international equities, providing inflation protection and income, though it carries some risk from naked options. Despite underperforming major indices in share price, ETW's total return, including distributions, is competitive, appealing to those prioritizing income over capital appreciation.

ETW: Maintain Your Equity Exposure And Earn An Attractive Yield

Eaton Vance California Municipal Income Trust

Eaton Vance Senior Floating Rate Fund

Eaton Vance Floating-Rate Income Trust

Eaton Vance Municipal Bond Fund

Eaton Vance New York Municipal Bond Fund

Eaton Vance Enhanced Equity Income Fund

Eaton Vance Enhanced Equity Income Fund II

Eaton Vance National Municipal Opportunities Trust

Eaton Vance Tax-Managed Buy-Write Income Fund

Eaton Vance Tax-Advantaged Global Dividend Income Fund

Eaton Vance Risk-Managed Diversified Equity Income Fund

Eaton Vance Tax Advantaged Global Dividend Opportunities Fund

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Eaton Vance Municipal Income 2028 Term Trust

Eaton Vance Tax-Managed Diversified Equity Income Fund

Eaton Vance

Eaton Vance Short Duration Diversified Income Fund

Eaton Vance California Municipal Bond Fund

Eaton Vance Tax-Advantaged Dividend Income Fund

Eaton Vance Limited Duration Income Fund

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

BOSTON--(BUSINESS WIRE)--The following Eaton Vance closed-end funds (the “Funds”) announced distributions today as detailed below. Declaration – 12/2/2024    Ex-Date – 12/12/2024    Record – 12/12/2024    Payable – 12/19/2024 Municipal Bond Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 11/29/24 Distribution Rate at Market Price Eaton Vance California Municipal Income Trust CEV $0.0500 - $10.65 5.63% Eaton Vance Municipal Income Trust EVN $0.0513 - $10.79.

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

BOSTON--(BUSINESS WIRE)--The Eaton Vance closed-end funds listed below released today the estimated sources of their November distributions (each a “Fund”). This press release is issued as required by the Funds' managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make monthly, as noted below, cash distributions to common shareholders, stated in terms of a fixed amo.

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers a diversified portfolio with the addition of some global exposure as well. ETW trades at an attractive discount on both an absolute and relative basis, making it an interesting choice for investors wanting exposure to a call writing fund. The fund offers investors a monthly distribution, beneficial for income-seeking investors—but even better, it generally comes with more tax-favorable characterizations.

ETW: Attractive ~9.2% Distribution Yield And Discounted

The Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers high-income and potential inflation protection through global asset exposure, with a current yield of 9.79%. Despite underperforming its domestic-only counterpart, the fund's global diversification and option-writing strategy provide a cushion against market downturns and profit from currency fluctuations.

ETW: Foreign Currency Exposure Proves Beneficial For This High-Yielding CEF

The Eaton Vance Global Tax-Managed Buy-Write Opportunities Fund offers a high level of income with exposure to global equities. The Fund's current yield of 9.66% compares well with peers and provides a sustainable level of income for investors. The Fund's portfolio changes, distribution analysis, and valuation suggest it is a reasonable option for high income seekers with some risk tolerance.

ETW: Slight Increase To Foreign Exposure And A Very Attractive Price (Rating Upgrade)

After speculating earlier this year that Eaton Vance would raise its distributions on its equity CEFs, that was finally confirmed last week on April 1. The distribution increases range from 4.6% for ETV to 32.2% for EOS which gets most of the funds back up to their previous distribution levels from 2022.

Eaton Vance Raises Distributions On All Equity CEFs

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) both present attractive valuations and provide some global diversification. Both funds utilize an index call writing strategy, though the percentage overwrite target is different and the underlying benchmarks are different as well. These funds deliver attractive monthly distributions to their investors as well, with recent increases being announced from the lineup of Eaton Vance equity funds.

ETW And EXG: Globally Diversified Call Writing Funds

Eaton Vance Tax-Managed Diversified Equity Income Fund and Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund utilize a call-writing strategy to help deliver investors monthly distributions. Both ETY and ETW focus on dividend-paying stocks and are tax-managed in an effort to minimize and defer taxes, but ETW has a global tilt. ETW is more attractively priced on an absolute and relative discount basis but has historically been the weaker performer as well due to global exposure.

ETY And ETW: Delivering Tax-Friendly Monthly Distributions To Investors

Virtus Artificial Intelligence & Technology Opportunities Fund

Global X Artificial Intelligence & Technology ETF

ProShares Ultra Nasdaq Biotechnology

ProShares Ultra Oil & Gas

abrdn Healthcare Investors 

iShares Nasdaq Biotechnology ETF

Intel

iShares Russell 2000 ETF

NVIDIA

Novo Nordisk

Invesco QQQ

First Trust Cloud Computing ETF

SPDR S&P 500 ETF Trust

ProShares Ultra S&P 500

Energy Select Sector SPDR Fund

Exxon Mobil

In Part I of my Top Picks For 2024, I explained why we saw such extreme valuation losses in most equity CEFs in 2023 and what that could-mean for 2024. In my opinion, liquidity was the over-riding factor for why so few stocks, think Magnificent 7, received the lion's share of buy-interest while most everything else suffered, including equity CEFs. But just because the Federal Reserve will continue its Quantitative Tapering doesn't mean that other Fed programs won't increase liquidity in other places.

Equity CEFs/ETFs: Top Picks For 2024 - Part II

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund employs an options strategy to generate high income without relying on high-yielding fixed-income assets. The ETW closed-end fund's share price performance has been disappointing, underperforming the S&P 500 Index over the past few months. The fund's distribution history shows consistent reductions in payouts, which may not appeal to investors seeking consistent income.

ETW: A Reasonable Way To Get A 9.00% Yield At A Discount

Heavy selling in Eaton Vance equity CEFs by leveraged banks and financial institutions is causing extreme valuation drops. Opportunities may arise in larger CEF fund families like Nuveen and Eaton Vance due to indiscriminate selling by institutions without regard to price or NAV performance. The Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers the most compelling opportunity due to a defensive option write strategy and a tax-advantaged 9.1% current yield.

Equity CEFs: ETW Is The Most Compelling Fund To Own Now

Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) and Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) offer exposure to equity positions and write index options. ETV benchmarks against the S&P 500 and Nasdaq 100, while ETW incorporates the MSCI Europe Index, resulting in a more global portfolio. Both funds use call-writing strategies to potentially generate gains and mitigate downside risk, but losses for their options can also occur during strong market years.

ETW And ETV: A Look At Their Options Writing Strategy

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers an attractive discount and a call-writing strategy instead of utilizing borrowings. The fund's options writing strategy can provide capital gains during flat markets and provide some defense against declining markets, while its substantial discount offers potential upside if the discount narrows. With no leverage in the form of borrowings or preferred offerings, ETW is avoiding rising costs during the interest rate hiking cycle and can provide relatively reduced volatility.

ETW: Attractive Discount For This Global Fund

Investors today are starved for income due to the rapidly rising cost of living. ETW invests in a portfolio of common stocks and then writes options against various indices in an attempt to earn income via the option premium. The fund is technically writing naked call options, which are much riskier than covered calls used by other option-income funds.

ETW: A Unique CEF For Income-Starved Investors

ArrowMark Financial

Invesco Senior Loan ETF

iShares iBoxx $ Investment Grade Corporate Bond ETF

Western Asset Investment Grade Income Fund

Invesco S&P 500 Equal Weight ETF

BANX has bounced back after being sold off during the banking crisis, with its NAV increasing by 2.62% in April. ETW offers a more defensive approach with a call-writing strategy and global exposure, including Europe and Asia/Pacific. PAI is a non-leveraged fund focusing on investment-grade bonds, offering a less aggressive play with what should be a relatively limited downside.

3 Closed-End Fund Buys In The Month Of May 2023

BOSTON--(BUSINESS WIRE)--Eaton Vance Management (“Eaton Vance”), an indirect wholly-owned subsidiary of Morgan Stanley (NYSE: MS), announced the portfolio managers of certain funds as follows: Eaton Vance Enhanced Equity Income Fund ( NYSE: EOI) Charles B. Gaffney Douglas R. Rogers Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ) Charles B. Gaffney Douglas R. Rogers Eaton Vance Tax Managed Diversified Equity Income Fund (NYSE: ETY) Charles B. Gaffney Douglas R. Rogers Eaton V.

Eaton Vance Management Announces Portfolio Management Teams of Certain Closed-End Funds

Voya Global Advantage and Premium Opportunity Fund

ETW and IGA are similar funds in the way they operate; they sell index or index ETF calls and hold a basket of equity positions with a global tilt. However, the positioning that they've chosen to take differs, and that's played a significant role in their past performance and should going forward as well.

ETW Vs. IGA: 2 Call-Writing Funds With A Global Tilt

BlackRock Innovation & Growth Trust

Cornerstone Strategic Value Fund Inc

It was back in November of 2012, yes, over a decade ago, that I wrote my first article discussing the benefits of high Return of Capital (ROC) in equity CEF distributions. Back then, I first wrote (link below) about the risks and tax-differences between high ROC in equity based CEFs vs tax-free distributions in municipal bond CEFs.

Equity CEFs: The Best Return Of Capital Funds For 2023 (And A Look At BIGZ, CLM And ETW)

ARK Innovation ETF

Eaton Vance Tax-Advantaged Bond & Opportunity Stategies Fund

Gabelli Dividend & Income Trust

abrdn Life Sciences Investors 

Voya Asia Pacific High Dividend Equity Income Fund

iShares Russell 1000 Growth ETF

NXG NextGen Infrastructure Income Fund

Pimco Global Stockplus & Income Fund

2022 was a year to forget, while most believe 2023 will begin with the same issues that took the equity and bond markets well into bear market territory last year. That is, a hawkish Federal Reserve that doesn't want to let up on strangling inflation into submission while draining market liquidity.

Equity CEFs: Top Picks For 2023

A couple of months ago, the Eaton Vance suite cut most of their equity fund distributions. These trims were to reduce the distribution rates to more manageable levels.

ETW: Discount Widening After Latest Distribution Trim

Eaton Vance offers what may be the most popular equity-based closed-end funds available to income investors. As a result, the funds have been trading at mostly premium-market price valuations for some time. But all that momentum changed when on Nov. 1, Eaton Vance cut the distributions for virtually all of their equity CEFs, the first-cuts for many of their funds in years.

Equity CEFs: Best Opportunity To Own The Eaton Vance CEFs All Year

Americans are desperately in need of income today as the high inflation has made it increasingly difficult to keep a family fed and the bills paid. ETW attempts to remedy this situation by investing in a portfolio of stocks and then writing call options against various indices.

ETW: A Few Nice Things But Portfolio Is Not Aligned With Current Market

Aberdeen Income Credit Strategies Fund

Alpine Global Dynamic Dividend Fund

Aberdeen Standard Global Infr Inc Fd

John Hancock Financial Opportunities Fund

Cornerstone Total Return Fund Inc

Delaware Investments Dividend and Income Fund

Delaware Enhanced Global Dividend & Income Fund

Virtus Stone Harbor Emerging Markets Income Fund 

Stone Harbor Emerging Markets Total Income Fund

Eagle Point Income Company Inc

First Trust / Aberdeen Emerging Opportunity Fund

Gabelli Equity Trust

Gabelli Convertible and Income Securities Fund

BlackRock Corporate High Yield Fund

Ivy High Income Opportunities Fund

Nuveen Core Equity Alpha Fund

Madison Fund

Macquarie Global Infrastructure Total Return Fund Inc

Nuveen Arizona Quality Municipal Income Fund

Virtus AllianzGI Convertible & Income Fund

Virtus AllianzGI Convertible & Income Fund II

Tortoise Energy Independence Fund, Inc.

Nuveen Municipal Credit Opportunities Fund

Nuveen Missouri Quality Municipal Income Fund

Tortoise MLP Fund

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

Putnam High Income Securities Fund

RiverNorth Opportunities Fund, Inc.

Columbia Seligman Premium Technology Growth Func Inc

Tortoise Power And Energy Infrastructure Fund

Tortoise Pipeline & Energy Fund

Tortoise Energy Infrastructure

Delaware Investments

Virtus Total Return Fund

0 out of 23 CEF sectors are positive on price and 0 out of 23 sectors are positive on NAV over the last week. BlackRock CEFs are repurchasing their shares.

Weekly Closed-End Fund Roundup: BlackRock CEFs Repurchasing Shares (October 16, 2022)

ETW and EXG are yet another example of similarly named funds but operate slightly differently. These subtle differences have resulted in different performances for these funds over the long run.

ETW And EXG: Similar Funds, But Subtle Differences Lead To Different Outcome

News for Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund ETF (ETW)