In plain terms — Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
Shares currently cost about 13.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.4% discount, so today's level is somewhat wide for this fund (Z-score -1.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.4% a year of the share price (7.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.15 of assets — a ReinvestCapture™ rate of 9.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 18.0% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -10.63% | 0.77% | -0.68 | 64 |
| 6 months | -10.65% | 0.79% | -0.63 | 126 |
| 1 year | -10.35% | 0.74% | -1.09 | 250 |
| 3 years | -10.65% | — | — | — |
| 5 years | -7.85% | — | — | — |
Current contemporaneous premium/discount -11.15% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.45% to -8.48%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -1.04% | -1.14% | +3.58% | +5.52% | +8.00% | -2.96% |
| Market price total return | -0.34% | +0.92% | +10.36% | +14.93% | +18.25% | +6.20% |
| NAV return | +0.74% | +0.93% | +6.16% | +9.26% | +8.18% | +0.06% |
| NAV total return | +1.37% | +2.81% | +12.37% | +17.96% | +17.32% | +8.74% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is structured as a closed-end equity investment vehicle. Its primary management responsibilities lie with Eaton Vance Management, with supplemental oversight from Parametric Portfolio Associates LLC. This fund allocates capital to publicly traded companies across international stock markets, seeking diversification across numerous industry sectors. A core aspect of its investment approach involves selling call options on various U.S. and foreign indices, covering a significant portion of its common stock assets. Established on September 30, 2005, and domiciled within the United States, the fund assesses its performance against several benchmarks, including the S&P 500 Index, the CBOE S&P 500 BuyWrite Index, the CBOE NASDAQ-100 BuyWrite Index, and the FTSE Eurotop 100 Index.
CEF Explorer research page for Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.