Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) carries a DilutionWatch risk score of 69/100 — placing it in the HIGH tier. This score is calculated from real SEC filing data including shelf registration capacity, ATM program activity, warrant overhang, cash runway, and historical dilution patterns.
A score of 69/100 indicates multiple active dilution risk factors. Investors should monitor SEC filings closely and consider position sizing carefully.
The DilutionWatch composite score weighs five key factors pulled directly from SEC EDGAR filings. Here's what's contributing to ETB's score of 69/100:
Companies file S-3 "shelf" registrations to pre-authorize future securities offerings. The size of registered but unissued shares relative to market cap is one of the strongest predictors of future dilution. DilutionWatch tracks active shelf capacity for ETB in real time — any 424B5 prospectus supplement filed against the shelf signals an imminent offering.
At-The-Market (ATM) programs allow companies to drip-sell shares into the open market daily without a formal offering announcement. If ETB has an active ATM program (identified by 424B3 filings referencing a "Sales Agreement"), shares are being continuously issued. This creates persistent downward pressure with no clear end date.
Outstanding warrants and convertible notes represent shares that haven't been issued yet but will be — often at a discount to market price. A high warrant coverage ratio (warrants outstanding as a % of current share count) caps any rally and guarantees future dilution when the instruments are exercised or converted.
How long can ETB operate without raising new capital? DilutionWatch estimates cash runway from the most recent 10-Q balance sheet and quarterly burn rate. Companies in the Closed-End Fund / Income space with under 6 months of runway almost always raise capital through equity — meaning more shares.
The share count history doesn't lie. DilutionWatch tracks how many times ETB has increased shares outstanding, whether it has a reverse split history, and the rate of share count growth over 1, 2, and 3 years. Serial diluters almost always dilute again.
Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) is a closed-end fund or income-oriented investment vehicle. While traditional operating company dilution patterns don't apply, CEFs can still dilute shareholders through rights offerings, at-the-market share issuance (when trading at a premium to NAV), or through leveraged capital structures.
DilutionWatch tracks ETB's NAV premium/discount, leverage ratio, and any new share issuance activity. Investors in income-focused CEFs should be particularly watchful for rights offerings, which often price at a discount to market and are dilutive to non-participating shareholders.
The ETB score updates automatically as new SEC filings appear — typically within 60 seconds of EDGAR publication. The score you see on the ETB live page reflects the most current filing data.
Given ETB's high risk score, the filings most worth watching are:
DilutionWatch monitors ETB and 10,000+ other tickers with 60-second EDGAR polling. Add ETB to your watchlist and get alerted the moment a dilution filing appears — before the stock reprices.
Set Up ETB Alert Free →A score of 69 places ETB in the high risk tier of DilutionWatch's rating system. It means multiple risk factors are present — not just one red flag. Investors should use this as a signal to monitor the stock and understand the specific dilution mechanisms that are driving the score.
The score updates automatically when new SEC filings appear. DilutionWatch polls EDGAR every 60 seconds. Most filings appear in the DilutionWatch database within 1-3 minutes of being published by the SEC.
All ETB filings are available at SEC EDGAR. DilutionWatch provides parsed alerts and risk scoring on top of the raw filings.