# EDGAR Filing Document

**Accession Number:** 0002048903
**File Stem:** 0001104659-26-078592
**Filing Date:** 2026-6
**Character Count:** 354303
**Document Hash:** 40665a8543922cf9393788f4f2b14214
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-078592.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001104659-26-078592

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** E Trade Trust
- **CENTRAL INDEX KEY:** 0002048903

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24035
- **FILM NUMBER:** 261131632

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Series and Classes Contracts Data

### E*TRADE No Fee International Index Fund (Series ID: S000090719)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258015 | E*TRADE No Fee International Index Fund | ETISX           |

### E*TRADE No Fee Large Cap Index Fund (Series ID: S000090720)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000258016 | E*TRADE No Fee Large Cap Index Fund | ETLGX           |

### E*TRADE No Fee Municipal Bond Index Fund (Series ID: S000090721)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000258017 | E*TRADE No Fee Municipal Bond Index Fund | ETMUX           |

### E*TRADE No Fee Total Market Index Fund (Series ID: S000090722)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000258018 | E*TRADE No Fee Total Market Index Fund | ETTOX           |

### E*TRADE No Fee U.S. Bond Index Fund (Series ID: S000090723)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000258019 | E*TRADE No Fee U.S. Bond Index Fund | ETBOX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 333-283849

**<u>E\*TRADE Trust</u>**

(Exact Name of Registrant as Specified in Charter)

<u>1585 Broadway, New York, New York 10036</u>

(Address of Principal Executive Offices)

Deidre E. Walsh

<u>One Post Office Square, Boston, Massachusetts 02109</u>

(Name and Address of Agent for Services)

<u>(617) 482-8260</u>

(Registrant's Telephone Number)

<u>October 31</u>

Date of Fiscal Year End

<u>April 30, 2026</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [E\*TRADE Trust – E\*TRADE No Fee International Index Fund](#classnamea9ca9abe-ff9d-418e-87fd-6f5c1127d2bf)<br> **[ETISX](#classnamea9ca9abe-ff9d-418e-87fd-6f5c1127d2bf)**  |
|  [E\*TRADE Trust – E\*TRADE No Fee Large Cap Index Fund](#classname25a19d58-298c-4cdc-84bb-5b7297ab09ee)<br> **[ETLGX](#classname25a19d58-298c-4cdc-84bb-5b7297ab09ee)**  |
|  [E\*TRADE Trust – E\*TRADE No Fee Municipal Bond Index Fund](#classname1b09a7cf-135d-4cd0-8076-b7bc7078580f)<br> **[ETMUX](#classname1b09a7cf-135d-4cd0-8076-b7bc7078580f)**  |
|  [E\*TRADE Trust – E\*TRADE No Fee Total Market Index Fund](#classname58f910eb-f511-4350-9592-dbe916f8bef9)<br> **[ETTOX](#classname58f910eb-f511-4350-9592-dbe916f8bef9)**  |
|  [E\*TRADE Trust – E\*TRADE No Fee U.S. Bond Index Fund](#classname213eca7f-29e8-40ab-8564-c181a8374078)<br> **[ETBOX](#classname213eca7f-29e8-40ab-8564-c181a8374078)**  |

---

#### E\*TRADE Trust – E\*TRADE No Fee International Index Fund: ETISX
![Image](tm2618461d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee International Index Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/etradenofeeindexfunds. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| E\*TRADE No Fee International Index Fund | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Fund's Adviser, Morgan Stanley Investment Management Inc., will pay all expenses of the Fund, except for litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $57205625 |
| # of Portfolio Holdings | 978 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Country Chart](tm2618461d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.7% |
| Sweden | 3.0% |
| Spain | 3.1% |
| Netherlands | 4.2% |
| Australia | 6.4% |
| Switzerland | 7.2% |
| Germany | 7.3% |
| France | 7.7% |
| Canada | 12.0% |
| United Kingdom | 12.5% |
| Japan | 21.9% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;ASML Holding NV | 2.2% |
| &nbsp;&nbsp;HSBC Holdings PLC | 1.3% |
| &nbsp;&nbsp;Roche Holding AG | 1.2% |
| &nbsp;&nbsp;AstraZeneca PLC | 1.1% |
| &nbsp;&nbsp;Novartis AG | 1.1% |
| &nbsp;&nbsp;Nestle SA | 1.1% |
| &nbsp;&nbsp;Shell PLC | 1.0% |
| &nbsp;&nbsp;Royal Bank of Canada | 1.0% |
| &nbsp;&nbsp;Siemens AG | 0.9% |
| &nbsp;&nbsp;Commonwealth Bank of Australia | 0.8% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;11.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2618461d1_tsrimg004.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/etradenofeeindexfunds. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report April 30, 2026

# ETISX -TSR-SAR

#### E\*TRADE Trust – E\*TRADE No Fee Large Cap Index Fund: ETLGX
![Image](tm2618461d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee Large Cap Index Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/etradenofeeindexfunds. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| E\*TRADE No Fee Large Cap Index Fund | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Fund's Adviser, Morgan Stanley Investment Management Inc., will pay all expenses of the Fund, except for litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112591670 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2618461d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.7% |
| Real Estate | 1.8% |
| Materials | 1.9% |
| Utilities | 2.3% |
| Energy | 3.6% |
| Consumer Staples | 4.7% |
| Health Care | 8.5% |
| Industrials | 8.8% |
| Consumer Discretionary | 10.0% |
| Communication Services | 11.4% |
| Financials | 11.7% |
| Information Technology | 34.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | 7.5% |
| &nbsp;&nbsp;Alphabet, Inc. | 6.7% |
| &nbsp;&nbsp;Apple, Inc. | 6.2% |
| &nbsp;&nbsp;Microsoft Corp. | 4.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | 4.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 3.1% |
| &nbsp;&nbsp;Meta Platforms, Inc. | 2.1% |
| &nbsp;&nbsp;Tesla, Inc. | 1.8% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | 1.4% |
| &nbsp;&nbsp;Eli Lilly & Co. | 1.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;38.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2618461d1_tsrimg004.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/etradenofeeindexfunds. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report April 30, 2026

# ETLGX -TSR-SAR

#### E\*TRADE Trust – E\*TRADE No Fee Municipal Bond Index Fund: ETMUX
![Image](tm2618461d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee Municipal Bond Index Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/etradenofeeindexfunds. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| E\*TRADE No Fee Municipal Bond Index Fund | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Fund's Adviser, Morgan Stanley Investment Management Inc., will pay all expenses of the Fund, except for litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30453577 |
| # of Portfolio Holdings | 132 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2618461d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 7.4% |
| Transportation | 5.3% |
| Hospital | 5.7% |
| Water and Sewer | 6.3% |
| Education | 8.2% |
| Special Tax Revenue | 11.2% |
| Lease Revenue/Certificates of Participation | 12.5% |
| General Obligations | 43.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Sectors representing less than 5% of total investments. |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;New York City | 3.8% |
| &nbsp;&nbsp;Somerset Area School District | 2.9% |
| &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | 2.7% |
| &nbsp;&nbsp;El Paso County School District No. 49 Falcon | 2.6% |
| &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue | 2.2% |
| &nbsp;&nbsp;New York State Dormitory Authority | 2.1% |
| &nbsp;&nbsp;Illinois Finance Authority | 2.0% |
| &nbsp;&nbsp;Dallas Independent School District | 1.9% |
| &nbsp;&nbsp;School District of Broward County | 1.8% |
| &nbsp;&nbsp;Massachusetts Housing Finance Agency | 1.8% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;23.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2618461d1_tsrimg004.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/etradenofeeindexfunds. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report April 30, 2026

# ETMUX -TSR-SAR

#### E\*TRADE Trust – E\*TRADE No Fee Total Market Index Fund: ETTOX
![Image](tm2618461d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee Total Market Index Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/etradenofeeindexfunds. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| E\*TRADE No Fee Total Market Index Fund | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Fund's Adviser, Morgan Stanley Investment Management Inc., will pay all expenses of the Fund, except for litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $84519595 |
| # of Portfolio Holdings | 2107 |
| Portfolio Turnover Rate | 3% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2618461d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.8% |
| Materials | 2.2% |
| Real Estate | 2.3% |
| Utilities | 2.3% |
| Energy | 3.7% |
| Consumer Staples | 4.7% |
| Health Care | 9.1% |
| Consumer Discretionary | 10.1% |
| Industrials | 10.1% |
| Communication Services | 10.5% |
| Financials | 11.9% |
| Information Technology | 32.3% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;NVIDIA Corp. | 6.7% |
| &nbsp;&nbsp;Alphabet, Inc. | 6.0% |
| &nbsp;&nbsp;Apple, Inc. | 5.6% |
| &nbsp;&nbsp;Microsoft Corp. | 4.3% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.7% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.8% |
| &nbsp;&nbsp;Meta Platforms, Inc. | 1.9% |
| &nbsp;&nbsp;Tesla, Inc. | 1.8% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | 1.2% |
| &nbsp;&nbsp;Eli Lilly & Co. | 1.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2618461d1_tsrimg004.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/etradenofeeindexfunds. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report April 30, 2026

# ETTOX -TSR-SAR

#### E\*TRADE Trust – E\*TRADE No Fee U.S. Bond Index Fund: ETBOX
![Image](tm2618461d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee U.S. Bond Index Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/etradenofeeindexfunds. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| E\*TRADE No Fee U.S. Bond Index Fund | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Fund's Adviser, Morgan Stanley Investment Management Inc., will pay all expenses of the Fund, except for litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $33975880 |
| # of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 31% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Country Chart](tm2618461d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| U.S. Agency Securities | 1.8% |
| Corporate Bonds | 30.7% |
| U.S. Treasury Securities | 67.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;U.S. Treasury Securities | 67.4% |
| &nbsp;&nbsp;Federal National Mortgage Association | 1.3% |
| &nbsp;&nbsp;Citizens Financial Group, Inc. | 1.2% |
| &nbsp;&nbsp;Citigroup, Inc. | 1.1% |
| &nbsp;&nbsp;Stryker Corp. | 1.0% |
| &nbsp;&nbsp;LYB International Finance III LLC | 1.0% |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | 1.0% |
| &nbsp;&nbsp;American Electric Power Co., Inc. | 0.8% |
| &nbsp;&nbsp;Bank of Nova Scotia | 0.7% |
| &nbsp;&nbsp;Prologis LP | 0.7% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;76.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2618461d1_tsrimg004.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/etradenofeeindexfunds. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report April 30, 2026

# ETBOX -TSR-SAR
(b) Not applicable.

**Item 2. Code of Ethics**

Not required in this filing.

**Item 3. Audit Committee Financial Expert**

Not required in this filing.

**Item 4. Principal Accountant Fees and Services**

Not required in this filing.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Schedule of Investments**

(a) Please see schedule of investments contained in the Financial
Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](tm2618461d1sari001.gif)

**E\*TRADE Trust**

------

**Semi-Annual Financial Statements and Additional Information \| April 30, 2026** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Ticker symbols**

E\*TRADE No Fee Large Cap Index Fund

ETLGX

E\*TRADE No Fee Total Market Index Fund

ETTOX

E\*TRADE No Fee International Index Fund

ETISX

E\*TRADE No Fee Municipal Bond Index Fund

ETMUX

E\*TRADE No Fee U.S. Bond Index Fund

ETBOX

![](tm2618461d1sari002.gif)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**2026 Semi-Annual Report**

------

April 30, 2026 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| [Items 6 and 7 of Form N-CSR:](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_FC-CommonContentText-1150_1tm2618461d1_sar)  |  |
| [Portfolio of Investments:](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_IOPOI-CommonContentText_1tm2618461d1_sar) |  |
| [E\*TRADE No Fee Large Cap Index Fund](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_IOPOI-CommonContentText_1tm2618461d1_sar) | 2 |
| [E\*TRADE No Fee Total Market Index Fund](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_IOPOI-CommonContentText_8tm2618461d1_sar) | 9 |
| [E\*TRADE No Fee International Index Fund](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_IOPOI-CommonContentText_30tm2618461d1_sar) | 31 |
| [E\*TRADE No Fee Municipal Bond Index Fund](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_IOPOI-CommonContentText_41tm2618461d1_sar) | 42 |
| [E\*TRADE No Fee U.S. Bond Index Fund](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_IOPOI-CommonContentText_44tm2618461d1_sar) | 45 |
| [Statements of Assets and Liabilities](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_FS-CommonContentText-1150_1tm2618461d1_sar) | 48 |
| [Statements of Operations](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_FS-CommonContentText-1150_3tm2618461d1_sar) | 50 |
| [Statements of Changes in Net Assets](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_FS-CommonContentText-1150_5tm2618461d1_sar) | 52 |
| [Financial Highlights](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_FIHI-CommonContentText-1150_1tm2618461d1_sar) | 55 |
| [Notes to Financial Statements](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_NTF-CommonContentText-1150_1tm2618461d1_sar) | 60 |
| [Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.](#xx_8a1b6432-931c-4b42-b55e-2d53130479cf_NTF-CommonContentText-1150_1tm2618461d1_sar) |  |

---

***This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the E\*Trade Trust (the "Trust"). To receive a prospectus and/or Statement of Additional Information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1-(800)-869-6397. Please read the prospectus carefully before you invest or send money.***

***There is no assurance that a fund will achieve its investment objective. The Trust is subject to market risk, which is the possibility that market values of securities owned by a Trust will decline and, therefore, the value of a Trust's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Trust. Please see the prospectus for more complete information on investment risks.***

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**E\*TRADE No Fee Large Cap Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| Aerospace & Defense (2.2%)  | Aerospace & Defense (2.2%)  | Aerospace & Defense (2.2%)  |
| Axon Enterprise, Inc. (a) | 122 | $49015 |
| Boeing Co. (a) | 1400 | 320642 |
| FTAI Aviation Ltd. | 176 | 43942 |
| General Dynamics Corp. | 407 | 140130 |
| General Electric Co. | 1893 | 548837 |
| HEICO Corp. | 64 | 17275 |
| HEICO Corp., Class A | 160 | 33443 |
| Howmet Aerospace, Inc. | 744 | 180822 |
| L3Harris Technologies, Inc. | 329 | 105461 |
| Lockheed Martin Corp. | 439 | 227389 |
| Northrop Grumman Corp. | 248 | 143711 |
| Rocket Lab Corp. (a) | 924 | 76239 |
| RTX Corp. | 2469 | 434717 |
| TransDigm Group, Inc. | 106 | 122958 |
|  |  | 2444581 |
| Air Freight & Logistics (0.3%)  | Air Freight & Logistics (0.3%)  | Air Freight & Logistics (0.3%)  |
| Expeditors International of Washington, Inc. | 258 | 38156 |
| FedEx Corp. | 384 | 154871 |
| United Parcel Service, Inc., Class B | 1283 | 139590 |
|  |  | 332617 |
| Automobile Components (0.0%) ‡ | Automobile Components (0.0%) ‡ | Automobile Components (0.0%) ‡ |
| Aptiv PLC (a) | 437 | 26334 |
| Versigent PLC (a) | 97 | 3392 |
|  |  | 29726 |
| Automobiles (2.0%)  | Automobiles (2.0%)  | Automobiles (2.0%)  |
| Ford Motor Co. | 7244 | 87508 |
| General Motors Co. | 1625 | 124946 |
| Rivian Automotive, Inc., Class A (a) | 1190 | 19516 |
| Tesla, Inc. (a) | 5288 | 2018059 |
|  |  | 2250029 |
| Banks (3.4%)  | Banks (3.4%)  | Banks (3.4%)  |
| Bank of America Corp. | 11621 | 621259 |
| Citigroup, Inc. | 3288 | 420798 |
| Citizens Financial Group, Inc. | 654 | 42543 |
| Fifth Third Bancorp | 1154 | 58577 |
| First Citizens BancShares, Inc., Class A | 18 | 35709 |
| Huntington Bancshares, Inc. | 3104 | 52023 |
| JPMorgan Chase & Co. | 4935 | 1545790 |
| KeyCorp | 1661 | 36725 |
| M&T Bank Corp. | 262 | 57281 |
| PNC Financial Services Group, Inc. | 716 | 159668 |
| Regions Financial Corp. | 1640 | 46822 |
| Truist Financial Corp. | 2541 | 130861 |
| U.S. Bancorp | 2599 | 147259 |
| Wells Fargo & Co. | 5822 | 478743 |
|  |  | 3834058 |
| Beverages (1.0%)  | Beverages (1.0%)  | Beverages (1.0%)  |
| Coca-Cola Co. | 7076 | 557306 |
| Constellation Brands, Inc., Class A | 268 | 41963 |
| Keurig Dr. Pepper, Inc. | 2195 | 64533 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Monster Beverage Corp. (a) | 1273 | $98110 |
| PepsiCo, Inc. | 2484 | 393689 |
|  |  | 1155601 |
| Biotechnology (1.7%)  | Biotechnology (1.7%)  | Biotechnology (1.7%)  |
| AbbVie, Inc. | 3204 | 677069 |
| Alnylam Pharmaceuticals, Inc. (a) | 227 | 70254 |
| Amgen, Inc. | 962 | 333093 |
| Biogen, Inc. (a) | 268 | 50727 |
| Gilead Sciences, Inc. | 2183 | 285624 |
| Incyte Corp. (a) | 300 | 28581 |
| Insmed, Inc. (a) | 377 | 51397 |
| Natera, Inc. (a) | 245 | 50509 |
| Regeneron Pharmaceuticals, Inc. | 171 | 120907 |
| Vertex Pharmaceuticals, Inc. (a) | 472 | 201723 |
|  |  | 1869884 |
| Broadline Retail (4.3%)  | Broadline Retail (4.3%)  | Broadline Retail (4.3%)  |
| Amazon.com, Inc. (a) | 17303 | 4586333 |
| Coupang, Inc. (Korea, Republic of) (a) | 1932 | 38602 |
| eBay, Inc. | 863 | 89303 |
| MercadoLibre, Inc. (a) | 86 | 154166 |
|  |  | 4868404 |
| Building Products (0.5%)  | Building Products (0.5%)  | Building Products (0.5%)  |
| Carlisle Cos., Inc. | 53 | 18829 |
| Carrier Global Corp. | 1344 | 90276 |
| Johnson Controls International PLC | 1186 | 173192 |
| Lennox International, Inc. | 66 | 35303 |
| Trane Technologies PLC | 408 | 200956 |
|  |  | 518556 |
| Capital Markets (3.2%)  | Capital Markets (3.2%)  | Capital Markets (3.2%)  |
| Ameriprise Financial, Inc. | 160 | 75966 |
| ARES Management Corp., Class A | 345 | 40503 |
| Bank of New York Mellon Corp. | 1281 | 172128 |
| Blackrock, Inc. | 277 | 295171 |
| Blackstone, Inc. | 1329 | 166896 |
| Blue Owl Capital, Inc. (b) | 1608 | 15678 |
| Carlyle Group, Inc. | 384 | 19227 |
| Cboe Global Markets, Inc. | 186 | 55817 |
| Charles Schwab Corp. | 3166 | 290132 |
| CME Group, Inc. | 641 | 184493 |
| Coinbase Global, Inc., Class A (a) | 441 | 82807 |
| Goldman Sachs Group, Inc. | 548 | 506226 |
| Interactive Brokers Group, Inc., Class A | 832 | 66144 |
| Intercontinental Exchange, Inc. | 971 | 153505 |
| KKR & Co., Inc. | 1248 | 130216 |
| LPL Financial Holdings, Inc. | 166 | 55466 |
| Moody's Corp. | 291 | 134398 |
| Morgan Stanley (See Note E) | 2020 | 384992 |
| MSCI, Inc. | 147 | 86937 |
| Nasdaq, Inc. | 701 | 64429 |
| Northern Trust Corp. | 355 | 59051 |
| Raymond James Financial, Inc. | 290 | 45913 |
| Robinhood Markets, Inc., Class A (a) | 1349 | 98329 |
| S&P Global, Inc. | 561 | 241920 |
| State Street Corp. | 472 | 72140 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Large Cap Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Capital Markets (cont'd) | Capital Markets (cont'd) | Capital Markets (cont'd) |
| T. Rowe Price Group, Inc. | 380 | $39094 |
| TPG, Inc. | 156 | 6805 |
| Tradeweb Markets, Inc., Class A | 196 | 22197 |
|  |  | 3566580 |
| Chemicals (1.0%)  | Chemicals (1.0%)  | Chemicals (1.0%)  |
| Air Products & Chemicals, Inc. | 383 | 114919 |
| Corteva, Inc. | 1161 | 94053 |
| Dow, Inc. | 1178 | 47697 |
| DuPont de Nemours, Inc. | 680 | 31049 |
| Ecolab, Inc. | 485 | 126391 |
| International Flavors & Fragrances, Inc. | 421 | 29554 |
| Linde PLC | 847 | 424466 |
| LyondellBasell Industries NV, Class A | 444 | 33122 |
| PPG Industries, Inc. | 388 | 42098 |
| Sherwin-Williams Co. | 409 | 131538 |
|  |  | 1074887 |
| Commercial Services & Supplies (0.4%)  | Commercial Services & Supplies (0.4%)  | Commercial Services & Supplies (0.4%)  |
| Cintas Corp. | 672 | 117405 |
| Copart, Inc. (a) | 1415 | 46851 |
| Republic Services, Inc. | 361 | 75528 |
| Rollins, Inc. | 340 | 18948 |
| Veralto Corp. | 417 | 36779 |
| Waste Management, Inc. | 750 | 174413 |
|  |  | 469924 |
| Communications Equipment (1.2%)  | Communications Equipment (1.2%)  | Communications Equipment (1.2%)  |
| Arista Networks, Inc. (a) | 1898 | 327804 |
| Ciena Corp. (a) | 245 | 129257 |
| Cisco Systems, Inc. | 7122 | 651663 |
| Lumentum Holdings, Inc. (a) | 124 | 111888 |
| Motorola Solutions, Inc. | 306 | 134343 |
| Ubiquiti, Inc. | 15 | 15180 |
|  |  | 1370135 |
| Construction & Engineering (0.3%)  | Construction & Engineering (0.3%)  | Construction & Engineering (0.3%)  |
| Comfort Systems USA, Inc. | 65 | 119616 |
| EMCOR Group, Inc. | 74 | 65984 |
| Quanta Services, Inc. | 283 | 205959 |
|  |  | 391559 |
| Construction Materials (0.3%)  | Construction Materials (0.3%)  | Construction Materials (0.3%)  |
| CRH PLC | 1295 | 153354 |
| Martin Marietta Materials, Inc. | 113 | 69955 |
| Vulcan Materials Co. | 213 | 64270 |
|  |  | 287579 |
| Consumer Finance (0.5%)  | Consumer Finance (0.5%)  | Consumer Finance (0.5%)  |
| American Express Co. | 998 | 322404 |
| Capital One Financial Corp. | 1158 | 221525 |
| SoFi Technologies, Inc. (a) | 1950 | 31395 |
| Synchrony Financial | 593 | 45187 |
|  |  | 620511 |
| Consumer Staples Distribution & Retail (1.9%)  | Consumer Staples Distribution & Retail (1.9%)  | Consumer Staples Distribution & Retail (1.9%)  |
| Costco Wholesale Corp. | 809 | 820755 |
| Dollar General Corp. | 364 | 42180 |
| Dollar Tree, Inc. (a) | 334 | 32435 |
| Kroger Co. | 1063 | 72358 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Sysco Corp. | 855 | $63877 |
| Target Corp. | 908 | 117813 |
| Walmart, Inc. | 7834 | 1033540 |
|  |  | 2182958 |
| Containers & Packaging (0.1%)  | Containers & Packaging (0.1%)  | Containers & Packaging (0.1%)  |
| Amcor PLC | 876 | 33323 |
| International Paper Co. | 1020 | 31028 |
| Packaging Corp. of America | 212 | 45252 |
| Smurfit Westrock PLC | 933 | 35818 |
|  |  | 145421 |
| Distributors (0.0%) ‡ | Distributors (0.0%) ‡ | Distributors (0.0%) ‡ |
| Genuine Parts Co. | 319 | 34206 |
| Diversified Telecommunication Services (0.8%)  | Diversified Telecommunication Services (0.8%)  | Diversified Telecommunication Services (0.8%)  |
| AST SpaceMobile, Inc. (a)(b) | 401 | 29634 |
| AT&T, Inc. | 12803 | 334542 |
| Comcast Corp., Class A | 6448 | 174354 |
| Verizon Communications, Inc. | 7502 | 360321 |
|  |  | 898851 |
| Electric Utilities (1.5%)  | Electric Utilities (1.5%)  | Electric Utilities (1.5%)  |
| Alliant Energy Corp. | 409 | 30033 |
| American Electric Power Co., Inc. | 1016 | 139304 |
| Constellation Energy Corp. | 542 | 169646 |
| Duke Energy Corp. | 1433 | 185645 |
| Edison International | 635 | 44126 |
| Entergy Corp. | 844 | 99516 |
| Evergy, Inc. | 306 | 25349 |
| Eversource Energy | 665 | 47015 |
| Exelon Corp. | 1808 | 83150 |
| FirstEnergy Corp. | 901 | 42816 |
| NextEra Energy, Inc. | 3823 | 374195 |
| NRG Energy, Inc. | 344 | 53520 |
| PG&E Corp. | 3760 | 62491 |
| PPL Corp. | 1357 | 50806 |
| Southern Co. | 2079 | 201039 |
| Xcel Energy, Inc. | 1137 | 94314 |
|  |  | 1702965 |
| Electrical Equipment (1.3%)  | Electrical Equipment (1.3%)  | Electrical Equipment (1.3%)  |
| AMETEK, Inc. | 402 | 94671 |
| Bloom Energy Corp., Class A (a) | 403 | 114194 |
| Eaton Corp. PLC | 700 | 303107 |
| Emerson Electric Co. | 1056 | 148305 |
| GE Vernova, Inc. | 485 | 525478 |
| Hubbell, Inc. | 85 | 43194 |
| Rockwell Automation, Inc. | 207 | 84644 |
| Vertiv Holdings Co., Class A | 628 | 206292 |
|  |  | 1519885 |
| Electronic Equipment, Instruments & Components (1.0%)  | Electronic Equipment, Instruments & Components (1.0%)  | Electronic Equipment, Instruments & Components (1.0%)  |
| Amphenol Corp., Class A | 2203 | 324436 |
| CDW Corp. | 245 | 33543 |
| Coherent Corp. (a) | 222 | 70976 |
| Corning, Inc. | 1350 | 221724 |
| Flex Ltd. (a) | 777 | 71134 |
| Jabil, Inc. | 215 | 72560 |
| Keysight Technologies, Inc. (a) | 326 | 114071 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Large Cap Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Electronic Equipment, Instruments & Components (cont'd) | Electronic Equipment, Instruments & Components (cont'd) | Electronic Equipment, Instruments & Components (cont'd) |
| TE Connectivity PLC | 536 | $113450 |
| Teledyne Technologies, Inc. (a) | 99 | 63939 |
|  |  | 1085833 |
| Energy Equipment & Services (0.3%)  | Energy Equipment & Services (0.3%)  | Energy Equipment & Services (0.3%)  |
| Baker Hughes Co. | 1726 | 120250 |
| Halliburton Co. | 1642 | 69457 |
| SLB Ltd. | 2706 | 153917 |
|  |  | 343624 |
| Entertainment (1.5%)  | Entertainment (1.5%)  | Entertainment (1.5%)  |
| Electronic Arts, Inc. | 451 | 91269 |
| Live Nation Entertainment, Inc. (a) | 316 | 49909 |
| Netflix, Inc. (a) | 8212 | 768725 |
| ROBLOX Corp., Class A (a) | 1067 | 58962 |
| Spotify Technology SA (Sweden) (a) | 294 | 131286 |
| Take-Two Interactive Software, Inc. (a) | 321 | 68617 |
| TKO Group Holdings, Inc. | 137 | 25494 |
| Walt Disney Co. | 3282 | 340507 |
| Warner Bros Discovery, Inc. (a) | 4070 | 110094 |
| Warner Music Group Corp., Class A | 177 | 5004 |
|  |  | 1649867 |
| Financial Services (3.0%)  | Financial Services (3.0%)  | Financial Services (3.0%)  |
| Affirm Holdings, Inc. (a) | 452 | 29055 |
| Apollo Global Management, Inc. | 845 | 108768 |
| Berkshire Hathaway, Inc., Class B (a) | 2480 | 1174528 |
| Block, Inc. (a) | 815 | 57466 |
| Corpay, Inc. (a) | 122 | 37389 |
| Fidelity National Information Services, Inc. | 897 | 41737 |
| Fiserv, Inc. (a) | 984 | 61648 |
| Global Payments, Inc. | 444 | 31950 |
| Klarna Group PLC (United Kingdom) (a) | 239 | 3327 |
| Mastercard, Inc., Class A | 1434 | 721187 |
| PayPal Holdings, Inc. | 1718 | 86140 |
| Rocket Cos., Inc., Class A (a) | 1627 | 23787 |
| Toast, Inc., Class A (a) | 1198 | 34167 |
| Visa, Inc., Class A | 3058 | 1008651 |
|  |  | 3419800 |
| Food Products (0.3%)  | Food Products (0.3%)  | Food Products (0.3%)  |
| Archer-Daniels-Midland Co. | 888 | 66192 |
| General Mills, Inc. | 969 | 34215 |
| Hershey Co. | 239 | 44392 |
| Kraft Heinz Co. | 1691 | 38318 |
| McCormick & Co., Inc. | 417 | 21200 |
| Mondelez International, Inc., Class A | 2342 | 143892 |
| Tyson Foods, Inc., Class A | 568 | 36392 |
|  |  | 384601 |
| Gas Utilities (0.1%)  | Gas Utilities (0.1%)  | Gas Utilities (0.1%)  |
| Atmos Energy Corp. | 318 | 60414 |
| Ground Transportation (0.8%)  | Ground Transportation (0.8%)  | Ground Transportation (0.8%)  |
| CSX Corp. | 3426 | 155643 |
| JB Hunt Transport Services, Inc. | 113 | 28423 |
| Norfolk Southern Corp. | 376 | 118752 |
| Old Dominion Freight Line, Inc. | 346 | 73501 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Uber Technologies, Inc. (a) | 3730 | $278295 |
| Union Pacific Corp. | 1093 | 294542 |
|  |  | 949156 |
| Health Care Equipment & Supplies (1.4%)  | Health Care Equipment & Supplies (1.4%)  | Health Care Equipment & Supplies (1.4%)  |
| Abbott Laboratories | 3115 | 282811 |
| Becton Dickinson & Co. | 469 | 69900 |
| Boston Scientific Corp. (a) | 2778 | 160041 |
| Cooper Cos., Inc. (a) | 379 | 23839 |
| Dexcom, Inc. (a) | 629 | 37457 |
| Edwards Lifesciences Corp. (a) | 978 | 81663 |
| GE HealthCare Technologies, Inc. | 952 | 57920 |
| IDEXX Laboratories, Inc. (a) | 138 | 77390 |
| Insulet Corp. (a) | 124 | 21345 |
| Intuitive Surgical, Inc. (a) | 644 | 294701 |
| Medtronic PLC | 2316 | 187526 |
| ResMed, Inc. | 237 | 50673 |
| STERIS PLC | 160 | 34701 |
| Stryker Corp. | 624 | 196641 |
| Zimmer Biomet Holdings, Inc. | 292 | 24070 |
|  |  | 1600678 |
| Health Care Providers & Services (1.6%)  | Health Care Providers & Services (1.6%)  | Health Care Providers & Services (1.6%)  |
| Cardinal Health, Inc. | 421 | 81202 |
| Cencora, Inc. | 312 | 96099 |
| Centene Corp. (a) | 953 | 51167 |
| Cigna Group | 450 | 130761 |
| CVS Health Corp. | 2435 | 202811 |
| Elevance Health, Inc. | 394 | 148310 |
| HCA Healthcare, Inc. | 283 | 122949 |
| Humana, Inc. | 220 | 52017 |
| Labcorp Holdings, Inc. | 193 | 49562 |
| McKesson Corp. | 219 | 178529 |
| Quest Diagnostics, Inc. | 216 | 41947 |
| UnitedHealth Group, Inc. | 1641 | 607958 |
|  |  | 1763312 |
| Health Care REITs (0.3%)  | Health Care REITs (0.3%)  | Health Care REITs (0.3%)  |
| Ventas, Inc. REIT | 874 | 76790 |
| Welltower, Inc. REIT | 1248 | 271240 |
|  |  | 348030 |
| Health Care Technology (0.0%) ‡ | Health Care Technology (0.0%) ‡ | Health Care Technology (0.0%) ‡ |
| Veeva Systems, Inc., Class A (a) | 245 | 38213 |
| Hotels, Restaurants & Leisure (1.7%)  | Hotels, Restaurants & Leisure (1.7%)  | Hotels, Restaurants & Leisure (1.7%)  |
| Airbnb, Inc., Class A (a) | 715 | 100357 |
| Booking Holdings, Inc. | 1400 | 235704 |
| Carnival Corp. | 1949 | 51668 |
| Chipotle Mexican Grill, Inc. (a) | 2196 | 74642 |
| Darden Restaurants, Inc. | 199 | 39912 |
| DoorDash, Inc., Class A (a) | 617 | 104057 |
| DraftKings, Inc., Class A (a) | 960 | 22387 |
| Expedia Group, Inc. | 216 | 53648 |
| Flutter Entertainment PLC (a) | 292 | 31516 |
| Hilton Worldwide Holdings, Inc. | 415 | 134489 |
| Las Vegas Sands Corp. | 525 | 28670 |
| Marriott International, Inc., Class A | 418 | 151186 |
| McDonald's Corp. | 1330 | 390475 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Large Cap Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Hotels, Restaurants & Leisure (cont'd) | Hotels, Restaurants & Leisure (cont'd) | Hotels, Restaurants & Leisure (cont'd) |
| Royal Caribbean Cruises Ltd. | 462 | $121857 |
| Starbucks Corp. | 2104 | 221614 |
| Viking Holdings Ltd. (a) | 227 | 18594 |
| Yum! Brands, Inc. | 510 | 81422 |
|  |  | 1862198 |
| Household Durables (0.2%)  | Household Durables (0.2%)  | Household Durables (0.2%)  |
| DR Horton, Inc. | 499 | 76776 |
| Garmin Ltd. | 287 | 72077 |
| Lennar Corp., Class A | 393 | 35488 |
| Lennar Corp., Class B | 53 | 4684 |
| NVR, Inc. (a) | 5 | 31580 |
| PulteGroup, Inc. | 400 | 48944 |
|  |  | 269549 |
| Household Products (0.8%)  | Household Products (0.8%)  | Household Products (0.8%)  |
| Church & Dwight Co., Inc. | 446 | 43289 |
| Colgate-Palmolive Co. | 1554 | 132649 |
| Kimberly-Clark Corp. | 593 | 58369 |
| Procter & Gamble Co. | 4199 | 617631 |
|  |  | 851938 |
| Independent Power & Renewable Electricity Producers (0.1%)  | Independent Power & Renewable Electricity Producers (0.1%)  | Independent Power & Renewable Electricity Producers (0.1%)  |
| Vistra Corp. | 585 | 92336 |
| Industrial Conglomerates (0.3%)  | Industrial Conglomerates (0.3%)  | Industrial Conglomerates (0.3%)  |
| 3M Co. | 953 | 139634 |
| Honeywell International, Inc. | 1177 | 252266 |
|  |  | 391900 |
| Industrial REITs (0.2%)  | Industrial REITs (0.2%)  | Industrial REITs (0.2%)  |
| Prologis, Inc. REIT | 1733 | 246121 |
| Information Technology Services (0.9%)  | Information Technology Services (0.9%)  | Information Technology Services (0.9%)  |
| Accenture PLC, Class A | 1154 | 206231 |
| Amdocs Ltd. | 246 | 15909 |
| Cloudflare, Inc., Class A (a) | 573 | 117448 |
| Cognizant Technology Solutions Corp., Class A | 848 | 44859 |
| CoreWeave, Inc., Class A (a) | 457 | 51001 |
| Gartner, Inc. (a) | 111 | 16482 |
| GoDaddy, Inc., Class A (a) | 249 | 21611 |
| International Business Machines Corp. | 1697 | 391973 |
| MongoDB, Inc. (a) | 126 | 31605 |
| Okta, Inc. (a) | 297 | 21874 |
| Snowflake, Inc., Class A (a) | 559 | 76287 |
| VeriSign, Inc. | 183 | 49165 |
|  |  | 1044445 |
| Insurance (1.6%)  | Insurance (1.6%)  | Insurance (1.6%)  |
| Aflac, Inc. | 922 | 104804 |
| Allstate Corp. | 508 | 110368 |
| American International Group, Inc. | 985 | 73678 |
| Aon PLC, Class A | 361 | 112506 |
| Arch Capital Group Ltd. (a) | 646 | 61021 |
| Arthur J Gallagher & Co. | 455 | 93912 |
| Brown & Brown, Inc. | 430 | 25864 |
| Chubb Ltd. | 662 | 216474 |
| Cincinnati Financial Corp. | 260 | 42536 |
| Everest Group Ltd. | 88 | 31395 |
| Hartford Insurance Group, Inc. | 546 | 74698 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Loews Corp. | 251 | $28265 |
| Markel Group, Inc. (a) | 22 | 38994 |
| Marsh & McLennan Cos., Inc. | 870 | 145908 |
| MetLife, Inc. | 980 | 78498 |
| Principal Financial Group, Inc. | 397 | 40061 |
| Progressive Corp. | 1067 | 214766 |
| Prudential Financial, Inc. | 631 | 61907 |
| Ryan Specialty Holdings, Inc. | 172 | 5980 |
| Travelers Cos., Inc. | 419 | 127854 |
| W.R. Berkley Corp. | 379 | 25329 |
| Willis Towers Watson PLC | 158 | 40480 |
|  |  | 1755298 |
| Interactive Media & Services (8.9%)  | Interactive Media & Services (8.9%)  | Interactive Media & Services (8.9%)  |
| Alphabet, Inc., Class A | 10545 | 4057716 |
| Alphabet, Inc., Class C | 9144 | 3492459 |
| Meta Platforms, Inc., Class A | 3928 | 2403583 |
| Pinterest, Inc., Class A (a) | 1116 | 21941 |
| Reddit, Inc., Class A (a) | 280 | 41224 |
| Snap, Inc., Class A (a) | 2211 | 13421 |
|  |  | 10030344 |
| Life Sciences Tools & Services (0.7%)  | Life Sciences Tools & Services (0.7%)  | Life Sciences Tools & Services (0.7%)  |
| Agilent Technologies, Inc. | 519 | 59970 |
| Danaher Corp. | 1175 | 210266 |
| Illumina, Inc. (a) | 288 | 36501 |
| IQVIA Holdings, Inc. (a) | 289 | 45769 |
| Mettler-Toledo International, Inc. (a) | 37 | 47235 |
| Thermo Fisher Scientific, Inc. | 705 | 337667 |
| Waters Corp. (a) | 165 | 51023 |
| West Pharmaceutical Services, Inc. | 137 | 40770 |
|  |  | 829201 |
| Machinery (1.8%)  | Machinery (1.8%)  | Machinery (1.8%)  |
| Caterpillar, Inc. | 853 | 759264 |
| Cummins, Inc. | 239 | 160371 |
| Deere & Co. | 468 | 276059 |
| Dover Corp. | 214 | 48452 |
| Fortive Corp. | 636 | 38026 |
| Illinois Tool Works, Inc. | 544 | 140357 |
| Ingersoll Rand, Inc. | 617 | 49274 |
| Otis Worldwide Corp. | 618 | 48130 |
| PACCAR, Inc. | 848 | 100742 |
| Parker-Hannifin Corp. | 232 | 210986 |
| Symbotic, Inc. (a)(b) | 85 | 5024 |
| Westinghouse Air Brake Technologies Corp. | 334 | 90143 |
| Xylem, Inc. | 512 | 60498 |
|  |  | 1987326 |
| Media (0.1%)  | Media (0.1%)  | Media (0.1%)  |
| Charter Communications, Inc., Class A (a) | 125 | 20646 |
| EchoStar Corp., Class A (a) | 216 | 26598 |
| Fox Corp., Class A | 324 | 20571 |
| Fox Corp., Class B | 428 | 24405 |
| Omnicom Group, Inc. | 551 | 42273 |
| Trade Desk, Inc., Class A (a) | 560 | 13210 |
|  |  | 147703 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Large Cap Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Metals & Mining (0.6%)  | Metals & Mining (0.6%)  | Metals & Mining (0.6%)  |
| Anglogold Ashanti PLC (South Africa) | 894 | $83795 |
| Freeport-McMoRan, Inc. | 2618 | 151268 |
| Newmont Corp. | 1906 | 211737 |
| Nucor Corp. | 433 | 97551 |
| Reliance, Inc. | 102 | 36975 |
| Southern Copper Corp. (Peru) | 221 | 37943 |
| Steel Dynamics, Inc. | 256 | 58537 |
|  |  | 677806 |
| Multi-Utilities (0.6%)  | Multi-Utilities (0.6%)  | Multi-Utilities (0.6%)  |
| Ameren Corp. | 433 | 49210 |
| CenterPoint Energy, Inc. | 1155 | 50416 |
| CMS Energy Corp. | 444 | 34073 |
| Consolidated Edison, Inc. | 572 | 63772 |
| Dominion Energy, Inc. | 1605 | 103522 |
| DTE Energy Co. | 450 | 68260 |
| NiSource, Inc. | 745 | 35969 |
| Public Service Enterprise Group, Inc. | 1000 | 81660 |
| Sempra | 1165 | 110815 |
| WEC Energy Group, Inc. | 634 | 74774 |
|  |  | 672471 |
| Oil, Gas & Consumable Fuels (3.3%)  | Oil, Gas & Consumable Fuels (3.3%)  | Oil, Gas & Consumable Fuels (3.3%)  |
| Cheniere Energy, Inc. | 400 | 109980 |
| Chevron Corp. | 3438 | 664600 |
| ConocoPhillips | 2225 | 279861 |
| Coterra Energy, Inc. | 1336 | 47976 |
| Devon Energy Corp. | 1046 | 53733 |
| Diamondback Energy, Inc. | 351 | 72176 |
| EOG Resources, Inc. | 967 | 135931 |
| EQT Corp. | 1288 | 77383 |
| Expand Energy Corp. | 378 | 38613 |
| Exxon Mobil Corp. | 7706 | 1189267 |
| Kinder Morgan, Inc. | 3336 | 109654 |
| Marathon Petroleum Corp. | 532 | 132090 |
| Occidental Petroleum Corp. | 1306 | 79118 |
| ONEOK, Inc. | 1095 | 101244 |
| Phillips 66 | 725 | 129884 |
| Targa Resources Corp. | 367 | 95449 |
| Texas Pacific Land Corp. | 120 | 53240 |
| Valero Energy Corp. | 518 | 130836 |
| Venture Global, Inc., Class A | 1092 | 14491 |
| Williams Cos., Inc. | 2198 | 167729 |
|  |  | 3683255 |
| Passenger Airlines (0.2%)  | Passenger Airlines (0.2%)  | Passenger Airlines (0.2%)  |
| Delta Air Lines, Inc. | 1209 | 82200 |
| Southwest Airlines Co. | 1018 | 38602 |
| United Airlines Holdings, Inc. (a) | 562 | 50580 |
|  |  | 171382 |
| Personal Care Products (0.1%)  | Personal Care Products (0.1%)  | Personal Care Products (0.1%)  |
| Estee Lauder Cos., Inc., Class A | 535 | 41040 |
| Kenvue, Inc. | 3451 | 60496 |
|  |  | 101536 |
| Pharmaceuticals (3.2%)  | Pharmaceuticals (3.2%)  | Pharmaceuticals (3.2%)  |
| Bristol-Myers Squibb Co. | 3750 | 227213 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Eli Lilly & Co. | 1548 | $1446761 |
| Johnson & Johnson | 4399 | 1011110 |
| Merck & Co., Inc. | 4523 | 493821 |
| Pfizer, Inc. | 10632 | 283874 |
| Royalty Pharma PLC, Class A | 629 | 31507 |
| Zoetis, Inc. | 763 | 87722 |
|  |  | 3582008 |
| Professional Services (0.4%)  | Professional Services (0.4%)  | Professional Services (0.4%)  |
| Automatic Data Processing, Inc. | 736 | 155988 |
| Broadridge Financial Solutions, Inc. | 198 | 30488 |
| Equifax, Inc. | 210 | 36527 |
| Jacobs Solutions, Inc. | 232 | 30023 |
| Leidos Holdings, Inc. | 200 | 29844 |
| Paychex, Inc. | 591 | 54744 |
| SS&C Technologies Holdings, Inc. | 337 | 23354 |
| TransUnion | 365 | 25915 |
| Verisk Analytics, Inc. | 240 | 44278 |
|  |  | 431161 |
| Real Estate Management & Development (0.1%)  | Real Estate Management & Development (0.1%)  | Real Estate Management & Development (0.1%)  |
| CBRE Group, Inc., Class A (a) | 552 | 78787 |
| CoStar Group, Inc. (a) | 962 | 33295 |
|  |  | 112082 |
| Residential REITs (0.2%)  | Residential REITs (0.2%)  | Residential REITs (0.2%)  |
| AvalonBay Communities, Inc. REIT | 265 | 48495 |
| Equity Residential REIT | 617 | 40339 |
| Essex Property Trust, Inc. REIT | 125 | 32901 |
| Invitation Homes, Inc. REIT | 776 | 22326 |
| Mid-America Apartment Communities, Inc. REIT | 205 | 26482 |
| Sun Communities, Inc. REIT | 172 | 21989 |
|  |  | 192532 |
| Retail REITs (0.2%)  | Retail REITs (0.2%)  | Retail REITs (0.2%)  |
| Realty Income Corp. REIT | 1558 | 100086 |
| Simon Property Group, Inc. REIT | 574 | 116929 |
|  |  | 217015 |
| Semiconductors & Semiconductor Equipment (16.4%)  | Semiconductors & Semiconductor Equipment (16.4%)  | Semiconductors & Semiconductor Equipment (16.4%)  |
| Advanced Micro Devices, Inc. (a) | 2907 | 1030502 |
| Analog Devices, Inc. | 893 | 359218 |
| Applied Materials, Inc. | 1435 | 566093 |
| Astera Labs, Inc. (a) | 291 | 56669 |
| Broadcom, Inc. | 8416 | 3513091 |
| Credo Technology Group Holding Ltd. (a) | 350 | 60904 |
| Entegris, Inc. | 265 | 37466 |
| First Solar, Inc. (a) | 223 | 45022 |
| Global Foundries, Inc. (a) | 171 | 11047 |
| Intel Corp. (a) | 8028 | 758485 |
| KLA Corp. | 237 | 414833 |
| Lam Research Corp. | 2274 | 586374 |
| Marvell Technology, Inc. | 1528 | 252349 |
| Microchip Technology, Inc. | 955 | 88729 |
| Micron Technology, Inc. | 2042 | 1056041 |
| Monolithic Power Systems, Inc. | 86 | 138839 |
| NVIDIA Corp. | 42349 | 8451589 |
| ON Semiconductor Corp. (a) | 692 | 69761 |
| Qnity Electronics, Inc. | 343 | 48246 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Large Cap Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Semiconductors & Semiconductor Equipment (cont'd) | Semiconductors & Semiconductor Equipment (cont'd) | Semiconductors & Semiconductor Equipment (cont'd) |
| QUALCOMM, Inc. | 1983 | $356107 |
| Teradyne, Inc. | 274 | 94111 |
| Texas Instruments, Inc. | 1665 | 467998 |
|  |  | 18463474 |
| Software (8.0%)  | Software (8.0%)  | Software (8.0%)  |
| Adobe, Inc. (a) | 789 | 194173 |
| AppLovin Corp., Class A (a) | 465 | 207553 |
| Atlassian Corp., Class A (a) | 317 | 21743 |
| Autodesk, Inc. (a) | 421 | 99777 |
| Cadence Design Systems, Inc. (a) | 502 | 165454 |
| Circle Internet Group, Inc. (a) | 241 | 21902 |
| Crowdstrike Holdings, Inc., Class A (a) | 447 | 199250 |
| Datadog, Inc., Class A (a) | 587 | 77596 |
| Fair Isaac Corp. (a) | 41 | 42025 |
| Figma, Inc., Class A (a)(b) | 214 | 3788 |
| Fortinet, Inc. (a) | 1168 | 98474 |
| HubSpot, Inc. (a) | 91 | 20180 |
| Intuit, Inc. | 484 | 188034 |
| Microsoft Corp. | 13297 | 5422251 |
| Oracle Corp. | 3052 | 492562 |
| Palantir Technologies, Inc., Class A (a) | 3834 | 533348 |
| Palo Alto Networks, Inc. (a) | 1281 | 229709 |
| PTC, Inc. (a) | 205 | 27941 |
| Roper Technologies, Inc. | 182 | 64575 |
| Salesforce, Inc. | 1617 | 285449 |
| Samsara, Inc., Class A (a) | 423 | 12157 |
| ServiceNow, Inc. (a) | 1947 | 171940 |
| Strategy, Inc., Class A (a) | 505 | 83552 |
| Synopsys, Inc. (a) | 329 | 158775 |
| Trimble, Inc. (a) | 424 | 28544 |
| Tyler Technologies, Inc. (a) | 69 | 23539 |
| Workday, Inc., Class A (a) | 338 | 41371 |
| Zoom Communications, Inc. (a) | 465 | 45175 |
| Zscaler, Inc. (a) | 169 | 22085 |
|  |  | 8982922 |
| Specialized REITs (0.8%)  | Specialized REITs (0.8%)  | Specialized REITs (0.8%)  |
| American Tower Corp. REIT | 842 | 153842 |
| Crown Castle, Inc. REIT | 789 | 70048 |
| Digital Realty Trust, Inc. REIT | 612 | 122975 |
| Equinix, Inc. REIT | 188 | 203572 |
| Extra Space Storage, Inc. REIT | 334 | 47872 |
| Iron Mountain, Inc. REIT | 507 | 63877 |
| Public Storage REIT | 296 | 89525 |
| SBA Communications Corp. REIT | 182 | 40258 |
| VICI Properties, Inc. REIT | 2192 | 64007 |
| Weyerhaeuser Co. REIT | 1029 | 25231 |
|  |  | 881207 |
| Specialty Retail (1.6%)  | Specialty Retail (1.6%)  | Specialty Retail (1.6%)  |
| AutoZone, Inc. (a) | 27 | 100009 |
| Best Buy Co., Inc. | 329 | 19901 |
| Carvana Co. (a) | 251 | 99346 |
| Home Depot, Inc. | 1821 | 598745 |
| Lowe's Cos., Inc. | 1020 | 243566 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| O'Reilly Automotive, Inc. (a) | 1526 | $151684 |
| Ross Stores, Inc. | 580 | 132118 |
| TJX Cos., Inc. | 2055 | 322121 |
| Tractor Supply Co. | 715 | 25097 |
| Ulta Beauty, Inc. (a) | 65 | 34936 |
| Williams-Sonoma, Inc. | 197 | 35698 |
|  |  | 1763221 |
| Tech Hardware, Storage & Peripherals (7.3%)  | Tech Hardware, Storage & Peripherals (7.3%)  | Tech Hardware, Storage & Peripherals (7.3%)  |
| Apple, Inc. | 26063 | 7072195 |
| Dell Technologies, Inc., Class C | 562 | 117430 |
| Everpure, Inc., Class A (a) | 701 | 50087 |
| Hewlett Packard Enterprise Co. | 2499 | 71896 |
| HP, Inc. | 2046 | 42680 |
| IonQ, Inc. (a)(b) | 569 | 25673 |
| NetApp, Inc. | 391 | 43311 |
| Sandisk Corp. (a) | 237 | 259873 |
| Seagate Technology Holdings PLC | 371 | 249920 |
| Super Micro Computer, Inc. (a) | 887 | 24304 |
| Western Digital Corp. | 597 | 259408 |
|  |  | 8216777 |
| Textiles, Apparel & Luxury Goods (0.2%)  | Textiles, Apparel & Luxury Goods (0.2%)  | Textiles, Apparel & Luxury Goods (0.2%)  |
| Amer Sports, Inc. (Finland) (a) | 451 | 15817 |
| Deckers Outdoor Corp. (a) | 235 | 24017 |
| Lululemon Athletica, Inc. (a) | 165 | 22720 |
| NIKE, Inc., Class B | 2257 | 100121 |
| Tapestry, Inc. | 387 | 56130 |
|  |  | 218805 |
| Tobacco (0.6%)  | Tobacco (0.6%)  | Tobacco (0.6%)  |
| Altria Group, Inc. | 3069 | 222963 |
| Philip Morris International, Inc. | 2781 | 459060 |
|  |  | 682023 |
| Trading Companies & Distributors (0.4%)  | Trading Companies & Distributors (0.4%)  | Trading Companies & Distributors (0.4%)  |
| Fastenal Co. | 2076 | 93275 |
| Ferguson Enterprises, Inc. | 330 | 88344 |
| United Rentals, Inc. | 118 | 113261 |
| Watsco, Inc. | 53 | 23206 |
| WW Grainger, Inc. | 80 | 92908 |
|  |  | 410994 |
| Water Utilities (0.0%) ‡ | Water Utilities (0.0%) ‡ | Water Utilities (0.0%) ‡ |
| American Water Works Co., Inc. | 365 | 46873 |
| Wireless Telecommunication Services (0.1%)  | Wireless Telecommunication Services (0.1%)  | Wireless Telecommunication Services (0.1%)  |
| T-Mobile U.S., Inc. | 850 | 166175 |
| **Total Common** <br> **Stocks (Cost $100,417,354)** |  | 112394523 |
| **Rights (0.0%)‡** |  |  |
| Hologic, Inc., CVR, expires 9/25/27 <br> (a)(c)(d) **(Cost $5)**<br>| 451 | 5 |
| **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** |
| Investment Company (0.7%) |  |  |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $794,746)**<br>| 794746 | 794746 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Large Cap Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Short-Term Investments (cont'd) | Short-Term Investments (cont'd) | Short-Term Investments (cont'd) |
| Securities held as Collateral on Loaned Securities (0.1%) | Securities held as Collateral on Loaned Securities (0.1%) | Securities held as Collateral on Loaned Securities (0.1%) |
| Investment Company (0.1%) |  |  |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $52,109)**<br>| 52109 | $52109 |
| **Total Short-Term Investments (Cost $846,855)** | **Total Short-Term Investments (Cost $846,855)** | 846855 |
| **Total Investments (100.6%) (Cost $101,264,214)** <br>**including $79,796 of Securities Loaned (e)** | **Total Investments (100.6%) (Cost $101,264,214)** <br>**including $79,796 of Securities Loaned (e)** | 113241383 |
| **Liabilities in Excess of Other Assets (–0.6%)** | **Liabilities in Excess of Other Assets (–0.6%)** | (649713)<br>|
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $112591670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Amount is less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security was on loan at April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted security. Total market value of restricted securities amounts to $5, which represents less than 0.05% of the net assets of the Fund as of April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At April 30, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $16,382,556 and the aggregate gross unrealized depreciation is approximately $4,405,387, resulting in net unrealized appreciation of approximately $11,977,169.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CVR Contingent Value Rights. <br> REIT Real Estate Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition\*** | **Portfolio Composition\*** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Other\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59.6<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Tech Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of April 30, 2026.

\*\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**E\*TRADE No Fee Total Market Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| Aerospace & Defense (2.2%)  | Aerospace & Defense (2.2%)  | Aerospace & Defense (2.2%)  |
| AAR Corp. (a) | 27 | $2980 |
| AeroVironment, Inc. (a) | 56 | 10921 |
| Archer Aviation, Inc., Class A (a) | 587 | 3369 |
| Astronics Corp. (a) | 63 | 4498 |
| ATI, Inc. (a) | 150 | 23319 |
| Axon Enterprise, Inc. (a) | 94 | 37765 |
| Beta Technologies, Inc., Class A (a) | 369 | 5878 |
| Boeing Co. (a) | 919 | 210479 |
| BWX Technologies, Inc. | 109 | 23586 |
| Cadre Holdings, Inc. | 11 | 326 |
| Carpenter Technology Corp. | 58 | 24836 |
| Curtiss-Wright Corp. | 44 | 31689 |
| Ducommun, Inc. (a) | 7 | 993 |
| Eve Holding, Inc. (a) | 651 | 1875 |
| Firefly Aerospace, Inc. (a) | 246 | 8512 |
| FTAI Aviation Ltd. | 122 | 30460 |
| General Dynamics Corp. | 260 | 89518 |
| General Electric Co. | 1292 | 374590 |
| HEICO Corp. | 50 | 13496 |
| HEICO Corp., Class A | 71 | 14840 |
| Hexcel Corp. | 119 | 11170 |
| Howmet Aerospace, Inc. | 482 | 117145 |
| Huntington Ingalls Industries, Inc. | 59 | 21493 |
| Karman Holdings, Inc. (a) | 112 | 7614 |
| Kratos Defense & Security Solutions, Inc. (a) | 158 | 9962 |
| L3Harris Technologies, Inc. | 221 | 70842 |
| Leonardo DRS, Inc. | 47 | 1910 |
| Loar Holdings, Inc. (a) | 23 | 1291 |
| Lockheed Martin Corp. | 283 | 146585 |
| Mercury Systems, Inc. (a) | 143 | 11284 |
| Moog, Inc., Class A | 23 | 6930 |
| National Presto Industries, Inc. | 4 | 559 |
| Northrop Grumman Corp. | 170 | 98512 |
| Park Aerospace Corp. | 130 | 4402 |
| Rocket Lab Corp. (a) | 624 | 51486 |
| RTX Corp. | 1609 | 283297 |
| StandardAero, Inc. (a) | 171 | 4251 |
| Textron, Inc. | 191 | 18328 |
| TransDigm Group, Inc. | 64 | 74239 |
| V2X, Inc. (a) | 85 | 5764 |
| VSE Corp. | 17 | 2919 |
| Woodward, Inc. | 72 | 26135 |
|  |  | 1890048 |
| Air Freight & Logistics (0.3%)  | Air Freight & Logistics (0.3%)  | Air Freight & Logistics (0.3%)  |
| CH Robinson Worldwide, Inc. | 142 | 25817 |
| Expeditors International of Washington, Inc. | 126 | 18634 |
| FedEx Corp. | 251 | 101231 |
| GXO Logistics, Inc. (a) | 141 | 8055 |
| Hub Group, Inc., Class A | 50 | 2191 |
| Radiant Logistics, Inc. (a) | 919 | 7729 |
| United Parcel Service, Inc., Class B | 862 | 93786 |
|  |  | 257443 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Automobile Components (0.1%)  | Automobile Components (0.1%)  | Automobile Components (0.1%)  |
| Adient PLC (a) | 94 | $1979 |
| Aptiv PLC (a) | 223 | 13438 |
| Autoliv, Inc. (Sweden) | 115 | 13332 |
| BorgWarner, Inc. | 235 | 13388 |
| Dana, Inc. | 273 | 9951 |
| Dorman Products, Inc. (a) | 31 | 3488 |
| Fox Factory Holding Corp. (a) | 17 | 302 |
| Garrett Motion, Inc. (Switzerland) | 39 | 999 |
| Gentex Corp. | 165 | 3813 |
| Gentherm, Inc. (a) | 100 | 3010 |
| Goodyear Tire & Rubber Co. (a) | 169 | 1196 |
| LCI Industries | 25 | 2980 |
| Lear Corp. | 48 | 6102 |
| Patrick Industries, Inc. | 19 | 1767 |
| Phinia, Inc. | 37 | 2670 |
| QuantumScape Corp. (a) | 422 | 3076 |
| Standard Motor Products, Inc. | 46 | 1719 |
| Versigent PLC (a) | 74 | 2588 |
| Visteon Corp. | 44 | 4915 |
| XPEL, Inc. (a) | 13 | 619 |
|  |  | 91332 |
| Automobiles (2.0%)  | Automobiles (2.0%)  | Automobiles (2.0%)  |
| Ford Motor Co. | 5072 | 61270 |
| General Motors Co. | 1085 | 83426 |
| Harley-Davidson, Inc. | 77 | 1840 |
| Rivian Automotive, Inc., Class A (a) | 1133 | 18581 |
| Tesla, Inc. (a) | 4008 | 1529573 |
| Thor Industries, Inc. | 36 | 2845 |
| Winnebago Industries, Inc. | 69 | 2250 |
|  |  | 1699785 |
| Banks (3.7%)  | Banks (3.7%)  | Banks (3.7%)  |
| 1st Source Corp. | 6 | 441 |
| Amalgamated Financial Corp. | 13 | 531 |
| Amerant Bancorp, Inc. | 19 | 436 |
| Ameris Bancorp | 32 | 2728 |
| Arrow Financial Corp. | 59 | 2174 |
| Associated Banc-Corp. | 18 | 507 |
| Atlantic Union Bankshares Corp. | 230 | 8660 |
| Axos Financial, Inc. (a) | 94 | 9065 |
| Banc of California, Inc. | 119 | 2229 |
| BancFirst Corp. | 15 | 1674 |
| Bancorp, Inc. (a) | 30 | 1795 |
| Bank First Corp. | 4 | 581 |
| Bank of America Corp. | 7859 | 420142 |
| Bank of Hawaii Corp. | 5 | 398 |
| Bank of Marin Bancorp | 84 | 2154 |
| Bank of NT Butterfield & Son Ltd. (Bermuda) | 44 | 2440 |
| Bank OZK | 68 | 3275 |
| BankUnited, Inc. | 109 | 5066 |
| Banner Corp. | 6 | 401 |
| Bar Harbor Bankshares | 167 | 5720 |
| Beacon Financial Corp. | 166 | 4736 |
| BOK Financial Corp. | 41 | 5485 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Banks (cont'd) | Banks (cont'd) | Banks (cont'd) |
| Burke & Herbert Financial Services Corp. | 7 | $450 |
| Business First Bancshares, Inc. (b) | 16 | 438 |
| Byline Bancorp, Inc. | 87 | 2797 |
| Camden National Corp. | 50 | 2409 |
| Capital Bancorp, Inc. | 59 | 1858 |
| Capital City Bank Group, Inc. | 66 | 3047 |
| Capitol Federal Financial, Inc. | 985 | 7565 |
| Cathay General Bancorp | 10 | 560 |
| Central Pacific Financial Corp. | 87 | 2895 |
| Citigroup, Inc. | 2192 | 280532 |
| Citizens Financial Group, Inc. | 537 | 34932 |
| City Holding Co. | 3 | 369 |
| CNB Financial Corp. | 67 | 2035 |
| Coastal Financial Corp. (a) | 61 | 4613 |
| Colony Bankcorp, Inc. | 360 | 7142 |
| Columbia Banking System, Inc. | 344 | 10182 |
| Columbia Financial, Inc. (a) | 175 | 3365 |
| Commerce Bancshares, Inc. | 193 | 10042 |
| Community Trust Bancorp, Inc. | 7 | 455 |
| Community West Bancshares | 267 | 6333 |
| ConnectOne Bancorp, Inc. | 17 | 497 |
| Cullen/Frost Bankers, Inc. | 48 | 6957 |
| Customers Bancorp, Inc. (a) | 8 | 610 |
| CVB Financial Corp. | 592 | 12059 |
| Dime Community Bancshares, Inc. | 14 | 502 |
| East West Bancorp, Inc. | 131 | 16568 |
| Eastern Bankshares, Inc. | 318 | 6433 |
| Enterprise Financial Services Corp. | 7 | 405 |
| Equity Bancshares, Inc., Class A | 10 | 453 |
| Esquire Financial Holdings, Inc. | 33 | 3469 |
| Farmers & Merchants Bancorp, Inc. | 117 | 3133 |
| FB Financial Corp. | 48 | 2595 |
| Fifth Third Bancorp | 1043 | 52943 |
| Financial Institutions, Inc. | 228 | 7768 |
| First BanCorp (Puerto Rico) | 328 | 7964 |
| First Bancorp/Southern Pines NC | 38 | 2194 |
| First Busey Corp. | 18 | 472 |
| First Citizens BancShares, Inc., Class A | 12 | 23806 |
| First Commonwealth Financial Corp. | 25 | 460 |
| First Community Bankshares, Inc. | 82 | 3495 |
| First Financial Bancorp | 204 | 6177 |
| First Financial Bankshares, Inc. | 82 | 2646 |
| First Financial Corp. | 8 | 525 |
| First Hawaiian, Inc. | 82 | 2237 |
| First Horizon Corp. | 528 | 13179 |
| First Interstate BancSystem, Inc., Class A | 62 | 2200 |
| First Merchants Corp. | 10 | 404 |
| First Mid Bancshares, Inc. | 11 | 463 |
| Five Star Bancorp | 14 | 566 |
| Flagstar Bank NA | 246 | 3437 |
| FNB Corp. | 141 | 2517 |
| Fulton Financial Corp. | 148 | 3195 |
| German American Bancorp, Inc. | 48 | 2067 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Glacier Bancorp, Inc. | 64 | $3139 |
| Great Southern Bancorp, Inc. | 7 | 478 |
| Hancock Whitney Corp. | 8 | 540 |
| Hanmi Financial Corp. | 80 | 2393 |
| HBT Financial, Inc. | 17 | 472 |
| Heritage Financial Corp. | 17 | 468 |
| Hilltop Holdings, Inc. | 58 | 2185 |
| Home BancShares, Inc. | 479 | 12871 |
| HomeTrust Bancshares, Inc. | 11 | 502 |
| Hope Bancorp, Inc. | 550 | 6848 |
| Horizon Bancorp, Inc. | 407 | 7367 |
| Huntington Bancshares, Inc. | 2609 | 43727 |
| Independent Bank Corp.  | 188 | 6557 |
| International Bancshares Corp. | 6 | 430 |
| JPMorgan Chase & Co. | 3304 | 1034912 |
| KeyCorp | 1135 | 25095 |
| Lakeland Financial Corp. | 7 | 424 |
| Live Oak Bancshares, Inc. | 15 | 564 |
| M&T Bank Corp. | 172 | 37604 |
| Mercantile Bank Corp. | 68 | 3489 |
| Metrocity Bankshares, Inc. | 70 | 2239 |
| Metropolitan Bank Holding Corp. | 7 | 618 |
| Mid Penn Bancorp, Inc. | 167 | 5506 |
| MVB Financial Corp. | 181 | 4730 |
| National Bank Holdings Corp., Class A | 80 | 3416 |
| NB Bancorp, Inc. | 105 | 2061 |
| NBT Bancorp, Inc. | 9 | 393 |
| Nicolet Bankshares, Inc. | 23 | 3369 |
| Northeast Bank | 18 | 2238 |
| Northeast Community Bancorp, Inc. | 243 | 5831 |
| Northfield Bancorp, Inc. | 170 | 2372 |
| Northwest Bancshares, Inc. | 144 | 1992 |
| OceanFirst Financial Corp. | 24 | 458 |
| OFG Bancorp (Puerto Rico) | 10 | 460 |
| Old National Bancorp | 347 | 8318 |
| Old Second Bancorp, Inc. | 144 | 2968 |
| Origin Bancorp, Inc. | 12 | 562 |
| Orrstown Financial Services, Inc. | 13 | 478 |
| Park National Corp. | 16 | 2755 |
| Parke Bancorp, Inc. | 218 | 6564 |
| Pathward Financial, Inc. | 27 | 2345 |
| Peoples Bancorp, Inc. | 13 | 447 |
| Pinnacle Financial Partners, Inc. | 152 | 15039 |
| PNC Financial Services Group, Inc. | 507 | 113061 |
| Ponce Financial Group, Inc. (a) | 436 | 7613 |
| Popular, Inc. | 96 | 14432 |
| Preferred Bank | 21 | 1989 |
| Prosperity Bancshares, Inc. | 76 | 5293 |
| Provident Financial Services, Inc. | 396 | 8981 |
| QCR Holdings, Inc. | 5 | 452 |
| Regions Financial Corp. | 1270 | 36258 |
| Renasant Corp. | 53 | 2114 |
| Republic Bancorp, Inc., Class A | 5 | 379 |
| S&T Bancorp, Inc. | 10 | 441 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Banks (cont'd) | Banks (cont'd) | Banks (cont'd) |
| Seacoast Banking Corp. of Florida | 68 | $2140 |
| ServisFirst Bancshares, Inc. | 57 | 4538 |
| Shore Bancshares, Inc. | 132 | 2548 |
| Sierra Bancorp | 114 | 4113 |
| Simmons First National Corp., Class A | 371 | 7887 |
| SmartFinancial, Inc. | 171 | 7172 |
| Southern Missouri Bancorp, Inc. | 7 | 478 |
| Southside Bancshares, Inc. | 13 | 429 |
| Southstate Bank Corp. | 50 | 4884 |
| Stellar Bancorp, Inc. | 14 | 526 |
| Stock Yards Bancorp, Inc. | 25 | 1808 |
| Texas Capital Bancshares, Inc. (a) | 39 | 3927 |
| TFS Financial Corp. | 140 | 2106 |
| Tompkins Financial Corp. | 6 | 506 |
| Towne Bank | 55 | 1956 |
| TriCo Bancshares | 9 | 452 |
| Triumph Financial, Inc. (a) | 7 | 474 |
| Truist Financial Corp. | 1560 | 80340 |
| TrustCo Bank Corp. | 88 | 4189 |
| Trustmark Corp. | 11 | 488 |
| U.S. Bancorp | 1847 | 104651 |
| UMB Financial Corp. | 80 | 10094 |
| United Bankshares, Inc. | 52 | 2278 |
| United Community Banks, Inc. | 65 | 2166 |
| Univest Financial Corp. | 230 | 8738 |
| Valley National Bancorp | 324 | 4397 |
| WaFd, Inc. | 63 | 2230 |
| Washington Trust Bancorp, Inc. | 98 | 3080 |
| Webster Financial Corp. | 125 | 9045 |
| Wells Fargo & Co. | 3754 | 308691 |
| WesBanco, Inc. | 13 | 447 |
| Westamerica BanCorp | 52 | 2851 |
| Western Alliance Bancorp | 114 | 9296 |
| Wintrust Financial Corp. | 68 | 10239 |
| WSFS Financial Corp. | 63 | 4534 |
| Zions Bancorp NA | 115 | 7293 |
|  |  | 3132281 |
| Beverages (1.0%)  | Beverages (1.0%)  | Beverages (1.0%)  |
| Boston Beer Co., Inc., Class A (a) | 14 | 3319 |
| Brown-Forman Corp., Class A | 65 | 1708 |
| Brown-Forman Corp., Class B | 261 | 6726 |
| Celsius Holdings, Inc. (a) | 234 | 7855 |
| Coca-Cola Co. | 4811 | 378914 |
| Coca-Cola Consolidated, Inc. | 67 | 13740 |
| Constellation Brands, Inc., Class A | 174 | 27245 |
| Keurig Dr. Pepper, Inc. | 1533 | 45070 |
| MGP Ingredients, Inc. | 12 | 239 |
| Molson Coors Beverage Co., Class B | 202 | 8633 |
| Monster Beverage Corp. (a) | 856 | 65972 |
| National Beverage Corp. (a) | 8 | 274 |
| PepsiCo, Inc. | 1687 | 267373 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Primo Brands Corp. | 188 | $3831 |
| Vita Coco Co., Inc. (a) | 48 | 3168 |
|  |  | 834067 |
| Biotechnology (2.1%)  | Biotechnology (2.1%)  | Biotechnology (2.1%)  |
| AbbVie, Inc. | 2187 | 462157 |
| ACADIA Pharmaceuticals, Inc. (a) | 332 | 7453 |
| ADMA Biologics, Inc. (a) | 130 | 1333 |
| Agios Pharmaceuticals, Inc. (a) | 55 | 1540 |
| Alkermes PLC (a) | 276 | 9304 |
| Alnylam Pharmaceuticals, Inc. (a) | 163 | 50447 |
| Amgen, Inc. | 667 | 230949 |
| Anavex Life Sciences Corp. (a)(b) | 40 | 134 |
| Apellis Pharmaceuticals, Inc. (a) | 80 | 3276 |
| Apogee Therapeutics, Inc. (a) | 47 | 3896 |
| Arcus Biosciences, Inc. (a) | 46 | 1173 |
| Arcutis Biotherapeutics, Inc. (a) | 112 | 2601 |
| Ardelyx, Inc. (a) | 82 | 519 |
| Arrowhead Pharmaceuticals, Inc. (a) | 124 | 9112 |
| ARS Pharmaceuticals, Inc. (a)(b) | 26 | 215 |
| Atrium Therapeutics, Inc. (a) | 13 | 166 |
| Aura Biosciences, Inc. (a) | 407 | 2869 |
| Beam Therapeutics, Inc. (a) | 91 | 2760 |
| BioCryst Pharmaceuticals, Inc. (a) | 248 | 2272 |
| Biogen, Inc. (a) | 161 | 30474 |
| Biohaven Ltd. (a) | 127 | 1218 |
| BioMarin Pharmaceutical, Inc. (a) | 262 | 14124 |
| Bridgebio Pharma, Inc. (a) | 126 | 8960 |
| CareDx, Inc. (a) | 19 | 395 |
| Catalyst Pharmaceuticals, Inc. (a) | 88 | 2475 |
| Celcuity, Inc. (a) | 54 | 6553 |
| Celldex Therapeutics, Inc. (a) | 253 | 8319 |
| CG oncology, Inc. (a) | 59 | 3938 |
| Cogent Biosciences, Inc. (a) | 154 | 5512 |
| Cytokinetics, Inc. (a) | 208 | 13306 |
| Denali Therapeutics, Inc. (a) | 383 | 7170 |
| Disc Medicine, Inc. (a) | 10 | 660 |
| Dyne Therapeutics, Inc. (a) | 192 | 3370 |
| Erasca, Inc. (a) | 506 | 5389 |
| Exelixis, Inc. (a) | 334 | 14850 |
| Geron Corp. (a) | 265 | 408 |
| Gilead Sciences, Inc. | 1543 | 201886 |
| GRAIL, Inc. (a)(b) | 38 | 2070 |
| Halozyme Therapeutics, Inc. (a) | 108 | 6875 |
| Ideaya Biosciences, Inc. (a) | 100 | 2910 |
| ImmunityBio, Inc. (a)(b) | 140 | 994 |
| Immunome, Inc. (a) | 281 | 6446 |
| Immunovant, Inc. (a) | 150 | 4072 |
| Incyte Corp. (a) | 193 | 18387 |
| Insmed, Inc. (a) | 265 | 36127 |
| Intellia Therapeutics, Inc. (a) | 51 | 687 |
| Ionis Pharmaceuticals, Inc. (a) | 205 | 15326 |
| Iovance Biotherapeutics, Inc. (a)(b) | 112 | 376 |
| Janux Therapeutics, Inc. (a) | 13 | 187 |
| Krystal Biotech, Inc. (a) | 27 | 7081 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Biotechnology (cont'd) | Biotechnology (cont'd) | Biotechnology (cont'd) |
| Kura Oncology, Inc. (a) | 467 | $4124 |
| Kymera Therapeutics, Inc. (a) | 103 | 8350 |
| Madrigal Pharmaceuticals, Inc. (a) | 21 | 10865 |
| MannKind Corp. (a) | 351 | 993 |
| MiMedx Group, Inc. (a) | 50 | 168 |
| Mineralys Therapeutics, Inc. (a) | 28 | 746 |
| Mirum Pharmaceuticals, Inc. (a) | 34 | 3309 |
| Moderna, Inc. (a) | 420 | 19295 |
| MoonLake Immunotherapeutics (a) | 10 | 164 |
| Myriad Genetics, Inc. (a) | 43 | 204 |
| Natera, Inc. (a) | 166 | 34223 |
| Neurocrine Biosciences, Inc. (a) | 98 | 12904 |
| Novavax, Inc. (a)(b) | 63 | 499 |
| Nurix Therapeutics, Inc. (a) | 219 | 3657 |
| Nuvalent, Inc., Class A (a) | 93 | 9326 |
| Praxis Precision Medicines, Inc. (a) | 41 | 13072 |
| Protagonist Therapeutics, Inc. (a) | 87 | 8610 |
| PTC Therapeutics, Inc. (a) | 86 | 5595 |
| Recursion Pharmaceuticals, Inc., Class A (a)(b) | 390 | 1349 |
| Regeneron Pharmaceuticals, Inc. | 125 | 88382 |
| Revolution Medicines, Inc. (a) | 209 | 30121 |
| Rhythm Pharmaceuticals, Inc. (a) | 101 | 8217 |
| Sarepta Therapeutics, Inc. (a) | 110 | 2297 |
| Scholar Rock Holding Corp. (a) | 154 | 7178 |
| Soleno Therapeutics, Inc. (a) | 71 | 3750 |
| Spyre Therapeutics, Inc. (a) | 134 | 9976 |
| Summit Therapeutics, Inc. (a) | 408 | 8756 |
| Syndax Pharmaceuticals, Inc. (a) | 179 | 3836 |
| TG Therapeutics, Inc. (a) | 276 | 9323 |
| Travere Therapeutics, Inc. (a) | 268 | 11288 |
| Twist Bioscience Corp. (a) | 52 | 3039 |
| Ultragenyx Pharmaceutical, Inc. (a) | 347 | 8567 |
| United Therapeutics Corp. (a) | 52 | 29710 |
| Vaxcyte, Inc. (a) | 139 | 7956 |
| Vera Therapeutics, Inc. (a) | 143 | 5092 |
| Veracyte, Inc. (a) | 67 | 2206 |
| Vericel Corp. (a) | 55 | 1910 |
| Vertex Pharmaceuticals, Inc. (a) | 304 | 129924 |
| Viking Therapeutics, Inc. (a) | 241 | 7514 |
| Vir Biotechnology, Inc. (a) | 705 | 7202 |
| Viridian Therapeutics, Inc. (a) | 117 | 1577 |
| Zymeworks, Inc. (a) | 151 | 4159 |
|  |  | 1752154 |
| Broadline Retail (3.8%)  | Broadline Retail (3.8%)  | Broadline Retail (3.8%)  |
| Amazon.com, Inc. (a) | 11702 | 3101732 |
| Coupang, Inc. (Korea, Republic of) (a) | 1609 | 32148 |
| Dillard's, Inc., Class A | 15 | 8538 |
| eBay, Inc. | 577 | 59708 |
| Etsy, Inc. (a) | 166 | 10680 |
| Groupon, Inc. (a)(b) | 20 | 284 |
| Kohl's Corp. | 50 | 709 |
| Macy's, Inc. | 405 | 7918 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Ollie's Bargain Outlet Holdings, Inc. (a) | 52 | $4499 |
| Savers Value Village, Inc. (a) | 41 | 346 |
|  |  | 3226562 |
| Building Products (0.6%)  | Building Products (0.6%)  | Building Products (0.6%)  |
| A.O. Smith Corp. | 216 | 13357 |
| AAON, Inc. | 50 | 4666 |
| Advanced Drainage Systems, Inc. | 75 | 11194 |
| Allegion PLC | 128 | 17597 |
| American Woodmark Corp. (a) | 141 | 6159 |
| Apogee Enterprises, Inc. | 7 | 255 |
| Armstrong World Industries, Inc. | 55 | 9371 |
| AZZ, Inc. | 18 | 2575 |
| Builders FirstSource, Inc. (a) | 157 | 12417 |
| Carlisle Cos., Inc. | 43 | 15276 |
| Carrier Global Corp. | 968 | 65021 |
| CSW Industrials, Inc. | 15 | 4368 |
| Fortune Brands Innovations, Inc. | 208 | 8432 |
| Gibraltar Industries, Inc. (a) | 133 | 5191 |
| Griffon Corp. | 90 | 8205 |
| Hayward Holdings, Inc. (a) | 132 | 1981 |
| Janus International Group, Inc. (a) | 54 | 281 |
| Johnson Controls International PLC | 749 | 109377 |
| Lennox International, Inc. | 44 | 23535 |
| Masco Corp. | 212 | 15226 |
| Masterbrand, Inc. (a) | 175 | 1572 |
| Modine Manufacturing Co. (a) | 70 | 17824 |
| Owens Corning | 92 | 11347 |
| Quanex Building Products Corp. | 20 | 399 |
| Resideo Technologies, Inc. (a) | 227 | 9391 |
| Simpson Manufacturing Co., Inc. | 26 | 4959 |
| Tecnoglass, Inc. | 5 | 215 |
| Trane Technologies PLC | 270 | 132986 |
| Trex Co., Inc. (a) | 196 | 7683 |
| UFP Industries, Inc. | 78 | 6980 |
| Zurn Elkay Water Solutions Corp. | 137 | 7119 |
|  |  | 534959 |
| Capital Markets (3.1%)  | Capital Markets (3.1%)  | Capital Markets (3.1%)  |
| Acadian Asset Management, Inc. | 45 | 3031 |
| Affiliated Managers Group, Inc. | 34 | 10019 |
| Ameriprise Financial, Inc. | 104 | 49378 |
| ARES Management Corp., Class A | 266 | 31228 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 10 | 374 |
| Bank of New York Mellon Corp. | 838 | 112602 |
| BGC Group, Inc., Class A | 501 | 5626 |
| Blackrock, Inc. | 189 | 201398 |
| Blackstone, Inc. | 902 | 113273 |
| Blue Owl Capital, Inc. (b) | 695 | 6776 |
| Carlyle Group, Inc. | 220 | 11015 |
| Cboe Global Markets, Inc. | 127 | 38111 |
| Charles Schwab Corp. | 2105 | 192902 |
| CME Group, Inc. | 462 | 132973 |
| Cohen & Steers, Inc. | 5 | 351 |
| Coinbase Global, Inc., Class A (a) | 280 | 52576 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Capital Markets (cont'd) | Capital Markets (cont'd) | Capital Markets (cont'd) |
| DigitalBridge Group, Inc. | 177 | $2754 |
| Donnelley Financial Solutions, Inc. (a) | 84 | 4225 |
| Evercore, Inc., Class A | 38 | 12209 |
| FactSet Research Systems, Inc. | 49 | 11151 |
| Federated Hermes, Inc. | 42 | 2440 |
| Franklin Resources, Inc. | 536 | 16064 |
| Galaxy Digital, Inc., Class A (a)(b) | 345 | 9467 |
| GCM Grosvenor, Inc., Class A | 28 | 306 |
| Goldman Sachs Group, Inc. | 367 | 339024 |
| Hamilton Lane, Inc., Class A | 41 | 3772 |
| Houlihan Lokey, Inc. | 61 | 9440 |
| Interactive Brokers Group, Inc., Class A | 542 | 43089 |
| Intercontinental Exchange, Inc. | 703 | 111137 |
| Invesco Ltd. | 391 | 10248 |
| Janus Henderson Group PLC | 148 | 7638 |
| Jefferies Financial Group, Inc. | 183 | 8824 |
| KKR & Co., Inc. | 886 | 92445 |
| Lazard, Inc. | 45 | 2183 |
| LPL Financial Holdings, Inc. | 106 | 35418 |
| MarketAxess Holdings, Inc. | 57 | 8960 |
| Miami International Holdings, Inc. (a) | 115 | 5346 |
| Moelis & Co., Class A | 125 | 8140 |
| Moody's Corp. | 198 | 91446 |
| Morgan Stanley (See Note E) | 1304 | 248529 |
| Morningstar, Inc. | 12 | 2025 |
| MSCI, Inc. | 88 | 52044 |
| Nasdaq, Inc. | 574 | 52756 |
| Northern Trust Corp. | 246 | 40920 |
| Oppenheimer Holdings, Inc., Class A | 7 | 801 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<br>| 34 | 439 |
| Perella Weinberg Partners | 162 | 3684 |
| Piper Sandler Cos. | 128 | 11162 |
| PJT Partners, Inc., Class A | 16 | 2444 |
| Raymond James Financial, Inc. | 225 | 35622 |
| Ridgepost Capital, Inc., Class A | 155 | 1229 |
| Robinhood Markets, Inc., Class A (a) | 904 | 65893 |
| S&P Global, Inc. | 372 | 160418 |
| SEI Investments Co. | 41 | 3718 |
| State Street Corp. | 383 | 58538 |
| StepStone Group, Inc., Class A | 78 | 4126 |
| Stifel Financial Corp. | 148 | 11664 |
| StoneX Group, Inc. (a) | 52 | 5514 |
| T. Rowe Price Group, Inc. | 244 | 25103 |
| TPG, Inc. | 145 | 6325 |
| Tradeweb Markets, Inc., Class A | 179 | 20272 |
| Twenty One Capital, Inc., Class A (a) | 1154 | 9624 |
| Victory Capital Holdings, Inc., Class A | 29 | 2277 |
| Virtu Financial, Inc., Class A | 40 | 1986 |
| Virtus Investment Partners, Inc. | 3 | 437 |
| WisdomTree, Inc. | 195 | 3315 |
|  |  | 2628224 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Chemicals (1.1%)  | Chemicals (1.1%)  | Chemicals (1.1%)  |
| AdvanSix, Inc. | 17 | $419 |
| Air Products & Chemicals, Inc. | 261 | 78313 |
| Albemarle Corp. | 139 | 27341 |
| Ashland, Inc. | 86 | 4580 |
| Avient Corp. | 56 | 2077 |
| Axalta Coating Systems Ltd. (a) | 230 | 6541 |
| Balchem Corp. | 50 | 8081 |
| Cabot Corp. | 26 | 2001 |
| Celanese Corp. | 94 | 6370 |
| CF Industries Holdings, Inc. | 180 | 22356 |
| Chemours Co. | 156 | 4204 |
| Corteva, Inc. | 837 | 67805 |
| Dow, Inc. | 1003 | 40612 |
| DuPont de Nemours, Inc. | 469 | 21415 |
| Eastman Chemical Co. | 174 | 12718 |
| Ecolab, Inc. | 322 | 83913 |
| Ecovyst, Inc. (a) | 61 | 865 |
| Element Solutions, Inc. | 312 | 13288 |
| Hawkins, Inc. | 13 | 2177 |
| HB Fuller Co. | 30 | 1816 |
| Huntsman Corp. | 139 | 1997 |
| Ingevity Corp. (a) | 38 | 2895 |
| Innospec, Inc. | 4 | 305 |
| International Flavors & Fragrances, Inc. | 330 | 23166 |
| Koppers Holdings, Inc. | 121 | 4940 |
| Kronos Worldwide, Inc. | 51 | 380 |
| Linde PLC | 567 | 284146 |
| LyondellBasell Industries NV, Class A | 315 | 23499 |
| Minerals Technologies, Inc. | 6 | 432 |
| Mosaic Co. | 430 | 10006 |
| NewMarket Corp. | 5 | 3378 |
| Olin Corp. | 81 | 2307 |
| Orion SA (Germany) | 31 | 233 |
| Perimeter Solutions, Inc. (a) | 290 | 8787 |
| PPG Industries, Inc. | 236 | 25606 |
| PureCycle Technologies, Inc. (a)(b) | 58 | 434 |
| Quaker Chemical Corp. | 3 | 408 |
| RPM International, Inc. | 91 | 9272 |
| Scotts Miracle-Gro Co. | 103 | 6458 |
| Sensient Technologies Corp. | 34 | 3864 |
| Sherwin-Williams Co. | 295 | 94875 |
| Solstice Advanced Materials, Inc. | 194 | 15898 |
| Stepan Co. | 52 | 2602 |
| Tronox Holdings PLC | 68 | 679 |
| Westlake Corp. | 33 | 3804 |
|  |  | 937263 |
| Commercial Services & Supplies (0.5%)  | Commercial Services & Supplies (0.5%)  | Commercial Services & Supplies (0.5%)  |
| ABM Industries, Inc. | 39 | 1591 |
| ACV Auctions, Inc., Class A (a) | 135 | 701 |
| Brady Corp., Class A | 54 | 4418 |
| BrightView Holdings, Inc. (a) | 411 | 4891 |
| Brink's Co. | 42 | 4484 |
| Casella Waste Systems, Inc., Class A (a) | 43 | 3408 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Commercial Services & Supplies (cont'd) | Commercial Services & Supplies (cont'd) | Commercial Services & Supplies (cont'd) |
| Cimpress PLC (Ireland) (a) | 39 | $3450 |
| Cintas Corp. | 392 | 68486 |
| Clean Harbors, Inc. (a) | 61 | 19073 |
| Copart, Inc. (a) | 1002 | 33176 |
| CoreCivic, Inc. (a) | 90 | 1841 |
| Deluxe Corp. | 24 | 748 |
| Ennis, Inc. | 197 | 4113 |
| GEO Group, Inc. (a) | 121 | 2240 |
| Healthcare Services Group, Inc. (a) | 35 | 749 |
| HNI Corp. | 124 | 4531 |
| Interface, Inc. | 91 | 2537 |
| Liquidity Services, Inc. (a) | 11 | 392 |
| MillerKnoll, Inc. | 22 | 354 |
| MSA Safety, Inc. | 36 | 5990 |
| OPENLANE, Inc. (a) | 79 | 2484 |
| Pitney Bowes, Inc. | 169 | 2613 |
| Republic Services, Inc. | 240 | 50213 |
| Rollins, Inc. | 396 | 22069 |
| Tetra Tech, Inc. | 353 | 11409 |
| UniFirst Corp. | 11 | 2811 |
| Veralto Corp. | 327 | 28841 |
| Vestis Corp. (a) | 43 | 418 |
| Waste Management, Inc. | 501 | 116508 |
|  |  | 404539 |
| Communications Equipment (1.2%)  | Communications Equipment (1.2%)  | Communications Equipment (1.2%)  |
| Applied Optoelectronics, Inc. (a) | 96 | 15779 |
| Arista Networks, Inc. (a) | 1261 | 217787 |
| Calix, Inc. (a) | 150 | 6534 |
| Ciena Corp. (a) | 171 | 90216 |
| Cisco Systems, Inc. | 4804 | 439566 |
| Digi International, Inc. (a) | 71 | 3979 |
| Extreme Networks, Inc. (a) | 114 | 2518 |
| F5, Inc. (a) | 69 | 22349 |
| Harmonic, Inc. (a) | 187 | 2138 |
| Lumentum Holdings, Inc. (a) | 87 | 78502 |
| Motorola Solutions, Inc. | 213 | 93514 |
| NETGEAR, Inc. (a) | 16 | 404 |
| NetScout Systems, Inc. (a) | 76 | 2561 |
| Ondas, Inc. (a)(b) | 580 | 5823 |
| Ribbon Communications, Inc. (a) | 99 | 261 |
| Viasat, Inc. (a) | 176 | 11600 |
| Viavi Solutions, Inc. (a) | 379 | 19860 |
| Vistance Networks, Inc. (a) | 233 | 2981 |
|  |  | 1016372 |
| Construction & Engineering (0.6%)  | Construction & Engineering (0.6%)  | Construction & Engineering (0.6%)  |
| AECOM | 151 | 12699 |
| API Group Corp. (a) | 535 | 24460 |
| Arcosa, Inc. | 22 | 2782 |
| Argan, Inc. | 21 | 14069 |
| Centuri Holdings, Inc. (a) | 21 | 789 |
| Comfort Systems USA, Inc. | 44 | 80971 |
| Construction Partners, Inc., Class A (a) | 65 | 8038 |
| Dycom Industries, Inc. (a) | 37 | 15322 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| EMCOR Group, Inc. | 56 | $49933 |
| Everus Construction Group, Inc. (a) | 76 | 11205 |
| Fluor Corp. (a) | 205 | 10937 |
| Granite Construction, Inc. | 67 | 9184 |
| IES Holdings, Inc. (a) | 20 | 12881 |
| Limbach Holdings, Inc. (a) | 5 | 499 |
| MasTec, Inc. (a) | 80 | 31524 |
| MYR Group, Inc. (a) | 12 | 4858 |
| Primoris Services Corp. | 78 | 14130 |
| Quanta Services, Inc. | 188 | 136821 |
| Sterling Infrastructure, Inc. (a) | 41 | 21140 |
| Tutor Perini Corp. | 42 | 3903 |
| Valmont Industries, Inc. | 22 | 11177 |
| WillScot Holdings Corp. | 184 | 4166 |
|  |  | 481488 |
| Construction Materials (0.3%)  | Construction Materials (0.3%)  | Construction Materials (0.3%)  |
| CRH PLC | 819 | 96986 |
| Eagle Materials, Inc. | 33 | 6934 |
| James Hardie Industries PLC (a) | 550 | 11544 |
| Knife River Corp. (a) | 32 | 2962 |
| Martin Marietta Materials, Inc. | 82 | 50764 |
| U.S. Lime & Minerals, Inc. | 50 | 5383 |
| Vulcan Materials Co. | 175 | 52804 |
|  |  | 227377 |
| Consumer Finance (0.6%)  | Consumer Finance (0.6%)  | Consumer Finance (0.6%)  |
| Ally Financial, Inc. | 347 | 15403 |
| American Express Co. | 656 | 211921 |
| Atlanticus Holdings Corp. (a) | 7 | 556 |
| Bread Financial Holdings, Inc. | 32 | 2713 |
| Capital One Financial Corp. | 770 | 147301 |
| Credit Acceptance Corp. (a)(b) | 4 | 2020 |
| Dave, Inc. (a) | 15 | 4080 |
| Encore Capital Group, Inc. (a) | 47 | 3890 |
| Enova International, Inc. (a) | 17 | 2880 |
| EZCORP, Inc., Class A (a) | 22 | 721 |
| Figure Technology Solutions, Inc., Class A (a) | 117 | 4107 |
| FirstCash Holdings, Inc. | 47 | 10256 |
| LendingClub Corp. (a) | 129 | 2202 |
| Navient Corp. | 31 | 286 |
| Nelnet, Inc., Class A | 15 | 2125 |
| NerdWallet, Inc., Class A (a) | 42 | 455 |
| OneMain Holdings, Inc. | 97 | 5701 |
| PRA Group, Inc. (a) | 21 | 458 |
| PROG Holdings, Inc. | 14 | 502 |
| SLM Corp. | 158 | 3647 |
| SoFi Technologies, Inc. (a) | 1516 | 24408 |
| Synchrony Financial | 482 | 36728 |
| Upstart Holdings, Inc. (a)(b) | 48 | 1516 |
| World Acceptance Corp. (a) | 3 | 441 |
|  |  | 484317 |
| Consumer Staples Distribution & Retail (1.9%)  | Consumer Staples Distribution & Retail (1.9%)  | Consumer Staples Distribution & Retail (1.9%)  |
| Albertsons Cos., Inc., Class A | 702 | 11829 |
| Andersons, Inc. | 49 | 3848 |
| BJ's Wholesale Club Holdings, Inc. (a) | 166 | 15586 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Consumer Staples Distribution & Retail (cont'd) | Consumer Staples Distribution & Retail (cont'd) | Consumer Staples Distribution & Retail (cont'd) |
| Casey's General Stores, Inc. | 40 | $32886 |
| Chefs' Warehouse, Inc. (a) | 31 | 2406 |
| Costco Wholesale Corp. | 546 | 553933 |
| Dollar General Corp. | 279 | 32330 |
| Dollar Tree, Inc. (a) | 244 | 23695 |
| Grocery Outlet Holding Corp. (a) | 116 | 917 |
| Ingles Markets, Inc., Class A | 5 | 457 |
| Kroger Co. | 704 | 47921 |
| Maplebear, Inc. (a) | 142 | 6014 |
| Natural Grocers by Vitamin Cottage, Inc. | 8 | 232 |
| Performance Food Group Co. (a) | 175 | 15848 |
| PriceSmart, Inc. | 17 | 2668 |
| Sprouts Farmers Market, Inc. (a) | 146 | 11950 |
| Sysco Corp. | 607 | 45349 |
| Target Corp. | 536 | 69546 |
| U.S. Foods Holding Corp. (a) | 236 | 22064 |
| United Natural Foods, Inc. (a) | 79 | 3951 |
| Village Super Market, Inc., Class A | 10 | 431 |
| Walmart, Inc. | 5271 | 695403 |
| Weis Markets, Inc. | 4 | 281 |
|  |  | 1599545 |
| Containers & Packaging (0.2%)  | Containers & Packaging (0.2%)  | Containers & Packaging (0.2%)  |
| Amcor PLC | 599 | 22786 |
| AptarGroup, Inc. | 64 | 7916 |
| Ardagh Metal Packaging SA | 547 | 2106 |
| Avery Dennison Corp. | 87 | 14262 |
| Ball Corp. | 329 | 20095 |
| Crown Holdings, Inc. | 136 | 13370 |
| Graphic Packaging Holding Co. | 778 | 7414 |
| Greif, Inc., Class A | 69 | 4502 |
| International Paper Co. | 638 | 19408 |
| O-I Glass, Inc. (a) | 145 | 1321 |
| Packaging Corp. of America | 110 | 23479 |
| Silgan Holdings, Inc. | 109 | 4420 |
| Smurfit Westrock PLC | 525 | 20155 |
| Sonoco Products Co. | 143 | 7144 |
| TriMas Corp. | 17 | 629 |
|  |  | 169007 |
| Distributors (0.0%) ‡ | Distributors (0.0%) ‡ | Distributors (0.0%) ‡ |
| Genuine Parts Co. | 143 | 15334 |
| Gold.com, Inc. | 16 | 723 |
| LKQ Corp. | 344 | 10864 |
| Pool Corp. | 48 | 10239 |
|  |  | 37160 |
| Diversified Consumer Services (0.1%)  | Diversified Consumer Services (0.1%)  | Diversified Consumer Services (0.1%)  |
| ADT, Inc. | 399 | 3004 |
| Bright Horizons Family Solutions, Inc. (a) | 58 | 4704 |
| Carriage Services, Inc. | 90 | 4419 |
| Coursera, Inc. (a) | 51 | 303 |
| Covista, Inc. (a) | 41 | 4724 |
| Driven Brands Holdings, Inc. (a) | 22 | 298 |
| Duolingo, Inc. (a) | 78 | 8588 |
| Frontdoor, Inc. (a) | 76 | 5216 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Graham Holdings Co., Class B | 1 | $1122 |
| Grand Canyon Education, Inc. (a) | 25 | 4227 |
| H&R Block, Inc. | 271 | 8599 |
| KinderCare Learning Cos., Inc. (a) | 33 | 130 |
| Laureate Education, Inc. (a) | 81 | 2438 |
| Liberty Live Holdings, Inc., Class A (a) | 89 | 8118 |
| Liberty Live Holdings, Inc., Class C (a) | 45 | 4212 |
| Lincoln Educational Services Corp. (a) | 21 | 864 |
| Matthews International Corp., Class A | 18 | 514 |
| Mister Car Wash, Inc. (a) | 47 | 333 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 21 | 518 |
| Perdoceo Education Corp. | 57 | 1934 |
| Service Corp. International | 100 | 8103 |
| Strategic Education, Inc. | 22 | 1725 |
| Stride, Inc. (a) | 89 | 8647 |
| Udemy, Inc. (a) | 55 | 261 |
|  |  | 83001 |
| Diversified REITs (0.0%) ‡ | Diversified REITs (0.0%) ‡ | Diversified REITs (0.0%) ‡ |
| AH Realty Trust, Inc. REIT | 895 | 5451 |
| Alpine Income Property Trust, Inc. REIT | 114 | 2143 |
| American Assets Trust, Inc. REIT | 19 | 394 |
| Broadstone Net Lease, Inc. REIT | 294 | 5821 |
| CTO Realty Growth, Inc. REIT | 113 | 2288 |
| Essential Properties Realty Trust, Inc. REIT | 99 | 3112 |
| Gladstone Commercial Corp. REIT | 145 | 1829 |
| Global Net Lease, Inc. REIT | 257 | 2457 |
| WP Carey, Inc. REIT | 296 | 21587 |
|  |  | 45082 |
| Diversified Telecommunication Services (0.8%)  | Diversified Telecommunication Services (0.8%)  | Diversified Telecommunication Services (0.8%)  |
| Anterix, Inc. (a) | 139 | 6716 |
| AST SpaceMobile, Inc. (a)(b) | 258 | 19066 |
| AT&T, Inc. | 8470 | 221321 |
| Cogent Communications Holdings, Inc. | 142 | 3216 |
| Comcast Corp., Class A | 4213 | 113920 |
| Globalstar, Inc. (a) | 55 | 4527 |
| IDT Corp., Class B | 54 | 2708 |
| Iridium Communications, Inc. | 213 | 8322 |
| Liberty Latin America Ltd., Class A (Puerto <br> Rico) (a)<br>| 65 | 528 |
| Liberty Latin America Ltd., Class C (Puerto <br> Rico) (a)<br>| 261 | 2169 |
| Lumen Technologies, Inc. (a) | 882 | 7797 |
| Shenandoah Telecommunications Co. | 378 | 5946 |
| Uniti Group, Inc. | 458 | 5418 |
| Verizon Communications, Inc. | 5163 | 247979 |
|  |  | 649633 |
| Electric Utilities (1.5%)  | Electric Utilities (1.5%)  | Electric Utilities (1.5%)  |
| Alliant Energy Corp. | 407 | 29886 |
| American Electric Power Co., Inc. | 664 | 91041 |
| Constellation Energy Corp. | 386 | 120818 |
| Duke Energy Corp. | 916 | 118668 |
| Edison International | 498 | 34606 |
| Entergy Corp. | 578 | 68152 |
| Evergy, Inc. | 260 | 21538 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Electric Utilities (cont'd) | Electric Utilities (cont'd) | Electric Utilities (cont'd) |
| Eversource Energy | 454 | $32098 |
| Exelon Corp. | 1148 | 52797 |
| FirstEnergy Corp. | 795 | 37778 |
| Hawaiian Electric Industries, Inc. (a) | 391 | 5892 |
| IDACORP, Inc. | 55 | 8126 |
| MGE Energy, Inc. | 25 | 2005 |
| NextEra Energy, Inc. | 2573 | 251845 |
| NRG Energy, Inc. | 224 | 34850 |
| OGE Energy Corp. | 283 | 13810 |
| Oklo, Inc. (a) | 175 | 12687 |
| Otter Tail Corp. | 23 | 2053 |
| PG&E Corp. | 2834 | 47101 |
| Pinnacle West Capital Corp. | 107 | 11098 |
| Portland General Electric Co. | 64 | 3324 |
| PPL Corp. | 847 | 31712 |
| Southern Co. | 1284 | 124163 |
| TXNM Energy, Inc. | 234 | 13820 |
| Xcel Energy, Inc. | 722 | 59890 |
|  |  | 1229758 |
| Electrical Equipment (1.4%)  | Electrical Equipment (1.4%)  | Electrical Equipment (1.4%)  |
| Acuity, Inc. | 40 | 11591 |
| American Superconductor Corp. (a) | 20 | 1071 |
| AMETEK, Inc. | 294 | 69237 |
| Array Technologies, Inc. (a) | 254 | 1966 |
| Atkore, Inc. | 52 | 4064 |
| Bloom Energy Corp., Class A (a) | 255 | 72257 |
| Eaton Corp. PLC | 481 | 208278 |
| Emerson Electric Co. | 640 | 89881 |
| EnerSys | 44 | 9383 |
| Enovix Corp. (a) | 218 | 1454 |
| Eos Energy Enterprises, Inc. (a)(b) | 243 | 1628 |
| GE Vernova, Inc. | 329 | 356458 |
| Generac Holdings, Inc. (a) | 100 | 25923 |
| Hubbell, Inc. | 76 | 38621 |
| Nextpower, Inc., Class A (a) | 152 | 18108 |
| NuScale Power Corp. (a) | 177 | 2205 |
| nVent Electric PLC | 218 | 31152 |
| Plug Power, Inc. (a)(b) | 997 | 3120 |
| Powell Industries, Inc. | 44 | 12200 |
| Preformed Line Products Co. | 3 | 997 |
| Regal Rexnord Corp. | 91 | 19568 |
| Rockwell Automation, Inc. | 133 | 54385 |
| Sensata Technologies Holding PLC | 142 | 5913 |
| Shoals Technologies Group, Inc., Class A (a) | 673 | 5344 |
| Sunrun, Inc. (a) | 166 | 2113 |
| Thermon Group Holdings, Inc. (a) | 14 | 847 |
| Vertiv Holdings Co., Class A | 425 | 139608 |
| Vicor Corp. (a) | 40 | 10771 |
|  |  | 1198143 |
| Electronic Equipment, Instruments & Components (1.1%)  | Electronic Equipment, Instruments & Components (1.1%)  | Electronic Equipment, Instruments & Components (1.1%)  |
| Advanced Energy Industries, Inc. | 40 | 15356 |
| Amphenol Corp., Class A | 1441 | 212216 |
| Arlo Technologies, Inc. (a) | 39 | 548 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Arrow Electronics, Inc. (a) | 76 | $14275 |
| Avnet, Inc. | 80 | 6601 |
| Badger Meter, Inc. | 17 | 2055 |
| Bel Fuse, Inc., Class B | 6 | 1655 |
| Belden, Inc. | 19 | 2137 |
| Benchmark Electronics, Inc. | 67 | 5497 |
| CDW Corp. | 157 | 21495 |
| Cognex Corp. | 214 | 11879 |
| Coherent Corp. (a) | 156 | 49875 |
| Corning, Inc. | 943 | 154878 |
| Crane NXT Co. | 33 | 1474 |
| CTS Corp. | 9 | 514 |
| Daktronics, Inc. (a) | 29 | 570 |
| ePlus, Inc. | 27 | 2287 |
| Fabrinet (Thailand) (a) | 43 | 29389 |
| Flex Ltd. (a) | 450 | 41197 |
| Insight Enterprises, Inc. (a) | 13 | 948 |
| IPG Photonics Corp. (a) | 67 | 7968 |
| Itron, Inc. (a) | 32 | 2682 |
| Jabil, Inc. | 130 | 43874 |
| Keysight Technologies, Inc. (a) | 222 | 77680 |
| Knowles Corp. (a) | 90 | 2807 |
| Littelfuse, Inc. | 16 | 6467 |
| Mirion Technologies, Inc. (a) | 222 | 4385 |
| Napco Security Technologies, Inc. | 16 | 748 |
| nLight, Inc. (a) | 122 | 8522 |
| Novanta, Inc. (a) | 68 | 8808 |
| OSI Systems, Inc. (a) | 27 | 7747 |
| PC Connection, Inc. | 6 | 382 |
| Plexus Corp. (a) | 36 | 9021 |
| Powerfleet, Inc. NJ (a) | 75 | 242 |
| Ralliant Corp. | 133 | 6044 |
| Rogers Corp. (a) | 34 | 4615 |
| Sanmina Corp. (a) | 77 | 16772 |
| ScanSource, Inc. (a) | 47 | 1933 |
| TD SYNNEX Corp. | 94 | 21449 |
| Teledyne Technologies, Inc. (a) | 52 | 33584 |
| TTM Technologies, Inc. (a) | 153 | 24208 |
| Vishay Intertechnology, Inc. | 293 | 8488 |
| Vontier Corp. | 299 | 10728 |
| Zebra Technologies Corp., Class A (a) | 66 | 14933 |
|  |  | 898933 |
| Energy Equipment & Services (0.5%)  | Energy Equipment & Services (0.5%)  | Energy Equipment & Services (0.5%)  |
| Archrock, Inc. | 268 | 10385 |
| Atlas Energy Solutions, Inc. (b) | 155 | 2694 |
| Baker Hughes Co. | 1233 | 85903 |
| Bristow Group, Inc. | 14 | 688 |
| Cactus, Inc., Class A | 148 | 8247 |
| Core Laboratories, Inc. | 30 | 440 |
| Expro Group Holdings NV (a) | 45 | 819 |
| Halliburton Co. | 1047 | 44288 |
| Helix Energy Solutions Group, Inc. (a) | 594 | 6148 |
| Helmerich & Payne, Inc. | 162 | 6542 |
| Innovex International, Inc. (a) | 24 | 666 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Energy Equipment & Services (cont'd) | Energy Equipment & Services (cont'd) | Energy Equipment & Services (cont'd) |
| Kodiak Gas Services, Inc. | 56 | $3797 |
| Liberty Energy, Inc. | 171 | 5778 |
| Noble Corp. PLC (b) | 311 | 15870 |
| NOV, Inc. | 298 | 6097 |
| Oceaneering International, Inc. (a) | 83 | 3116 |
| Oil States International, Inc. (a) | 579 | 6647 |
| Patterson-UTI Energy, Inc. | 625 | 7638 |
| RPC, Inc. | 74 | 583 |
| Seadrill Ltd. (Norway) (a) | 215 | 10683 |
| Select Water Solutions, Inc. | 43 | 719 |
| SLB Ltd. | 1924 | 109437 |
| Solaris Energy Infrastructure, Inc. | 66 | 4873 |
| TechnipFMC PLC (United Kingdom) | 512 | 38692 |
| Tidewater, Inc. (a) | 39 | 3484 |
| WaterBridge Infrastructure LLC, Class A | 310 | 9343 |
| Weatherford International PLC | 96 | 10594 |
|  |  | 404171 |
| Entertainment (1.4%)  | Entertainment (1.4%)  | Entertainment (1.4%)  |
| AMC Entertainment Holdings, Inc., Class A (a) | 648 | 985 |
| Atlanta Braves Holdings, Inc., Class C (a) | 45 | 2223 |
| Cinemark Holdings, Inc. | 62 | 1830 |
| Electronic Arts, Inc. | 270 | 54640 |
| Liberty Media Corp.-Liberty Formula One, <br> Class A (a)<br>| 23 | 1822 |
| Liberty Media Corp.-Liberty Formula One, <br> Class C (a)<br>| 289 | 24840 |
| Live Nation Entertainment, Inc. (a) | 192 | 30324 |
| Madison Square Garden Entertainment Corp. (a) | 109 | 7294 |
| Madison Square Garden Sports Corp. (a) | 26 | 8904 |
| Netflix, Inc. (a) | 5168 | 483777 |
| Playtika Holding Corp. | 69 | 252 |
| ROBLOX Corp., Class A (a) | 805 | 44484 |
| Roku, Inc. (a) | 166 | 19349 |
| Sphere Entertainment Co. (a) | 48 | 6838 |
| Spotify Technology SA (Sweden) (a) | 191 | 85291 |
| Take-Two Interactive Software, Inc. (a) | 226 | 48310 |
| TKO Group Holdings, Inc. | 103 | 19167 |
| Walt Disney Co. | 2142 | 222233 |
| Warner Bros Discovery, Inc. (a) | 2782 | 75253 |
| Warner Music Group Corp., Class A | 255 | 7209 |
|  |  | 1145025 |
| Financial Services (2.9%)  | Financial Services (2.9%)  | Financial Services (2.9%)  |
| Affirm Holdings, Inc. (a) | 346 | 22241 |
| Apollo Global Management, Inc. | 534 | 68736 |
| Banco Latinoamericano de Comercio Exterior SA <br> (Panama)<br>| 10 | 534 |
| Berkshire Hathaway, Inc., Class B (a) | 1691 | 800858 |
| Block, Inc. (a) | 539 | 38005 |
| Cannae Holdings, Inc. | 94 | 1270 |
| Cantaloupe, Inc. (a) | 45 | 491 |
| Cass Information Systems, Inc. | 63 | 2979 |
| Chime Financial, Inc., Class A (a) | 280 | 6121 |
| Corebridge Financial, Inc. | 397 | 10933 |
| Corpay, Inc. (a) | 78 | 23905 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Enact Holdings, Inc. | 10 | $427 |
| Equitable Holdings, Inc. | 514 | 21691 |
| Essent Group Ltd. | 81 | 4902 |
| Euronet Worldwide, Inc. (a) | 22 | 1592 |
| EVERTEC, Inc. (Puerto Rico) | 88 | 2599 |
| Federal Agricultural Mortgage Corp., Class C | 2 | 348 |
| Fidelity National Information Services, Inc. | 590 | 27453 |
| Fiserv, Inc. (a) | 705 | 44168 |
| Flywire Corp. (a) | 41 | 554 |
| Global Payments, Inc. | 303 | 21804 |
| Jack Henry & Associates, Inc. | 81 | 12454 |
| Jackson Financial, Inc., Class A | 87 | 10072 |
| Marqeta, Inc., Class A (a) | 1565 | 6792 |
| Mastercard, Inc., Class A | 985 | 495376 |
| Merchants Bancorp | 11 | 512 |
| MGIC Investment Corp. | 245 | 6488 |
| NCR Atleos Corp. (a) | 55 | 2441 |
| NMI Holdings, Inc. (a) | 47 | 1819 |
| Paymentus Holdings, Inc., Class A (a) | 13 | 365 |
| Payoneer Global, Inc. (a) | 276 | 1374 |
| PayPal Holdings, Inc. | 1071 | 53700 |
| Paysafe Ltd. (a) | 25 | 226 |
| PennyMac Financial Services, Inc. | 72 | 6501 |
| Radian Group, Inc. | 203 | 7274 |
| Remitly Global, Inc. (a) | 246 | 5385 |
| Rocket Cos., Inc., Class A (a) | 1657 | 24225 |
| Sezzle, Inc. (a)(b) | 9 | 716 |
| Shift4 Payments, Inc., Class A (a) | 50 | 2214 |
| Toast, Inc., Class A (a) | 686 | 19565 |
| UWM Holdings Corp. | 1256 | 4446 |
| Velocity Financial, Inc. (a) | 20 | 386 |
| Visa, Inc., Class A | 2054 | 677491 |
| Voya Financial, Inc. | 151 | 12376 |
| Walker & Dunlop, Inc. | 127 | 6394 |
| Western Union Co. | 208 | 1891 |
| WEX, Inc. (a) | 54 | 8118 |
|  |  | 2470212 |
| Food Products (0.5%)  | Food Products (0.5%)  | Food Products (0.5%)  |
| Archer-Daniels-Midland Co. | 569 | 42413 |
| Bunge Global SA | 139 | 17663 |
| Calavo Growers, Inc. | 174 | 4900 |
| Cal-Maine Foods, Inc. (b) | 119 | 9194 |
| Campbell's Co. (b) | 286 | 5946 |
| Conagra Brands, Inc. | 381 | 5467 |
| Darling Ingredients, Inc. (a) | 201 | 12910 |
| Dole PLC | 26 | 395 |
| Flowers Foods, Inc. | 130 | 1178 |
| Fresh Del Monte Produce, Inc. | 12 | 503 |
| Freshpet, Inc. (a) | 90 | 6064 |
| General Mills, Inc. | 772 | 27259 |
| Hershey Co. | 185 | 34362 |
| Hormel Foods Corp. | 240 | 5153 |
| Ingredion, Inc. | 76 | 8492 |
| J&J Snack Foods Corp. | 2 | 177 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Food Products (cont'd) | Food Products (cont'd) | Food Products (cont'd) |
| J.M. Smucker Co. | 96 | $9411 |
| John B Sanfilippo & Son, Inc. | 29 | 2372 |
| Kraft Heinz Co. | 1142 | 25878 |
| Lamb Weston Holdings, Inc. | 137 | 5966 |
| Limoneira Co. | 478 | 6085 |
| Marzetti Co. | 10 | 1303 |
| McCormick & Co., Inc. | 313 | 15913 |
| Mission Produce, Inc. (a)(b) | 34 | 471 |
| Mondelez International, Inc., Class A | 1629 | 100086 |
| Pilgrim's Pride Corp. | 46 | 1523 |
| Post Holdings, Inc. (a) | 87 | 9113 |
| Seneca Foods Corp., Class A (a) | 4 | 559 |
| Simply Good Foods Co. (a) | 209 | 2794 |
| Tootsie Roll Industries, Inc. | 75 | 3166 |
| Tyson Foods, Inc., Class A | 367 | 23514 |
| Utz Brands, Inc. | 27 | 215 |
| Vital Farms, Inc. (a)(b) | 11 | 150 |
| Westrock Coffee Co. (a)(b) | 57 | 336 |
|  |  | 390931 |
| Gas Utilities (0.1%)  | Gas Utilities (0.1%)  | Gas Utilities (0.1%)  |
| Atmos Energy Corp. | 240 | 45595 |
| Chesapeake Utilities Corp. | 27 | 3405 |
| MDU Resources Group, Inc. | 392 | 8832 |
| National Fuel Gas Co. | 143 | 12066 |
| New Jersey Resources Corp. | 128 | 7208 |
| Northwest Natural Holding Co. | 46 | 2438 |
| ONE Gas, Inc. | 109 | 9725 |
| Southwest Gas Holdings, Inc. | 57 | 5361 |
| Spire, Inc. | 135 | 12309 |
| UGI Corp. | 300 | 10827 |
|  |  | 117766 |
| Ground Transportation (0.9%)  | Ground Transportation (0.9%)  | Ground Transportation (0.9%)  |
| ArcBest Corp. | 6 | 765 |
| Avis Budget Group, Inc. (a) | 22 | 3975 |
| Covenant Logistics Group, Inc. | 18 | 628 |
| CSX Corp. | 2215 | 100627 |
| Heartland Express, Inc. | 487 | 6516 |
| JB Hunt Transport Services, Inc. | 91 | 22889 |
| Knight-Swift Transportation Holdings, Inc. | 178 | 11552 |
| Landstar System, Inc. | 47 | 8651 |
| Lyft, Inc. (a) | 323 | 4570 |
| Marten Transport Ltd. | 566 | 8535 |
| Norfolk Southern Corp. | 313 | 98855 |
| Old Dominion Freight Line, Inc. | 236 | 50134 |
| RXO, Inc. (a) | 117 | 2337 |
| Ryder System, Inc. | 26 | 6598 |
| Saia, Inc. (a) | 36 | 16158 |
| Schneider National, Inc., Class B | 16 | 497 |
| Uber Technologies, Inc. (a) | 2428 | 181153 |
| U-Haul Holding Co. | 168 | 8012 |
| Union Pacific Corp. | 727 | 195912 |
| Universal Logistics Holdings, Inc. (b) | 13 | 313 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Werner Enterprises, Inc. | 84 | $3097 |
| XPO, Inc. (a) | 150 | 33020 |
|  |  | 764794 |
| Health Care Equipment & Supplies (1.5%)  | Health Care Equipment & Supplies (1.5%)  | Health Care Equipment & Supplies (1.5%)  |
| Abbott Laboratories | 2117 | 192202 |
| Align Technology, Inc. (a) | 71 | 12497 |
| Alphatec Holdings, Inc. (a) | 131 | 1279 |
| Artivion, Inc. (a) | 49 | 1756 |
| AtriCure, Inc. (a) | 52 | 1462 |
| Avanos Medical, Inc. (a) | 449 | 11054 |
| Axogen, Inc. (a) | 22 | 950 |
| Baxter International, Inc. | 663 | 11656 |
| Becton Dickinson & Co. | 368 | 54847 |
| Boston Scientific Corp. (a) | 1892 | 108998 |
| CONMED Corp. | 7 | 257 |
| Cooper Cos., Inc. (a) | 309 | 19436 |
| Dentsply Sirona, Inc. | 119 | 1398 |
| Dexcom, Inc. (a) | 517 | 30787 |
| Edwards Lifesciences Corp. (a) | 687 | 57364 |
| Embecta Corp. | 29 | 265 |
| Enovis Corp. (a) | 124 | 2907 |
| Envista Holdings Corp. (a) | 268 | 6952 |
| GE HealthCare Technologies, Inc. | 525 | 31941 |
| Glaukos Corp. (a) | 50 | 7183 |
| Globus Medical, Inc., Class A (a) | 202 | 18216 |
| Haemonetics Corp. (a) | 27 | 1622 |
| ICU Medical, Inc. (a) | 14 | 1669 |
| IDEXX Laboratories, Inc. (a) | 93 | 52154 |
| Inspire Medical Systems, Inc. (a) | 41 | 2302 |
| Insulet Corp. (a) | 75 | 12910 |
| Integer Holdings Corp. (a) | 51 | 4514 |
| Integra LifeSciences Holdings Corp. (a) | 20 | 211 |
| Intuitive Surgical, Inc. (a) | 437 | 199976 |
| iRadimed Corp. | 7 | 584 |
| IRhythm Holdings, Inc. (a) | 24 | 3100 |
| Lantheus Holdings, Inc. (a) | 101 | 8547 |
| LeMaitre Vascular, Inc. | 29 | 3183 |
| Masimo Corp. (a) | 60 | 10706 |
| Medline, Inc., Class A (a) | 538 | 23925 |
| Medtronic PLC | 1593 | 128985 |
| Merit Medical Systems, Inc. (a) | 89 | 6068 |
| Neogen Corp. (a) | 524 | 4926 |
| Novocure Ltd. (a) | 169 | 2570 |
| Omnicell, Inc. (a) | 12 | 497 |
| Orthofix Medical, Inc. (a) | 497 | 5845 |
| Penumbra, Inc. (a) | 49 | 15998 |
| Procept Biorobotics Corp. (a) | 33 | 793 |
| Pulse Biosciences, Inc. (a)(b) | 22 | 466 |
| QuidelOrtho Corp. (a) | 106 | 1304 |
| ResMed, Inc. | 166 | 35492 |
| RxSight, Inc. (a) | 24 | 170 |
| SI-BONE, Inc. (a) | 27 | 335 |
| Solventum Corp. (a) | 129 | 8689 |
| STAAR Surgical Co. (a) | 23 | 606 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Health Care Equipment & Supplies (cont'd) | Health Care Equipment & Supplies (cont'd) | Health Care Equipment & Supplies (cont'd) |
| STERIS PLC | 114 | $24724 |
| Stryker Corp. | 427 | 134561 |
| Tandem Diabetes Care, Inc. (a) | 21 | 410 |
| Teleflex, Inc. | 37 | 4585 |
| TransMedics Group, Inc. (a)(b) | 41 | 4132 |
| UFP Technologies, Inc. (a) | 2 | 383 |
| Zimmer Biomet Holdings, Inc. | 206 | 16981 |
|  |  | 1297330 |
| Health Care Providers & Services (1.7%)  | Health Care Providers & Services (1.7%)  | Health Care Providers & Services (1.7%)  |
| Acadia Healthcare Co., Inc. (a) | 77 | 1994 |
| AdaptHealth Corp. (a) | 38 | 498 |
| Addus HomeCare Corp. (a) | 17 | 1647 |
| Alignment Healthcare, Inc. (a) | 110 | 2479 |
| AMN Healthcare Services, Inc. (a) | 18 | 368 |
| Ardent Health, Inc. (a) | 29 | 283 |
| Astrana Health, Inc. (a) | 131 | 4472 |
| Aveanna Healthcare Holdings, Inc. (a) | 72 | 471 |
| BrightSpring Health Services, Inc. (a) | 75 | 3598 |
| Brookdale Senior Living, Inc. (a) | 361 | 5184 |
| Cardinal Health, Inc. | 288 | 55549 |
| Cencora, Inc. | 215 | 66222 |
| Centene Corp. (a) | 674 | 36187 |
| Chemed Corp. | 18 | 7650 |
| Cigna Group | 348 | 101122 |
| Clover Health Investments Corp. (a) | 652 | 1793 |
| Concentra Group Holdings Parent, Inc. | 90 | 2022 |
| CorVel Corp. (a) | 18 | 1034 |
| CVS Health Corp. | 1514 | 126101 |
| DaVita, Inc. (a) | 68 | 10550 |
| Elevance Health, Inc. | 276 | 103892 |
| Encompass Health Corp. | 123 | 12300 |
| Ensign Group, Inc. | 70 | 13068 |
| GeneDx Holdings Corp. (a) | 16 | 1006 |
| Guardant Health, Inc. (a) | 124 | 10798 |
| HCA Healthcare, Inc. | 204 | 88628 |
| HealthEquity, Inc. (a) | 83 | 6808 |
| Henry Schein, Inc. (a) | 81 | 6042 |
| Hims & Hers Health, Inc. (a)(b) | 340 | 9238 |
| Humana, Inc. | 158 | 37357 |
| Labcorp Holdings, Inc. | 91 | 23369 |
| LifeStance Health Group, Inc. (a) | 1029 | 7790 |
| McKesson Corp. | 153 | 124726 |
| Molina Healthcare, Inc. (a) | 59 | 11483 |
| National HealthCare Corp. | 4 | 693 |
| NeoGenomics, Inc. (a) | 562 | 5204 |
| NRC Health | 121 | 1992 |
| OPKO Health, Inc. (a) | 253 | 285 |
| Option Care Health, Inc. (a) | 111 | 2257 |
| PACS Group, Inc. (a) | 37 | 1241 |
| Pediatrix Medical Group, Inc. (a) | 26 | 585 |
| Pennant Group, Inc. (a) | 14 | 438 |
| Privia Health Group, Inc. (a) | 87 | 2162 |
| Progyny, Inc. (a) | 113 | 2100 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Quest Diagnostics, Inc. | 177 | $34373 |
| RadNet, Inc. (a) | 63 | 3563 |
| Select Medical Holdings Corp. | 194 | 3184 |
| Surgery Partners, Inc. (a) | 86 | 1207 |
| Tenet Healthcare Corp. (a) | 109 | 19306 |
| U.S. Physical Therapy, Inc. | 36 | 2564 |
| UnitedHealth Group, Inc. | 1132 | 419383 |
| Universal Health Services, Inc., Class B | 91 | 15313 |
|  |  | 1401579 |
| Health Care REITs (0.4%)  | Health Care REITs (0.4%)  | Health Care REITs (0.4%)  |
| Alexandria Real Estate Equities, Inc. REIT | 141 | 5712 |
| American Healthcare REIT, Inc. REIT | 301 | 15285 |
| CareTrust REIT, Inc. REIT | 332 | 13097 |
| Chiron Real Estate, Inc. REIT | 57 | 1999 |
| Healthcare Realty Trust, Inc. REIT | 280 | 5236 |
| Healthpeak Properties, Inc. REIT | 508 | 8214 |
| LTC Properties, Inc. REIT | 10 | 382 |
| Medical Properties Trust, Inc. REIT (b) | 337 | 1665 |
| National Health Investors, Inc. REIT | 24 | 1846 |
| Omega Healthcare Investors, Inc. REIT | 296 | 13903 |
| Sabra Health Care REIT, Inc. REIT | 172 | 3553 |
| Sila Realty Trust, Inc. REIT | 14 | 426 |
| Universal Health Realty Income Trust REIT | 61 | 2483 |
| Ventas, Inc. REIT | 589 | 51750 |
| Welltower, Inc. REIT | 873 | 189738 |
|  |  | 315289 |
| Health Care Technology (0.0%) ‡ | Health Care Technology (0.0%) ‡ | Health Care Technology (0.0%) ‡ |
| Certara, Inc. (a) | 33 | 202 |
| Doximity, Inc., Class A (a) | 283 | 6917 |
| Evolent Health, Inc., Class A (a) | 34 | 127 |
| GoodRx Holdings, Inc., Class A (a) | 80 | 189 |
| HealthStream, Inc. | 11 | 228 |
| HeartFlow, Inc. (a) | 177 | 5268 |
| Phreesia, Inc. (a) | 15 | 138 |
| Schrodinger, Inc. (a) | 95 | 1136 |
| Teladoc Health, Inc. (a) | 293 | 1776 |
| Veeva Systems, Inc., Class A (a) | 166 | 25891 |
| Waystar Holding Corp. (a) | 51 | 1090 |
|  |  | 42962 |
| Hotel & Resort REITs (0.1%)  | Hotel & Resort REITs (0.1%)  | Hotel & Resort REITs (0.1%)  |
| Apple Hospitality REIT, Inc. REIT | 31 | 418 |
| DiamondRock Hospitality Co. REIT | 239 | 2438 |
| Host Hotels & Resorts, Inc. REIT | 1169 | 24701 |
| Park Hotels & Resorts, Inc. REIT | 250 | 2868 |
| Pebblebrook Hotel Trust REIT | 249 | 3498 |
| RLJ Lodging Trust REIT | 51 | 420 |
| Ryman Hospitality Properties, Inc. REIT | 116 | 12190 |
| Sunstone Hotel Investors, Inc. REIT | 289 | 2838 |
| Xenia Hotels & Resorts, Inc. REIT | 35 | 569 |
|  |  | 49940 |
| Hotels, Restaurants & Leisure (1.8%)  | Hotels, Restaurants & Leisure (1.8%)  | Hotels, Restaurants & Leisure (1.8%)  |
| Accel Entertainment, Inc. (a) | 428 | 5346 |
| Airbnb, Inc., Class A (a) | 560 | 78602 |
| Aramark | 303 | 13844 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Hotels, Restaurants & Leisure (cont'd) | Hotels, Restaurants & Leisure (cont'd) | Hotels, Restaurants & Leisure (cont'd) |
| BJ's Restaurants, Inc. (a) | 11 | $422 |
| Bloomin' Brands, Inc. | 50 | 305 |
| Booking Holdings, Inc. | 995 | 167518 |
| Boyd Gaming Corp. | 71 | 6173 |
| Brinker International, Inc. (a) | 58 | 8830 |
| Caesars Entertainment, Inc. (a) | 175 | 4865 |
| Carnival Corp. | 1299 | 34436 |
| Cava Group, Inc. (a) | 148 | 13825 |
| Cheesecake Factory, Inc. | 32 | 2012 |
| Chipotle Mexican Grill, Inc. (a) | 1594 | 54180 |
| Choice Hotels International, Inc. | 14 | 1387 |
| Churchill Downs, Inc. | 71 | 7170 |
| Cracker Barrel Old Country Store, Inc. (b) | 9 | 282 |
| Darden Restaurants, Inc. | 156 | 31287 |
| Domino's Pizza, Inc. | 45 | 15274 |
| DoorDash, Inc., Class A (a) | 454 | 76567 |
| DraftKings, Inc., Class A (a) | 640 | 14925 |
| Dutch Bros, Inc., Class A (a) | 117 | 6729 |
| Expedia Group, Inc. | 132 | 32785 |
| First Watch Restaurant Group, Inc. (a) | 20 | 262 |
| Flutter Entertainment PLC (a) | 208 | 22449 |
| Genius Sports Ltd. (United Kingdom) (a) | 157 | 685 |
| Global Business Travel Group I (a)(b) | 1194 | 6997 |
| Golden Entertainment, Inc. | 14 | 400 |
| Hilton Grand Vacations, Inc. (a) | 44 | 2067 |
| Hilton Worldwide Holdings, Inc. | 280 | 90740 |
| Hyatt Hotels Corp., Class A (b) | 38 | 6368 |
| Krispy Kreme, Inc. (a)(b) | 81 | 319 |
| Kura Sushi USA, Inc., Class A (a) | 42 | 2313 |
| Las Vegas Sands Corp. | 435 | 23755 |
| Life Time Group Holdings, Inc. (a) | 62 | 1662 |
| Lucky Strike Entertainment Corp. | 39 | 310 |
| Marriott International, Inc., Class A | 292 | 105613 |
| Marriott Vacations Worldwide Corp. | 25 | 1800 |
| McDonald's Corp. | 882 | 258946 |
| MGM Resorts International (a) | 281 | 10942 |
| Monarch Casino & Resort, Inc. | 5 | 593 |
| Norwegian Cruise Line Holdings Ltd. (a) | 665 | 12090 |
| Papa John's International, Inc. | 11 | 398 |
| Penn Entertainment, Inc. (a) | 106 | 1851 |
| Planet Fitness, Inc., Class A (a) | 63 | 4200 |
| Portillo's, Inc., Class A (a) | 30 | 188 |
| Pursuit Attractions & Hospitality, Inc. (a) | 11 | 463 |
| Red Rock Resorts, Inc., Class A | 35 | 1889 |
| Royal Caribbean Cruises Ltd. | 299 | 78864 |
| Sabre Corp. (a) | 152 | 278 |
| Shake Shack, Inc., Class A (a) | 36 | 3689 |
| Six Flags Entertainment Corp. (a) | 348 | 6535 |
| Starbucks Corp. | 1412 | 148726 |
| Target Hospitality Corp. (a) | 51 | 742 |
| Texas Roadhouse, Inc. | 74 | 11913 |
| Travel & Leisure Co. | 113 | 7307 |
| United Parks & Resorts, Inc. (a)(b) | 9 | 317 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Vail Resorts, Inc. (b) | 64 | $8140 |
| Viking Holdings Ltd. (a) | 142 | 11631 |
| Wendy's Co. (b) | 854 | 5944 |
| Wingstop, Inc. | 28 | 4594 |
| Wyndham Hotels & Resorts, Inc. | 174 | 14160 |
| Wynn Resorts Ltd. | 118 | 12639 |
| Yum! Brands, Inc. | 342 | 54600 |
|  |  | 1504143 |
| Household Durables (0.3%)  | Household Durables (0.3%)  | Household Durables (0.3%)  |
| Beazer Homes USA, Inc. (a) | 116 | 2504 |
| Cavco Industries, Inc. (a) | 6 | 3042 |
| Century Communities, Inc. | 39 | 2185 |
| Champion Homes, Inc. (a) | 34 | 2592 |
| Cricut, Inc., Class A (b) | 71 | 306 |
| DR Horton, Inc. | 326 | 50158 |
| Dream Finders Homes, Inc., Class A (a)(b) | 208 | 3037 |
| Green Brick Partners, Inc. (a) | 47 | 3170 |
| Hovnanian Enterprises, Inc., Class A (a) | 4 | 450 |
| Installed Building Products, Inc. | 37 | 10676 |
| KB Home | 35 | 1855 |
| La-Z-Boy, Inc. | 98 | 3404 |
| Legacy Housing Corp. (a) | 15 | 326 |
| Leggett & Platt, Inc. | 49 | 533 |
| Lennar Corp., Class A | 321 | 28986 |
| LGI Homes, Inc. (a) | 176 | 8619 |
| M/I Homes, Inc. (a) | 13 | 1709 |
| Mohawk Industries, Inc. (a) | 93 | 9817 |
| Newell Brands, Inc. | 404 | 1648 |
| NVR, Inc. (a) | 3 | 18948 |
| PulteGroup, Inc. | 270 | 33037 |
| SharkNinja, Inc. (a) | 88 | 10167 |
| Somnigroup International, Inc. | 313 | 23744 |
| Sonos, Inc. (a) | 242 | 3589 |
| Taylor Morrison Home Corp. (a) | 74 | 4495 |
| Toll Brothers, Inc. | 94 | 13361 |
| TopBuild Corp. (a) | 33 | 14609 |
| Tri Pointe Homes, Inc. (a) | 156 | 7315 |
| Whirlpool Corp. (b) | 71 | 3980 |
|  |  | 268262 |
| Household Products (0.7%)  | Household Products (0.7%)  | Household Products (0.7%)  |
| Central Garden & Pet Co., Class A (a) | 131 | 4396 |
| Church & Dwight Co., Inc. | 303 | 29409 |
| Clorox Co. | 111 | 10705 |
| Colgate-Palmolive Co. | 976 | 83311 |
| Kimberly-Clark Corp. | 411 | 40455 |
| Oil-Dri Corp. of America | 8 | 584 |
| Procter & Gamble Co. | 2867 | 421707 |
| Reynolds Consumer Products, Inc. | 86 | 1803 |
| Spectrum Brands Holdings, Inc. | 5 | 413 |
| WD-40 Co. | 10 | 2100 |
|  |  | 594883 |
| Independent Power & Renewable Electricity Producers (0.2%)  | Independent Power & Renewable Electricity Producers (0.2%)  | Independent Power & Renewable Electricity Producers (0.2%)  |
| AES Corp. | 896 | 12947 |
| Brookfield Renewable Corp. (Canada) | 303 | 10987 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Independent Power & Renewable Electricity Producers (cont'd) | Independent Power & Renewable Electricity Producers (cont'd) | Independent Power & Renewable Electricity Producers (cont'd) |
| Clearway Energy, Inc., Class A | 66 | $2668 |
| Clearway Energy, Inc., Class C | 155 | 6256 |
| Ormat Technologies, Inc. | 94 | 10801 |
| Talen Energy Corp. (a) | 50 | 18621 |
| Vistra Corp. | 424 | 66924 |
| XPLR Infrastructure LP (a) | 533 | 5516 |
|  |  | 134720 |
| Industrial Conglomerates (0.3%)  | Industrial Conglomerates (0.3%)  | Industrial Conglomerates (0.3%)  |
| 3M Co. | 654 | 95824 |
| Honeywell International, Inc. | 788 | 168892 |
|  |  | 264716 |
| Industrial REITs (0.3%)  | Industrial REITs (0.3%)  | Industrial REITs (0.3%)  |
| Americold Realty Trust, Inc. REIT | 336 | 4109 |
| EastGroup Properties, Inc. REIT | 98 | 19718 |
| First Industrial Realty Trust, Inc. REIT | 95 | 5891 |
| Innovative Industrial Properties, Inc. REIT | 33 | 1790 |
| Lineage, Inc. REIT | 193 | 7118 |
| LXP Industrial Trust REIT | 49 | 2495 |
| One Liberty Properties, Inc. REIT | 112 | 2544 |
| Prologis, Inc. REIT | 1098 | 155938 |
| Rexford Industrial Realty, Inc. REIT | 169 | 6065 |
| STAG Industrial, Inc. REIT | 85 | 3279 |
| Terreno Realty Corp. REIT | 81 | 5281 |
|  |  | 214228 |
| Information Technology Services (0.9%)  | Information Technology Services (0.9%)  | Information Technology Services (0.9%)  |
| Accenture PLC, Class A | 735 | 131352 |
| Akamai Technologies, Inc. (a) | 184 | 18948 |
| Amdocs Ltd. | 138 | 8925 |
| Applied Digital Corp. (a) | 260 | 8905 |
| Cloudflare, Inc., Class A (a) | 380 | 77889 |
| Cognizant Technology Solutions Corp., Class A | 565 | 29889 |
| CoreWeave, Inc., Class A (a) | 314 | 35042 |
| DigitalOcean Holdings, Inc. (a) | 117 | 11282 |
| DXC Technology Co. (a) | 129 | 1460 |
| EPAM Systems, Inc. (a) | 51 | 5803 |
| Everforth, Inc. (a) | 41 | 865 |
| Fastly, Inc., Class A (a) | 251 | 6339 |
| Gartner, Inc. (a) | 108 | 16037 |
| Globant SA (a) | 127 | 5236 |
| GoDaddy, Inc., Class A (a) | 112 | 9721 |
| Grid Dynamics Holdings, Inc. (a) | 26 | 148 |
| Hackett Group, Inc. | 180 | 2324 |
| International Business Machines Corp. | 1158 | 267475 |
| Kyndryl Holdings, Inc. (a) | 789 | 10904 |
| MongoDB, Inc. (a) | 117 | 29347 |
| Okta, Inc. (a) | 189 | 13920 |
| Snowflake, Inc., Class A (a) | 388 | 52950 |
| Twilio, Inc., Class A (a) | 156 | 23097 |
| VeriSign, Inc. | 108 | 29015 |
|  |  | 796873 |
| Insurance (1.6%)  | Insurance (1.6%)  | Insurance (1.6%)  |
| Aflac, Inc. | 597 | 67861 |
| Allstate Corp. | 313 | 68002 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| American Financial Group, Inc. | 61 | $8129 |
| American International Group, Inc. | 681 | 50939 |
| AMERISAFE, Inc. | 42 | 1273 |
| Aon PLC, Class A | 246 | 76666 |
| Arch Capital Group Ltd. (a) | 374 | 35328 |
| Arthur J Gallagher & Co. | 314 | 64810 |
| Assurant, Inc. | 66 | 15594 |
| Assured Guaranty Ltd. | 24 | 1966 |
| Axis Capital Holdings Ltd. | 95 | 9539 |
| Baldwin Insurance Group, Inc. (a) | 194 | 4408 |
| Bowhead Specialty Holdings, Inc. (a) | 9 | 214 |
| Brighthouse Financial, Inc. (a) | 179 | 11144 |
| Brown & Brown, Inc. | 365 | 21955 |
| Cincinnati Financial Corp. | 182 | 29775 |
| CNA Financial Corp. | 149 | 7186 |
| CNO Financial Group, Inc. | 189 | 8401 |
| Donegal Group, Inc., Class A | 97 | 1632 |
| Employers Holdings, Inc. | 40 | 1685 |
| Erie Indemnity Co., Class A | 22 | 4816 |
| Everest Group Ltd. | 47 | 16768 |
| F&G Annuities & Life, Inc. | 23 | 659 |
| Fidelity National Financial, Inc. | 376 | 19665 |
| First American Financial Corp. | 72 | 5049 |
| Genworth Financial, Inc. (a) | 226 | 1987 |
| Globe Life, Inc. | 133 | 20522 |
| Goosehead Insurance, Inc., Class A (a) | 14 | 627 |
| Hagerty, Inc., Class A (a) | 288 | 2926 |
| Hamilton Insurance Group Ltd., Class B <br> (Bermuda)<br>| 114 | 3736 |
| Hanover Insurance Group, Inc. | 51 | 9572 |
| Hartford Insurance Group, Inc. | 318 | 43506 |
| HCI Group, Inc. | 10 | 1536 |
| Heritage Insurance Holdings, Inc. (a) | 22 | 645 |
| Horace Mann Educators Corp. | 42 | 1908 |
| Investors Title Co. | 7 | 1657 |
| Kemper Corp. | 32 | 1078 |
| Kinsale Capital Group, Inc. | 21 | 6796 |
| Lemonade, Inc. (a) | 45 | 2549 |
| Lincoln National Corp. | 228 | 8621 |
| Loews Corp. | 158 | 17792 |
| Markel Group, Inc. (a) | 15 | 26587 |
| Marsh & McLennan Cos., Inc. | 621 | 104148 |
| Mercury General Corp. | 27 | 2627 |
| MetLife, Inc. | 726 | 58153 |
| Neptune Insurance Holdings, Inc., Class A (a) | 210 | 5277 |
| Old Republic International Corp. | 245 | 9788 |
| Oscar Health, Inc., Class A (a) | 233 | 4301 |
| Palomar Holdings, Inc. (a) | 60 | 7223 |
| Primerica, Inc. | 30 | 8438 |
| Principal Financial Group, Inc. | 230 | 23209 |
| ProAssurance Corp. (a) | 102 | 2519 |
| Progressive Corp. | 744 | 149752 |
| Prudential Financial, Inc. | 397 | 38950 |
| Reinsurance Group of America, Inc. | 70 | 14802 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Insurance (cont'd) | Insurance (cont'd) | Insurance (cont'd) |
| RenaissanceRe Holdings Ltd. | 53 | $16269 |
| RLI Corp. | 135 | 6989 |
| Root, Inc., Class A (a) | 3 | 163 |
| Ryan Specialty Holdings, Inc. | 69 | 2399 |
| Safety Insurance Group, Inc. | 5 | 376 |
| Selective Insurance Group, Inc. | 30 | 2518 |
| SiriusPoint Ltd. (Sweden) (a) | 115 | 2692 |
| Skyward Specialty Insurance Group, Inc. (a) | 39 | 1773 |
| Slide Insurance Holdings, Inc. (a) | 254 | 4737 |
| Stewart Information Services Corp. | 53 | 3709 |
| Tiptree, Inc. | 16 | 276 |
| Travelers Cos., Inc. | 283 | 86355 |
| Trupanion, Inc. (a) | 43 | 1032 |
| United Fire Group, Inc. | 74 | 2984 |
| Universal Insurance Holdings, Inc. | 16 | 634 |
| Unum Group | 219 | 17603 |
| W.R. Berkley Corp. | 255 | 17042 |
| White Mountains Insurance Group Ltd. | 5 | 11160 |
| Willis Towers Watson PLC | 111 | 28438 |
|  |  | 1321845 |
| Interactive Media & Services (8.1%)  | Interactive Media & Services (8.1%)  | Interactive Media & Services (8.1%)  |
| Alphabet, Inc., Class A | 7157 | 2754014 |
| Alphabet, Inc., Class C | 6176 | 2358861 |
| Angi, Inc. (a) | 28 | 206 |
| Cargurus, Inc. (a) | 64 | 2333 |
| Cars.com, Inc. (a) | 31 | 341 |
| EverQuote, Inc., Class A (a) | 17 | 245 |
| fuboTV, Inc., Class A (a)(b) | 10 | 123 |
| Grindr, Inc. (Singapore) (a) | 20 | 267 |
| IAC, Inc. (a) | 184 | 8199 |
| Match Group, Inc. | 322 | 12049 |
| Meta Platforms, Inc., Class A | 2664 | 1630128 |
| Pinterest, Inc., Class A (a) | 550 | 10813 |
| QuinStreet, Inc. (a) | 23 | 293 |
| Reddit, Inc., Class A (a) | 140 | 20612 |
| Rumble, Inc. (a)(b) | 522 | 3931 |
| Shutterstock, Inc. | 23 | 372 |
| Snap, Inc., Class A (a) | 1977 | 12000 |
| TripAdvisor, Inc. (a) | 113 | 1258 |
| Trump Media & Technology Group Corp. (a) | 106 | 970 |
| Webtoon Entertainment, Inc. (Korea, Republic of) <br> (a)(b)<br>| 45 | 551 |
| Yelp, Inc. (a) | 11 | 304 |
| Ziff Davis, Inc. (a) | 50 | 2288 |
| ZoomInfo Technologies, Inc. (a) | 206 | 1288 |
|  |  | 6821446 |
| Leisure Products (0.1%)  | Leisure Products (0.1%)  | Leisure Products (0.1%)  |
| Acushnet Holdings Corp. | 40 | 3873 |
| Brunswick Corp. | 85 | 6753 |
| Callaway Golf Co. (a) | 209 | 3198 |
| Hasbro, Inc. | 134 | 12842 |
| Malibu Boats, Inc., Class A (a) | 14 | 358 |
| Mattel, Inc. (a) | 546 | 8234 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Peloton Interactive, Inc., Class A (a) | 368 | $2006 |
| Polaris, Inc. | 133 | 8814 |
| Sturm Ruger & Co., Inc. | 10 | 434 |
| YETI Holdings, Inc. (a) | 55 | 2170 |
|  |  | 48682 |
| Life Sciences Tools & Services (0.8%)  | Life Sciences Tools & Services (0.8%)  | Life Sciences Tools & Services (0.8%)  |
| 10X Genomics, Inc., Class A (a) | 273 | 6020 |
| Adaptive Biotechnologies Corp. (a) | 156 | 2200 |
| Agilent Technologies, Inc. | 399 | 46104 |
| Avantor, Inc. (a) | 691 | 5597 |
| Azenta, Inc. (a) | 13 | 319 |
| BioLife Solutions, Inc. (a) | 16 | 337 |
| Bio-Rad Laboratories, Inc., Class A (a) | 18 | 5042 |
| Bio-Techne Corp. | 206 | 11396 |
| Bruker Corp. | 77 | 2827 |
| Charles River Laboratories International, Inc. (a) | 48 | 8014 |
| Danaher Corp. | 757 | 135465 |
| ICON PLC ADR (a) | 117 | 13845 |
| Illumina, Inc. (a) | 203 | 25728 |
| IQVIA Holdings, Inc. (a) | 202 | 31991 |
| Medpace Holdings, Inc. (a) | 27 | 11304 |
| Mesa Laboratories, Inc. | 3 | 300 |
| Mettler-Toledo International, Inc. (a) | 24 | 30639 |
| Repligen Corp. (a) | 71 | 8400 |
| Revvity, Inc. | 174 | 15072 |
| Sotera Health Co. (a) | 126 | 1961 |
| Tempus AI, Inc. (a)(b) | 82 | 4549 |
| Thermo Fisher Scientific, Inc. | 467 | 223674 |
| Waters Corp. (a) | 126 | 38963 |
| West Pharmaceutical Services, Inc. | 85 | 25295 |
|  |  | 655042 |
| Machinery (2.1%)  | Machinery (2.1%)  | Machinery (2.1%)  |
| AGCO Corp. | 114 | 13796 |
| Alamo Group, Inc. | 2 | 347 |
| Albany International Corp., Class A | 32 | 1857 |
| Alliance Laundry Holdings, Inc. (a)(b) | 348 | 8829 |
| Allison Transmission Holdings, Inc. | 106 | 14241 |
| Astec Industries, Inc. | 10 | 650 |
| Atmus Filtration Technologies, Inc. | 123 | 7798 |
| Blue Bird Corp. (a) | 10 | 641 |
| Caterpillar, Inc. | 581 | 517154 |
| CECO Environmental Corp. (a) | 18 | 1335 |
| Chart Industries, Inc. (a) | 56 | 11642 |
| CNH Industrial NV | 1100 | 11781 |
| Crane Co. | 94 | 16707 |
| Cummins, Inc. | 158 | 106020 |
| Deere & Co. | 305 | 179910 |
| Donaldson Co., Inc. | 120 | 10580 |
| Douglas Dynamics, Inc. | 85 | 3921 |
| Dover Corp. | 178 | 40301 |
| Energy Recovery, Inc. (a) | 24 | 266 |
| Enerpac Tool Group Corp. | 188 | 6599 |
| Enpro, Inc. | 28 | 8163 |
| Esab Corp. | 59 | 5798 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Machinery (cont'd) | Machinery (cont'd) | Machinery (cont'd) |
| ESCO Technologies, Inc. | 21 | $6803 |
| Federal Signal Corp. | 48 | 5910 |
| Flowserve Corp. | 163 | 12003 |
| Fortive Corp. | 430 | 25710 |
| Franklin Electric Co., Inc. | 56 | 5611 |
| Gates Industrial Corp. PLC (a) | 580 | 14854 |
| Gorman-Rupp Co. | 11 | 833 |
| Graco, Inc. | 195 | 15653 |
| Greenbrier Cos., Inc. | 9 | 442 |
| Helios Technologies, Inc. | 84 | 5746 |
| Hillman Solutions Corp. (a) | 245 | 1999 |
| Hyster-Yale, Inc. | 9 | 355 |
| IDEX Corp. | 103 | 22439 |
| Illinois Tool Works, Inc. | 347 | 89529 |
| Ingersoll Rand, Inc. | 503 | 40170 |
| ITT, Inc. | 94 | 20148 |
| JBT Marel Corp. | 50 | 5905 |
| Kadant, Inc. | 7 | 2052 |
| Kennametal, Inc. | 93 | 3600 |
| Lincoln Electric Holdings, Inc. | 61 | 16165 |
| Lindsay Corp. | 14 | 1568 |
| Middleby Corp. (a) | 67 | 9404 |
| Mueller Industries, Inc. | 107 | 14491 |
| Mueller Water Products, Inc., Class A | 125 | 3486 |
| Nordson Corp. | 49 | 14134 |
| Omega Flex, Inc. | 247 | 7785 |
| Oshkosh Corp. | 57 | 8909 |
| Otis Worldwide Corp. | 530 | 41276 |
| PACCAR, Inc. | 585 | 69498 |
| Parker-Hannifin Corp. | 151 | 137322 |
| Pentair PLC | 204 | 16465 |
| Proto Labs, Inc. (a) | 11 | 713 |
| RBC Bearings, Inc. (a) | 40 | 23964 |
| Snap-on, Inc. | 58 | 22237 |
| SPX Technologies, Inc. (a) | 59 | 12916 |
| Standex International Corp. | 12 | 3276 |
| Stanley Black & Decker, Inc. | 219 | 17117 |
| Symbotic, Inc. (a)(b) | 55 | 3250 |
| Tennant Co. | 5 | 415 |
| Terex Corp. | 150 | 9330 |
| Timken Co. | 39 | 4325 |
| Toro Co. | 151 | 14371 |
| Trinity Industries, Inc. | 66 | 2152 |
| Wabash National Corp. | 162 | 1408 |
| Watts Water Technologies, Inc., Class A | 33 | 9905 |
| Westinghouse Air Brake Technologies Corp. | 204 | 55058 |
| Worthington Enterprises, Inc. | 30 | 1628 |
| Xylem, Inc. | 308 | 36393 |
|  |  | 1807059 |
| Marine Transportation (0.0%) ‡ | Marine Transportation (0.0%) ‡ | Marine Transportation (0.0%) ‡ |
| Costamare, Inc. (Monaco) | 40 | 665 |
| Genco Shipping & Trading Ltd. | 30 | 727 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Global Ship Lease, Inc., Class A (United <br> Kingdom)<br>| 116 | $4686 |
| Kirby Corp. (a) | 58 | 8731 |
| Matson, Inc. | 36 | 6280 |
| Star Bulk Carriers Corp. (Greece) | 104 | 2614 |
|  |  | 23703 |
| Media (0.2%)  | Media (0.2%)  | Media (0.2%)  |
| Cable One, Inc. (a) | 2 | 183 |
| Charter Communications, Inc., Class A (a) | 110 | 18169 |
| DoubleVerify Holdings, Inc. (a) | 169 | 1862 |
| EchoStar Corp., Class A (a) | 165 | 20318 |
| Fox Corp., Class A | 214 | 13587 |
| Fox Corp., Class B | 144 | 8211 |
| Ibotta, Inc., Class A (a)(b) | 8 | 282 |
| John Wiley & Sons, Inc., Class A | 45 | 1842 |
| Liberty Broadband Corp., Class A (a) | 5 | 192 |
| Liberty Broadband Corp., Class C (a) | 158 | 6081 |
| Magnite, Inc. (a) | 92 | 1179 |
| New York Times Co., Class A | 218 | 17229 |
| News Corp., Class A | 484 | 12739 |
| News Corp., Class B | 276 | 8413 |
| Nexstar Media Group, Inc. | 54 | 11240 |
| Omnicom Group, Inc. | 449 | 34447 |
| Optimum Communications, Inc., Class A (a) | 156 | 246 |
| Paramount Skydance Corp., Class B | 1279 | 13097 |
| Sinclair, Inc. | 26 | 404 |
| Sirius XM Holdings, Inc. | 328 | 8836 |
| Stagwell, Inc. (a) | 67 | 420 |
| Trade Desk, Inc., Class A (a) | 456 | 10757 |
| Versant Media Group, Inc. | 125 | 5024 |
|  |  | 194758 |
| Metals & Mining (0.7%)  | Metals & Mining (0.7%)  | Metals & Mining (0.7%)  |
| Alcoa Corp. | 291 | 18563 |
| Alpha Metallurgical Resources, Inc. (a) | 21 | 3916 |
| AURA MINERALS, Inc. | 110 | 9325 |
| Century Aluminum Co. (a) | 89 | 5290 |
| Cleveland-Cliffs, Inc. (a) | 909 | 9272 |
| Coeur Mining, Inc. (a) | 620 | 11141 |
| Commercial Metals Co. | 122 | 8413 |
| Freeport-McMoRan, Inc. | 1721 | 99439 |
| Hecla Mining Co. | 910 | 16398 |
| Ivanhoe Electric, Inc. (a) | 382 | 4901 |
| Kaiser Aluminum Corp. | 54 | 9203 |
| Materion Corp. | 18 | 3309 |
| McEwen, Inc. (Canada) (a) | 288 | 6244 |
| Metallus, Inc. (a) | 123 | 2367 |
| MP Materials Corp. (a) | 152 | 10038 |
| Newmont Corp. | 1333 | 148083 |
| Nucor Corp. | 291 | 65559 |
| Perpetua Resources Corp. (a) | 32 | 884 |
| Reliance, Inc. | 85 | 30813 |
| Royal Gold, Inc. | 98 | 22871 |
| Ryerson Holding Corp. | 16 | 443 |
| Southern Copper Corp. (Peru) | 142 | 24356 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Metals & Mining (cont'd) | Metals & Mining (cont'd) | Metals & Mining (cont'd) |
| Steel Dynamics, Inc. | 173 | $39558 |
| USA Rare Earth, Inc. (a)(b) | 367 | 9531 |
| Warrior Met Coal, Inc. | 48 | 4313 |
| Worthington Steel, Inc. | 15 | 576 |
|  |  | 564806 |
| Mortgage Real Estate Investment (0.1%)  | Mortgage Real Estate Investment (0.1%)  | Mortgage Real Estate Investment (0.1%)  |
| Adamas Trust, Inc. REIT | 800 | 7184 |
| AGNC Investment Corp. REIT | 1276 | 14062 |
| Annaly Capital Management, Inc. REIT | 847 | 19396 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 41 | 449 |
| Arbor Realty Trust, Inc. REIT (b) | 801 | 6328 |
| ARMOUR Residential REIT, Inc. REIT | 126 | 2210 |
| Blackstone Mortgage Trust, Inc., Class A REIT | 350 | 6647 |
| BrightSpire Capital, Inc. REIT | 77 | 447 |
| Chimera Investment Corp. REIT | 33 | 454 |
| Dynex Capital, Inc. REIT | 525 | 7150 |
| Ellington Financial, Inc. REIT | 329 | 4359 |
| Franklin BSP Realty Trust, Inc. REIT | 33 | 300 |
| Invesco Mortgage Capital, Inc. REIT | 1031 | 8382 |
| KKR Real Estate Finance Trust, Inc. REIT | 707 | 4334 |
| Ladder Capital Corp. REIT | 220 | 2262 |
| MFA Financial, Inc. REIT | 42 | 431 |
| Orchid Island Capital, Inc. REIT (b) | 838 | 5891 |
| PennyMac Mortgage Investment Trust REIT | 158 | 1924 |
| Ready Capital Corp. REIT | 1633 | 3086 |
| Redwood Trust, Inc. REIT | 68 | 378 |
| Rithm Capital Corp. REIT | 394 | 3853 |
| Starwood Property Trust, Inc. REIT | 267 | 4902 |
| TPG RE Finance Trust, Inc. REIT | 50 | 423 |
| Two Harbors Investment Corp. REIT | 549 | 6352 |
|  |  | 111204 |
| Multi-Utilities (0.5%)  | Multi-Utilities (0.5%)  | Multi-Utilities (0.5%)  |
| Ameren Corp. | 276 | 31367 |
| Avista Corp. | 56 | 2302 |
| Black Hills Corp. | 37 | 2786 |
| CenterPoint Energy, Inc. | 633 | 27630 |
| CMS Energy Corp. | 266 | 20413 |
| Consolidated Edison, Inc. | 479 | 53404 |
| Dominion Energy, Inc. | 914 | 58953 |
| DTE Energy Co. | 224 | 33979 |
| NiSource, Inc. | 498 | 24043 |
| Northwestern Energy Group, Inc. | 7 | 506 |
| Public Service Enterprise Group, Inc. | 681 | 55610 |
| Sempra | 782 | 74384 |
| Unitil Corp. | 7 | 367 |
| WEC Energy Group, Inc. | 373 | 43992 |
|  |  | 429736 |
| Office REITs (0.0%) ‡ | Office REITs (0.0%) ‡ | Office REITs (0.0%) ‡ |
| Brandywine Realty Trust REIT | 427 | 1294 |
| BXP, Inc. REIT | 125 | 7307 |
| COPT Defense Properties REIT | 67 | 2094 |
| Cousins Properties, Inc. REIT | 93 | 2382 |
| Douglas Emmett, Inc. REIT | 180 | 1946 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Easterly Government Properties, Inc. REIT | 16 | $374 |
| Empire State Realty Trust, Inc., Class A REIT | 50 | 278 |
| Highwoods Properties, Inc. REIT | 61 | 1483 |
| Kilroy Realty Corp. REIT | 143 | 4756 |
| Piedmont Realty Trust, Inc., Class A REIT (a) | 659 | 5509 |
| Postal Realty Trust, Inc., Class A REIT | 127 | 2779 |
| SL Green Realty Corp. REIT | 53 | 2248 |
| Vornado Realty Trust REIT | 285 | 8519 |
|  |  | 40969 |
| Oil, Gas & Consumable Fuels (3.3%)  | Oil, Gas & Consumable Fuels (3.3%)  | Oil, Gas & Consumable Fuels (3.3%)  |
| Antero Midstream Corp. | 390 | 8525 |
| Antero Resources Corp. (a) | 329 | 12917 |
| APA Corp. | 474 | 19306 |
| BKV Corp. (Thailand) (a) | 22 | 694 |
| California Resources Corp. | 100 | 6826 |
| Centrus Energy Corp., Class A (a) | 12 | 2532 |
| Cheniere Energy, Inc. | 261 | 71762 |
| Chevron Corp. | 2299 | 444420 |
| Chord Energy Corp. | 29 | 4222 |
| CNX Resources Corp. (a) | 285 | 11089 |
| Comstock Resources, Inc. (a) | 100 | 1742 |
| ConocoPhillips | 1518 | 190934 |
| Core Natural Resources, Inc. | 54 | 4846 |
| Coterra Energy, Inc. | 815 | 29267 |
| Crescent Energy Co., Class A | 456 | 6133 |
| CVR Energy, Inc. (a) | 21 | 696 |
| Delek U.S. Holdings, Inc. | 29 | 1351 |
| Devon Energy Corp. | 637 | 32723 |
| DHT Holdings, Inc. | 152 | 2809 |
| Diamondback Energy, Inc. | 225 | 46267 |
| Dorian LPG Ltd. | 20 | 771 |
| DT Midstream, Inc. | 115 | 17019 |
| Energy Fuels, Inc. (Canada) (a)(b) | 213 | 4609 |
| EOG Resources, Inc. | 674 | 94744 |
| EQT Corp. | 764 | 45901 |
| Excelerate Energy, Inc., Class A | 13 | 454 |
| Expand Energy Corp. | 246 | 25129 |
| Exxon Mobil Corp. | 5143 | 793719 |
| FLEX LNG Ltd. (Norway) (a)(b) | 76 | 2465 |
| Frontline PLC (Norway) | 250 | 9122 |
| Granite Ridge Resources, Inc. | 72 | 434 |
| Gulfport Energy Corp. (a) | 10 | 1925 |
| HF Sinclair Corp. | 172 | 11560 |
| HighPeak Energy, Inc. | 40 | 271 |
| International Seaways, Inc. | 53 | 4396 |
| Kinder Morgan, Inc. | 2508 | 82438 |
| Kosmos Energy Ltd. (Ghana) (a) | 216 | 665 |
| Magnolia Oil & Gas Corp., Class A | 126 | 3810 |
| Marathon Petroleum Corp. | 376 | 93357 |
| Matador Resources Co. | 102 | 6471 |
| Murphy Oil Corp. | 78 | 3257 |
| Navigator Holdings Ltd. | 30 | 654 |
| New Fortress Energy, Inc. (a)(b) | 59 | 41 |
| NextDecade Corp. (a) | 50 | 392 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Oil, Gas & Consumable Fuels (cont'd) | Oil, Gas & Consumable Fuels (cont'd) | Oil, Gas & Consumable Fuels (cont'd) |
| Northern Oil & Gas, Inc. | 236 | $6410 |
| Occidental Petroleum Corp. | 916 | 55491 |
| ONEOK, Inc. | 748 | 69160 |
| Ovintiv, Inc. | 332 | 20435 |
| Par Pacific Holdings, Inc. (a) | 113 | 7421 |
| PBF Energy, Inc., Class A | 89 | 3859 |
| Peabody Energy Corp. | 112 | 2986 |
| Permian Resources Corp. | 759 | 16410 |
| Phillips 66 | 503 | 90112 |
| Range Resources Corp. | 313 | 13615 |
| REX American Resources Corp. (a) | 136 | 6596 |
| SandRidge Energy, Inc. | 412 | 6407 |
| Scorpio Tankers, Inc. (Monaco) | 43 | 3497 |
| SFL Corp. Ltd. (Norway) | 47 | 542 |
| SM Energy Co. | 162 | 5027 |
| Sunococorp LLC | 143 | 9535 |
| Talos Energy, Inc. (a) | 274 | 4362 |
| Targa Resources Corp. | 287 | 74643 |
| Teekay Corp. Ltd. (Bermuda) | 229 | 3059 |
| Teekay Tankers Ltd., Class A (Canada) | 9 | 707 |
| Texas Pacific Land Corp. | 68 | 30170 |
| Uranium Energy Corp. (a) | 877 | 13059 |
| Valero Energy Corp. | 380 | 95980 |
| Venture Global, Inc., Class A | 576 | 7644 |
| Viper Energy, Inc., Class A | 235 | 11604 |
| Vitesse Energy, Inc. (b) | 77 | 1445 |
| Williams Cos., Inc. | 1498 | 114312 |
| World Kinect Corp. | 71 | 1915 |
|  |  | 2779068 |
| Paper & Forest Products (0.0%) ‡ | Paper & Forest Products (0.0%) ‡ | Paper & Forest Products (0.0%) ‡ |
| Louisiana-Pacific Corp. | 100 | 7219 |
| Sylvamo Corp. | 168 | 7179 |
|  |  | 14398 |
| Passenger Airlines (0.2%)  | Passenger Airlines (0.2%)  | Passenger Airlines (0.2%)  |
| Alaska Air Group, Inc. (a) | 123 | 4811 |
| Allegiant Travel Co. (a) | 7 | 529 |
| American Airlines Group, Inc. (a) | 1462 | 17120 |
| Copa Holdings SA, Class A (Panama) | 34 | 3933 |
| Delta Air Lines, Inc. | 842 | 57248 |
| Frontier Group Holdings, Inc. (a)(b) | 97 | 352 |
| JetBlue Airways Corp. (a) | 427 | 1988 |
| Joby Aviation, Inc. (a)(b) | 892 | 8197 |
| SkyWest, Inc. (a) | 28 | 2299 |
| Southwest Airlines Co. | 656 | 24876 |
| Sun Country Airlines Holdings, Inc. (a) | 33 | 521 |
| United Airlines Holdings, Inc. (a) | 379 | 34110 |
|  |  | 155984 |
| Personal Care Products (0.1%)  | Personal Care Products (0.1%)  | Personal Care Products (0.1%)  |
| BellRing Brands, Inc. (a) | 450 | 8010 |
| Coty, Inc., Class A (a) | 359 | 883 |
| Edgewell Personal Care Co. | 78 | 1759 |
| elf Beauty, Inc. (a) | 91 | 5821 |
| Estee Lauder Cos., Inc., Class A | 338 | 25928 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Herbalife Ltd. (a) | 51 | $847 |
| Interparfums, Inc. | 30 | 2737 |
| Kenvue, Inc. | 2217 | 38864 |
| Olaplex Holdings, Inc. (a) | 280 | 568 |
|  |  | 85417 |
| Pharmaceuticals (3.0%)  | Pharmaceuticals (3.0%)  | Pharmaceuticals (3.0%)  |
| Amneal Pharmaceuticals, Inc. (a) | 235 | 3025 |
| Amphastar Pharmaceuticals, Inc. (a) | 15 | 329 |
| ANI Pharmaceuticals, Inc. (a) | 32 | 2542 |
| Atea Pharmaceuticals, Inc. (a) | 557 | 3069 |
| Axsome Therapeutics, Inc. (a) | 63 | 13088 |
| Bristol-Myers Squibb Co. | 2548 | 154383 |
| Collegium Pharmaceutical, Inc. (a) | 88 | 2968 |
| Corcept Therapeutics, Inc. (a) | 79 | 3675 |
| Crinetics Pharmaceuticals, Inc. (a) | 111 | 4305 |
| Definium Therapeutics, Inc. (a) | 395 | 8643 |
| Edgewise Therapeutics, Inc. (a) | 30 | 929 |
| Elanco Animal Health, Inc. (a) | 638 | 14272 |
| Eli Lilly & Co. | 1044 | 975722 |
| Enliven Therapeutics, Inc. (a) | 23 | 948 |
| Evolus, Inc. (a) | 37 | 199 |
| Harmony Biosciences Holdings, Inc. (a) | 12 | 375 |
| Harrow, Inc. (a) | 15 | 608 |
| Indivior Pharmaceuticals, Inc. (a) | 160 | 5885 |
| Innoviva, Inc. (a) | 99 | 2276 |
| Jazz Pharmaceuticals PLC (a) | 88 | 17866 |
| Johnson & Johnson | 2957 | 679667 |
| Ligand Pharmaceuticals, Inc. (a) | 15 | 3442 |
| Liquidia Corp. (a) | 28 | 1098 |
| Merck & Co., Inc. | 3049 | 332890 |
| Nuvation Bio, Inc. (a) | 197 | 877 |
| Ocular Therapeutix, Inc. (a) | 176 | 1649 |
| Organon & Co. | 174 | 2306 |
| Pacira BioSciences, Inc. (a) | 15 | 382 |
| Perrigo Co. PLC | 228 | 2700 |
| Pfizer, Inc. | 7001 | 186927 |
| Phibro Animal Health Corp., Class A | 19 | 1010 |
| Prestige Consumer Healthcare, Inc. (a) | 56 | 3154 |
| Rapport Therapeutics, Inc. (a) | 245 | 8117 |
| Royalty Pharma PLC, Class A | 449 | 22490 |
| Supernus Pharmaceuticals, Inc. (a) | 111 | 5328 |
| Tarsus Pharmaceuticals, Inc. (a) | 34 | 2163 |
| Terns Pharmaceuticals, Inc. (a) | 137 | 7251 |
| Theravance Biopharma, Inc. (a) | 307 | 5139 |
| Viatris, Inc. | 1296 | 19362 |
| Xeris Biopharma Holdings, Inc. (a) | 87 | 533 |
| Zoetis, Inc. | 568 | 65303 |
|  |  | 2566895 |
| Professional Services (0.5%)  | Professional Services (0.5%)  | Professional Services (0.5%)  |
| Alight, Inc., Class A | 69 | 57 |
| Amentum Holdings, Inc. (a) | 207 | 5430 |
| Automatic Data Processing, Inc. | 486 | 103003 |
| Barrett Business Services, Inc. | 9 | 284 |
| Booz Allen Hamilton Holding Corp. | 148 | 11510 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Professional Services (cont'd) | Professional Services (cont'd) | Professional Services (cont'd) |
| Broadridge Financial Solutions, Inc. | 180 | $27716 |
| CACI International, Inc., Class A (a) | 31 | 16106 |
| CBIZ, Inc. (a) | 192 | 5856 |
| Clarivate PLC (a) | 501 | 1438 |
| Concentrix Corp. | 37 | 881 |
| CRA International, Inc. | 2 | 315 |
| CSG Systems International, Inc. | 29 | 2332 |
| Equifax, Inc. | 162 | 28178 |
| ExlService Holdings, Inc. (a) | 247 | 7874 |
| Exponent, Inc. | 31 | 2074 |
| First Advantage Corp. (a) | 25 | 319 |
| FTI Consulting, Inc. (a) | 28 | 5020 |
| Huron Consulting Group, Inc. (a) | 14 | 1829 |
| IBEX Holdings Ltd. (Bermuda) (a) | 102 | 2831 |
| ICF International, Inc. | 23 | 1648 |
| Innodata, Inc. (a) | 30 | 1267 |
| Jacobs Solutions, Inc. | 158 | 20447 |
| KBR, Inc. | 120 | 4499 |
| Kforce, Inc. | 7 | 316 |
| Korn Ferry | 26 | 1727 |
| Legalzoom.com, Inc. (a) | 46 | 297 |
| Leidos Holdings, Inc. | 159 | 23726 |
| ManpowerGroup, Inc. | 46 | 1392 |
| Maximus, Inc. | 94 | 6168 |
| Parsons Corp. (a) | 26 | 1311 |
| Paychex, Inc. | 373 | 34551 |
| Paycom Software, Inc. | 54 | 6845 |
| Paylocity Holding Corp. (a) | 55 | 5802 |
| Planet Labs PBC (a) | 330 | 12200 |
| Resources Connection, Inc. (b) | 1398 | 5928 |
| Robert Half, Inc. | 261 | 6945 |
| Science Applications International Corp. | 44 | 4258 |
| SS&C Technologies Holdings, Inc. | 283 | 19612 |
| TaskUS, Inc., Class A (Philippines) (b) | 29 | 188 |
| TIC Solutions, Inc. (a)(b) | 24 | 219 |
| TransUnion | 253 | 17963 |
| TriNet Group, Inc. | 27 | 1236 |
| UL Solutions, Inc., Class A | 47 | 4253 |
| Upwork, Inc. (a) | 141 | 1459 |
| Verisk Analytics, Inc. | 169 | 31179 |
| Verra Mobility Corp. (a) | 78 | 1157 |
| Willdan Group, Inc. (a) | 70 | 5320 |
|  |  | 444966 |
| Real Estate Management & Development (0.2%)  | Real Estate Management & Development (0.2%)  | Real Estate Management & Development (0.2%)  |
| CBRE Group, Inc., Class A (a) | 366 | 52239 |
| Compass, Inc., Class A (a) | 604 | 4572 |
| CoStar Group, Inc. (a) | 435 | 15056 |
| Cushman & Wakefield Ltd. (a) | 731 | 10263 |
| eXp World Holdings, Inc. | 873 | 5430 |
| Forestar Group, Inc. (a) | 18 | 509 |
| Howard Hughes Holdings, Inc. (a) | 71 | 4421 |
| Jones Lang LaSalle, Inc. (a) | 64 | 20360 |
| Kennedy-Wilson Holdings, Inc. | 305 | 3325 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Landbridge Co. LLC, Class A (b) | 5 | $344 |
| Marcus & Millichap, Inc. | 200 | 5558 |
| Newmark Group, Inc., Class A | 111 | 1789 |
| Opendoor Technologies, Inc. (a)(b) | 1506 | 8102 |
| RMR Group, Inc., Class A | 118 | 2102 |
| St. Joe Co. | 58 | 3745 |
| Zillow Group, Inc., Class A (a) | 80 | 3569 |
| Zillow Group, Inc., Class C (a) | 233 | 10345 |
|  |  | 151729 |
| Residential REITs (0.2%)  | Residential REITs (0.2%)  | Residential REITs (0.2%)  |
| American Homes 4 Rent, Class A REIT | 478 | 15220 |
| AvalonBay Communities, Inc. REIT | 158 | 28914 |
| BRT Apartments Corp. REIT | 255 | 3664 |
| Camden Property Trust REIT | 131 | 13758 |
| Centerspace REIT | 6 | 410 |
| Equity LifeStyle Properties, Inc. REIT | 285 | 18038 |
| Equity Residential REIT | 365 | 23864 |
| Essex Property Trust, Inc. REIT | 70 | 18425 |
| Independence Realty Trust, Inc. REIT | 127 | 2071 |
| Invitation Homes, Inc. REIT | 676 | 19448 |
| Mid-America Apartment Communities, Inc. REIT | 113 | 14597 |
| NexPoint Residential Trust, Inc. REIT | 10 | 289 |
| Sun Communities, Inc. REIT | 131 | 16747 |
| UDR, Inc. REIT | 368 | 13373 |
| UMH Properties, Inc. REIT | 464 | 7215 |
| Veris Residential, Inc. REIT | 159 | 3016 |
|  |  | 199049 |
| Retail REITs (0.3%)  | Retail REITs (0.3%)  | Retail REITs (0.3%)  |
| Acadia Realty Trust REIT | 102 | 2205 |
| Agree Realty Corp. REIT | 132 | 10179 |
| Alexander's, Inc. REIT | 8 | 2016 |
| Brixmor Property Group, Inc. REIT | 446 | 13420 |
| CBL & Associates Properties, Inc. REIT | 147 | 6618 |
| Curbline Properties Corp. REIT | 207 | 5713 |
| Federal Realty Investment Trust REIT | 59 | 6543 |
| FrontView, Inc. REIT | 135 | 2389 |
| Getty Realty Corp. REIT | 106 | 3511 |
| InvenTrust Properties Corp. REIT | 13 | 418 |
| Kimco Realty Corp. REIT | 619 | 14633 |
| Kite Realty Group Trust REIT | 524 | 13708 |
| Macerich Co. REIT | 158 | 3433 |
| NETSTREIT Corp. REIT (b) | 106 | 2180 |
| NNN REIT, Inc. REIT | 114 | 4992 |
| Phillips Edison & Co., Inc. REIT | 127 | 5101 |
| Realty Income Corp. REIT | 1183 | 75996 |
| Regency Centers Corp. REIT | 162 | 12612 |
| Saul Centers, Inc. REIT | 11 | 379 |
| Simon Property Group, Inc. REIT | 381 | 77613 |
| SITE Centers Corp. REIT | 493 | 2707 |
| Tanger, Inc. REIT | 59 | 2188 |
| Urban Edge Properties REIT | 454 | 9952 |
| Whitestone REIT | 28 | 530 |
|  |  | 279036 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Semiconductors & Semiconductor Equipment (15.1%)  | Semiconductors & Semiconductor Equipment (15.1%)  | Semiconductors & Semiconductor Equipment (15.1%)  |
| ACM Research, Inc., Class A (a) | 19 | $982 |
| Advanced Micro Devices, Inc. (a) | 1978 | 701181 |
| Allegro MicroSystems, Inc. (Japan) (a) | 212 | 10282 |
| Alpha & Omega Semiconductor Ltd. (a) | 18 | 782 |
| Ambarella, Inc. (a) | 48 | 3302 |
| Amkor Technology, Inc. | 197 | 13741 |
| Analog Devices, Inc. | 601 | 241758 |
| Applied Materials, Inc. | 979 | 386206 |
| Astera Labs, Inc. (a) | 167 | 32522 |
| Axcelis Technologies, Inc. (a) | 27 | 3756 |
| AXT, Inc. (a) | 110 | 8714 |
| Broadcom, Inc. | 5706 | 2381856 |
| CEVA, Inc. (a) | 16 | 489 |
| Cirrus Logic, Inc. (a) | 98 | 15982 |
| Cohu, Inc. (a) | 24 | 1136 |
| Diodes, Inc. (a) | 37 | 3965 |
| Enphase Energy, Inc. (a) | 137 | 4515 |
| Entegris, Inc. | 174 | 24600 |
| First Solar, Inc. (a) | 115 | 23217 |
| FormFactor, Inc. (a) | 85 | 11554 |
| Global Foundries, Inc. (a) | 202 | 13049 |
| Ichor Holdings Ltd. (a) | 112 | 7389 |
| Impinj, Inc. (a) | 13 | 1884 |
| Intel Corp. (a) | 5451 | 515010 |
| KLA Corp. | 161 | 281806 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 72 | 6156 |
| Lam Research Corp. | 1532 | 395041 |
| Lattice Semiconductor Corp. (a) | 170 | 20788 |
| MACOM Technology Solutions Holdings, Inc. (a) | 77 | 21684 |
| Marvell Technology, Inc. | 1028 | 169774 |
| MaxLinear, Inc. (a) | 117 | 8278 |
| Microchip Technology, Inc. | 710 | 65966 |
| Micron Technology, Inc. | 1378 | 712646 |
| MKS, Inc. | 56 | 15890 |
| Monolithic Power Systems, Inc. | 56 | 90407 |
| NVIDIA Corp. | 28619 | 5711494 |
| ON Semiconductor Corp. (a) | 442 | 44558 |
| Onto Innovation, Inc. (a) | 56 | 16523 |
| PDF Solutions, Inc. (a) | 20 | 857 |
| Penguin Solutions, Inc. (a) | 22 | 669 |
| Photronics, Inc. (a) | 19 | 940 |
| Power Integrations, Inc. | 41 | 2981 |
| Qnity Electronics, Inc. | 282 | 39666 |
| Qorvo, Inc. (a) | 108 | 10176 |
| QUALCOMM, Inc. | 1262 | 226630 |
| Rambus, Inc. (a) | 145 | 16691 |
| Rigetti Computing, Inc. (a) | 508 | 8865 |
| Semtech Corp. (a) | 81 | 8509 |
| Silicon Laboratories, Inc. (a) | 47 | 10232 |
| SiTime Corp. (a) | 29 | 16302 |
| Skyworks Solutions, Inc. | 145 | 10175 |
| SolarEdge Technologies, Inc. (a) | 30 | 1286 |
| Synaptics, Inc. (a) | 29 | 2714 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Teradyne, Inc. | 199 | $68351 |
| Texas Instruments, Inc. | 1121 | 315091 |
| Ultra Clean Holdings, Inc. (a) | 136 | 10628 |
| Universal Display Corp. | 29 | 2526 |
| Veeco Instruments, Inc. (a) | 19 | 947 |
|  |  | 12723119 |
| Software (7.6%)  | Software (7.6%)  | Software (7.6%)  |
| A10 Networks, Inc. | 22 | 587 |
| ACI Worldwide, Inc. (a) | 75 | 3242 |
| Adeia, Inc. | 120 | 3822 |
| Adobe, Inc. (a) | 508 | 125019 |
| Agilysys, Inc. (a) | 19 | 1217 |
| Alarm.com Holdings, Inc. (a) | 7 | 311 |
| Alkami Technology, Inc. (a)(b) | 73 | 1152 |
| Amplitude, Inc., Class A (a) | 321 | 2282 |
| Appfolio, Inc., Class A (a) | 21 | 3509 |
| Appian Corp., Class A (a) | 13 | 270 |
| AppLovin Corp., Class A (a) | 317 | 141493 |
| Asana, Inc., Class A (a) | 471 | 2977 |
| Atlassian Corp., Class A (a) | 228 | 15639 |
| Aurora Innovation, Inc. (a) | 1842 | 10831 |
| Autodesk, Inc. (a) | 262 | 62094 |
| AvePoint, Inc. (a) | 136 | 1326 |
| Bentley Systems, Inc., Class B | 147 | 4795 |
| Bill Holdings, Inc. (a) | 179 | 6802 |
| BitMine Immersion Technologies, Inc. | 619 | 13247 |
| Blackbaud, Inc. (a) | 30 | 1115 |
| BlackLine, Inc. (a) | 33 | 1031 |
| Blend Labs, Inc., Class A (a) | 111 | 162 |
| Box, Inc., Class A (a) | 68 | 1646 |
| Braze, Inc., Class A (a) | 114 | 2511 |
| C3.ai, Inc., Class A (a)(b) | 364 | 3214 |
| Cadence Design Systems, Inc. (a) | 332 | 109424 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 1310 | 6864 |
| Cipher Digital, Inc. (a) | 504 | 8941 |
| Circle Internet Group, Inc. (a) | 180 | 16358 |
| Cleanspark, Inc. (a)(b) | 177 | 2218 |
| Clear Secure, Inc., Class A | 61 | 3257 |
| Clearwater Analytics Holdings, Inc., Class A (a) | 480 | 11616 |
| Commvault Systems, Inc. (a) | 64 | 6328 |
| Core Scientific, Inc. (a) | 269 | 5380 |
| Crowdstrike Holdings, Inc., Class A (a) | 300 | 133725 |
| Datadog, Inc., Class A (a) | 366 | 48382 |
| Docusign, Inc. (a) | 304 | 13981 |
| Dolby Laboratories, Inc., Class A | 27 | 1732 |
| Dropbox, Inc., Class A (a) | 117 | 2842 |
| D-Wave Quantum, Inc. (Canada) (a)(b) | 583 | 11823 |
| Dynatrace, Inc. (a) | 478 | 17308 |
| Elastic NV (a) | 83 | 3854 |
| EverCommerce, Inc. (a)(b) | 34 | 393 |
| Fair Isaac Corp. (a) | 30 | 30750 |
| Figma, Inc., Class A (a)(b) | 202 | 3575 |
| Five9, Inc. (a) | 72 | 1238 |
| Fortinet, Inc. (a) | 763 | 64329 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Software (cont'd) | Software (cont'd) | Software (cont'd) |
| Freshworks, Inc., Class A (a) | 150 | $1224 |
| Gen Digital, Inc. | 647 | 12481 |
| Gitlab, Inc., Class A (a) | 152 | 3365 |
| Guidewire Software, Inc. (a) | 107 | 14808 |
| HubSpot, Inc. (a) | 69 | 15301 |
| I3 Verticals, Inc., Class A (a) | 14 | 316 |
| Intapp, Inc. (a) | 36 | 808 |
| InterDigital, Inc. | 34 | 10083 |
| Intuit, Inc. | 329 | 127817 |
| JFrog Ltd. (a) | 103 | 4783 |
| Klaviyo, Inc., Class A (a) | 324 | 6509 |
| Life360, Inc. (a)(b) | 166 | 7153 |
| LiveRamp Holdings, Inc. (a) | 68 | 1988 |
| Manhattan Associates, Inc. (a) | 70 | 9652 |
| MARA Holdings, Inc. (a)(b) | 278 | 3333 |
| Microsoft Corp. | 8998 | 3669204 |
| N-able, Inc. (a) | 51 | 264 |
| nCino, Inc. (a) | 82 | 1433 |
| NCR Voyix Corp. (a) | 156 | 1075 |
| NextNav, Inc. (a) | 232 | 4299 |
| Nutanix, Inc., Class A (a) | 335 | 13698 |
| OneSpan, Inc. | 24 | 278 |
| Oracle Corp. | 2036 | 328590 |
| Pagaya Technologies Ltd., Class A (a) | 36 | 500 |
| PagerDuty, Inc. (a) | 296 | 1968 |
| Palantir Technologies, Inc., Class A (a) | 2649 | 368502 |
| Palo Alto Networks, Inc. (a) | 861 | 154395 |
| Pegasystems, Inc. | 97 | 3545 |
| Procore Technologies, Inc. (a) | 171 | 9675 |
| PTC, Inc. (a) | 128 | 17446 |
| Q2 Holdings, Inc. (a) | 100 | 5075 |
| Qualys, Inc. (a) | 80 | 6954 |
| Rapid7, Inc. (a) | 15 | 89 |
| RingCentral, Inc., Class A | 67 | 2695 |
| Riot Platforms, Inc. (a) | 293 | 5051 |
| Roper Technologies, Inc. | 122 | 43287 |
| Rubrik, Inc., Class A (a) | 182 | 9679 |
| SailPoint, Inc. (a) | 193 | 2204 |
| Salesforce, Inc. | 1135 | 200362 |
| Samsara, Inc., Class A (a) | 460 | 13220 |
| Sapiens International Corp. NV (Israel) (a) | 13 | 566 |
| SentinelOne, Inc., Class A (a) | 588 | 8326 |
| ServiceNow, Inc. (a) | 1295 | 114361 |
| ServiceTitan, Inc., Class A (a) | 98 | 5827 |
| SoundHound AI, Inc., Class A (a)(b) | 322 | 2563 |
| Sprinklr, Inc., Class A (a) | 45 | 221 |
| Sprout Social, Inc., Class A (a) | 18 | 108 |
| Strategy, Inc., Class A (a) | 312 | 51620 |
| Synopsys, Inc. (a) | 228 | 110033 |
| Tenable Holdings, Inc. (a) | 56 | 1170 |
| Teradata Corp. (a) | 84 | 2213 |
| Terawulf, Inc. (a) | 309 | 6715 |
| Trimble, Inc. (a) | 255 | 17167 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Tyler Technologies, Inc. (a) | 57 | $19445 |
| UiPath, Inc., Class A (a) | 525 | 5408 |
| Unity Software, Inc. (a) | 437 | 11546 |
| Varonis Systems, Inc. (a) | 374 | 9836 |
| Vertex, Inc., Class A (a) | 69 | 854 |
| Via Transportation, Inc., Class A (a) | 338 | 5141 |
| Weave Communications, Inc. (a) | 35 | 172 |
| Workday, Inc., Class A (a) | 233 | 28519 |
| Workiva, Inc. (a) | 86 | 4599 |
| Yext, Inc. (a) | 58 | 224 |
| Zeta Global Holdings Corp., Class A (a) | 156 | 2874 |
| Zoom Communications, Inc. (a) | 348 | 33808 |
| Zscaler, Inc. (a) | 158 | 20647 |
|  |  | 6461684 |
| Specialized REITs (0.8%)  | Specialized REITs (0.8%)  | Specialized REITs (0.8%)  |
| American Tower Corp. REIT | 568 | 103779 |
| Crown Castle, Inc. REIT | 550 | 48829 |
| CubeSmart REIT | 176 | 7125 |
| Digital Realty Trust, Inc. REIT | 425 | 85400 |
| EPR Properties REIT | 97 | 5414 |
| Equinix, Inc. REIT | 119 | 128857 |
| Extra Space Storage, Inc. REIT | 228 | 32679 |
| Four Corners Property Trust, Inc. REIT | 191 | 4884 |
| Gaming & Leisure Properties, Inc. REIT | 259 | 12551 |
| Gladstone Land Corp. REIT | 155 | 1486 |
| Iron Mountain, Inc. REIT | 349 | 43971 |
| Lamar Advertising Co., Class A REIT | 104 | 14335 |
| Millrose Properties, Inc. REIT | 342 | 10489 |
| National Storage Affiliates Trust REIT | 57 | 2426 |
| Outfront Media, Inc. REIT | 140 | 4319 |
| Public Storage REIT | 186 | 56256 |
| Rayonier, Inc. REIT | 157 | 3330 |
| Safehold, Inc. REIT | 24 | 384 |
| SBA Communications Corp. REIT | 136 | 30083 |
| Smartstop Self Storage, Inc. REIT | 56 | 1763 |
| VICI Properties, Inc. REIT | 1264 | 36909 |
| Weyerhaeuser Co. REIT | 872 | 21381 |
|  |  | 656650 |
| Specialty Retail (1.7%)  | Specialty Retail (1.7%)  | Specialty Retail (1.7%)  |
| Abercrombie & Fitch Co., Class A (a) | 38 | 3243 |
| Academy Sports & Outdoors, Inc. | 37 | 2029 |
| Advance Auto Parts, Inc. (b) | 85 | 5058 |
| American Eagle Outfitters, Inc. | 149 | 2596 |
| Arhaus, Inc. | 43 | 318 |
| Asbury Automotive Group, Inc. (a) | 12 | 2444 |
| AutoNation, Inc. (a) | 27 | 5734 |
| AutoZone, Inc. (a) | 20 | 74081 |
| Bath & Body Works, Inc. | 296 | 5754 |
| Best Buy Co., Inc. | 196 | 11856 |
| Boot Barn Holdings, Inc. (a) | 38 | 6515 |
| Buckle, Inc. | 35 | 1946 |
| Burlington Stores, Inc. (a) | 87 | 27841 |
| Camping World Holdings, Inc., Class A | 27 | 221 |
| CarMax, Inc. (a) | 137 | 5385 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Specialty Retail (cont'd) | Specialty Retail (cont'd) | Specialty Retail (cont'd) |
| Carvana Co. (a) | 161 | $63724 |
| Chewy, Inc., Class A (a) | 268 | 6813 |
| Dick's Sporting Goods, Inc. | 79 | 17927 |
| Five Below, Inc. (a) | 78 | 18381 |
| Floor & Decor Holdings, Inc., Class A (a) | 129 | 6244 |
| GameStop Corp., Class A (a) | 488 | 12176 |
| Gap, Inc. | 234 | 5754 |
| Group 1 Automotive, Inc. | 12 | 4282 |
| Home Depot, Inc. | 1231 | 404753 |
| Lithia Motors, Inc. | 26 | 7543 |
| Lowe's Cos., Inc. | 684 | 163332 |
| Murphy USA, Inc. | 17 | 9996 |
| National Vision Holdings, Inc. (a) | 99 | 2299 |
| O'Reilly Automotive, Inc. (a) | 1001 | 99499 |
| Penske Automotive Group, Inc. | 40 | 6861 |
| Petco Health & Wellness Co., Inc. (a) | 105 | 298 |
| Revolve Group, Inc. (a) | 230 | 5854 |
| RH (a) | 23 | 3035 |
| Ross Stores, Inc. | 407 | 92711 |
| Sally Beauty Holdings, Inc. (a) | 41 | 581 |
| Signet Jewelers Ltd. | 26 | 2315 |
| Sonic Automotive, Inc., Class A | 6 | 473 |
| TJX Cos., Inc. | 1330 | 208477 |
| Tractor Supply Co. | 576 | 20218 |
| Ulta Beauty, Inc. (a) | 60 | 32249 |
| Upbound Group, Inc. | 108 | 2134 |
| Urban Outfitters, Inc. (a) | 122 | 8581 |
| Valvoline, Inc. (a) | 172 | 5716 |
| Victoria's Secret & Co. (a) | 91 | 4717 |
| Warby Parker, Inc., Class A (a) | 91 | 2013 |
| Wayfair, Inc., Class A (a) | 128 | 8183 |
| Williams-Sonoma, Inc. | 137 | 24826 |
| Winmark Corp. | 4 | 1522 |
|  |  | 1408508 |
| Tech Hardware, Storage & Peripherals (6.5%)  | Tech Hardware, Storage & Peripherals (6.5%)  | Tech Hardware, Storage & Peripherals (6.5%)  |
| Apple, Inc. | 17513 | 4752152 |
| Corsair Gaming, Inc. (a) | 56 | 380 |
| Dell Technologies, Inc., Class C | 389 | 81282 |
| Diebold Nixdorf, Inc. (a) | 33 | 2535 |
| Everpure, Inc., Class A (a) | 388 | 27723 |
| GPGI, Inc., Class A (b) | 33 | 509 |
| Hewlett Packard Enterprise Co. | 1638 | 47125 |
| HP, Inc. | 1128 | 23530 |
| IonQ, Inc. (a)(b) | 426 | 19221 |
| NetApp, Inc. | 236 | 26142 |
| Sandisk Corp. (a) | 166 | 182021 |
| Seagate Technology Holdings PLC | 252 | 169757 |
| Super Micro Computer, Inc. (a) | 648 | 17755 |
| Western Digital Corp. | 413 | 179457 |
|  |  | 5529589 |
| Textiles, Apparel & Luxury Goods (0.2%)  | Textiles, Apparel & Luxury Goods (0.2%)  | Textiles, Apparel & Luxury Goods (0.2%)  |
| Birkenstock Holding PLC (Germany) (a)(b) | 88 | 3409 |
| Capri Holdings Ltd. (Virgin Islands, British) (a) | 101 | 1971 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Carter's, Inc. | 10 | $361 |
| Columbia Sportswear Co. | 5 | 305 |
| Crocs, Inc. (a) | 46 | 4691 |
| Deckers Outdoor Corp. (a) | 160 | 16352 |
| Figs, Inc., Class A (a) | 87 | 1302 |
| G-III Apparel Group Ltd. | 14 | 437 |
| Kontoor Brands, Inc. | 43 | 3154 |
| Levi Strauss & Co., Class A | 91 | 2027 |
| Lululemon Athletica, Inc. (a) | 132 | 18176 |
| NIKE, Inc., Class B | 1276 | 56603 |
| Oxford Industries, Inc. (b) | 106 | 4541 |
| PVH Corp. | 37 | 3383 |
| Ralph Lauren Corp. | 52 | 18649 |
| Steven Madden Ltd. | 73 | 2742 |
| Tapestry, Inc. | 282 | 40901 |
| Under Armour, Inc., Class A (a) | 66 | 415 |
| Under Armour, Inc., Class C (a) | 593 | 3600 |
| VF Corp. | 601 | 11377 |
| Wolverine World Wide, Inc. | 84 | 1430 |
|  |  | 195826 |
| Tobacco (0.5%)  | Tobacco (0.5%)  | Tobacco (0.5%)  |
| Altria Group, Inc. | 1970 | 143120 |
| Philip Morris International, Inc. | 1881 | 310497 |
| Turning Point Brands, Inc. | 6 | 484 |
| Universal Corp. | 7 | 375 |
|  |  | 454476 |
| Trading Companies & Distributors (0.5%)  | Trading Companies & Distributors (0.5%)  | Trading Companies & Distributors (0.5%)  |
| AerCap Holdings NV (Netherlands) | 240 | 34130 |
| Applied Industrial Technologies, Inc. | 57 | 17428 |
| BlueLinx Holdings, Inc. (a) | 5 | 265 |
| Boise Cascade Co. | 32 | 2537 |
| Core & Main, Inc., Class A (a) | 98 | 4936 |
| Custom Truck One Source, Inc. (a) | 98 | 965 |
| Distribution Solutions Group, Inc. (a) | 14 | 379 |
| DNOW, Inc. (a) | 55 | 742 |
| DXP Enterprises, Inc. (a) | 4 | 683 |
| Fastenal Co. | 1383 | 62138 |
| Ferguson Enterprises, Inc. | 217 | 58093 |
| GATX Corp. | 46 | 9012 |
| Global Industrial Co. | 184 | 6092 |
| Herc Holdings, Inc. | 40 | 5077 |
| McGrath RentCorp | 68 | 7517 |
| MSC Industrial Direct Co., Inc., Class A | 24 | 2455 |
| QXO, Inc. (a)(b) | 675 | 13547 |
| Rush Enterprises, Inc., Class A | 33 | 2443 |
| SiteOne Landscape Supply, Inc. (a) | 38 | 4790 |
| Transcat, Inc. (a) | 35 | 2664 |
| United Rentals, Inc. | 75 | 71988 |
| Watsco, Inc. | 42 | 18389 |
| WESCO International, Inc. | 62 | 21645 |
| Willis Lease Finance Corp. | 3 | 583 |
| WW Grainger, Inc. | 54 | 62713 |
| Xometry, Inc., Class A (a) | 54 | 2769 |
|  |  | 413980 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Total Market Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Water Utilities (0.1%)  | Water Utilities (0.1%)  | Water Utilities (0.1%)  |
| American States Water Co. | 30 | $2259 |
| American Water Works Co., Inc. | 231 | 29665 |
| California Water Service Group | 48 | 2027 |
| Essential Utilities, Inc. | 331 | 12644 |
| H2O America (b) | 37 | 2079 |
| Middlesex Water Co. | 34 | 1730 |
| Pure Cycle Corp. (a) | 537 | 6197 |
| York Water Co. | 46 | 1335 |
|  |  | 57936 |
| Wireless Telecommunication Services (0.1%)  | Wireless Telecommunication Services (0.1%)  | Wireless Telecommunication Services (0.1%)  |
| Telephone & Data Systems, Inc. | 114 | 5137 |
| T-Mobile U.S., Inc. | 553 | 108111 |
|  |  | 113248 |
| **Total Common Stocks (Cost $73,844,558)** |  | 84397105 |
| **Rights (0.0%)‡** |  |  |
| Paragon 28, Inc., CVR, expires 12/31/26 <br> (a)(b)(c)(d)<br>| 26 | 2 |
| Akero Therapeutics, Inc., CVR, expires 6/30/31 <br> (a)(c)(d)<br>| 38 | 25 |
| Arcellx, Inc., CVR, expires 12/31/29 (a)(c)(d) | 34 | 3 |
| Hologic, Inc., CVR, expires 9/25/27 (a)(c)(d) | 312 | 3 |
| **Total Rights (Cost $32)** |  | 33 |
| **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** |
| Investment Company (0.5%) |  |  |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $413,957)**<br>| 413957 | 413957 |
| Securities held as Collateral on Loaned Securities (0.3%) | Securities held as Collateral on Loaned Securities (0.3%) | Securities held as Collateral on Loaned Securities (0.3%) |
| Investment Company (0.3%) |  |  |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $227,919)**<br>| 227919 | 227919 |
| **Total Short-Term Investments (Cost $641,876)** | **Total Short-Term Investments (Cost $641,876)** | 641876 |
| **Total Investments (100.6%) (Cost $74,486,466)** <br>**including $301,396 of Securities Loaned (e)** | **Total Investments (100.6%) (Cost $74,486,466)** <br>**including $301,396 of Securities Loaned (e)** | 85039014 |
| **Liabilities in Excess of Other Assets (–0.6%)** | **Liabilities in Excess of Other Assets (–0.6%)** | (519419)<br>|
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $84519595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Amount is less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security was on loan at April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted security. Total market value of restricted securities amounts to $33, which represents less than 0.05% of the net assets of the Fund as of April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At April 30, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,422,460 and the aggregate gross unrealized depreciation is approximately $2,869,912, resulting in net unrealized appreciation of approximately $10,552,548.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| CVR | Contingent Value Rights. |
| IBEX | Índice Bursátil Español. |
| REIT | Real Estate Investment Trust. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition\*** | **Portfolio Composition\*** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Other\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62.9<br> %<br>|
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Tech Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of April 30, 2026.

\*\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**E\*TRADE No Fee International Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| **Common Stocks (99.3%)** |  |  |
| Australia (6.4%)  |  |  |
| AGL Energy Ltd.  | 1348 | $9340 |
| ALS Ltd.  | 1205 | 18816 |
| Ampol Ltd.  | 511 | 12939 |
| ANZ Group Holdings Ltd.  | 6632 | 176156 |
| APA Group (Units) (a) | 3601 | 26900 |
| Aristocrat Leisure Ltd.  | 1149 | 39532 |
| ASX Ltd.  | 398 | 17439 |
| Atlas Arteria Ltd. (Units) (a) | 3215 | 11141 |
| Aurizon Holdings Ltd.  | 2420 | 7311 |
| BHP Group Ltd.  | 11259 | 445624 |
| BlueScope Steel Ltd.  | 761 | 16543 |
| Brambles Ltd.  | 2813 | 46046 |
| CAR Group Ltd.  | 578 | 10662 |
| Charter Hall Group REIT  | 789 | 11619 |
| Cochlear Ltd.  | 121 | 8233 |
| Coles Group Ltd.  | 2990 | 47655 |
| Commonwealth Bank of Australia  | 3821 | 481280 |
| Computershare Ltd.  | 998 | 21925 |
| CSL Ltd.  | 1059 | 95586 |
| Dexus REIT  | 3139 | 14160 |
| EBOS Group Ltd.  | 496 | 6246 |
| Endeavour Group Ltd. (b) | 2592 | 6275 |
| Evolution Mining Ltd.  | 4366 | 38600 |
| Fortescue Ltd.  | 3725 | 53689 |
| Goodman Group REIT  | 4659 | 100941 |
| GPT Group REIT  | 3605 | 12433 |
| Insurance Australia Group Ltd.  | 4845 | 26348 |
| James Hardie Industries PLC (c) | 1465 | 31256 |
| JB Hi-Fi Ltd.  | 190 | 10611 |
| Lottery Corp. Ltd.  | 6341 | 25384 |
| Lynas Rare Earths Ltd. (c) | 1957 | 27762 |
| Macquarie Group Ltd.  | 796 | 136747 |
| Medibank Pvt Ltd.  | 4590 | 15607 |
| Mineral Resources Ltd. (c) | 300 | 14121 |
| Mirvac Group REIT  | 11565 | 14288 |
| National Australia Bank Ltd.  | 7046 | 203825 |
| NEXTDC Ltd. (c) | 1632 | 16940 |
| Northern Star Resources Ltd.  | 3356 | 51442 |
| Orica Ltd.  | 811 | 12370 |
| Origin Energy Ltd.  | 3491 | 30526 |
| PLS Group Ltd. (c) | 6160 | 27408 |
| Pro Medicus Ltd.  | 151 | 14820 |
| Qantas Airways Ltd.  | 3164 | 19346 |
| QBE Insurance Group Ltd.  | 3753 | 60791 |
| Ramsay Health Care Ltd.  | 500 | 14143 |
| REA Group Ltd.  | 128 | 15847 |
| Reece Ltd.  | 489 | 4875 |
| Rio Tinto Ltd.  | 912 | 111710 |
| Santos Ltd.  | 8181 | 47134 |
| Scentre Group REIT  | 12283 | 33007 |
| SEEK Ltd.  | 958 | 9617 |
| SGH Ltd.  | 386 | 10933 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Sigma Healthcare Ltd.  | 10692 | $21616 |
| Sonic Healthcare Ltd.  | 1106 | 15825 |
| South32 Ltd.  | 11577 | 34309 |
| Stockland REIT  | 5234 | 15350 |
| Suncorp Group Ltd.  | 2431 | 30252 |
| Technology One Ltd.  | 465 | 9582 |
| Telstra Group Ltd.  | 24987 | 95963 |
| TPG Telecom Ltd.  | 174 | 526 |
| Transurban Group (Units) (a) | 7049 | 71440 |
| Vicinity Ltd. REIT  | 9044 | 16446 |
| Washington H Soul Pattinson & Co. Ltd. (b) | 935 | 28512 |
| Wesfarmers Ltd.  | 2650 | 140774 |
| Westpac Banking Corp.  | 7907 | 221211 |
| Whitehaven Coal Ltd.  | 2437 | 14892 |
| WiseTech Global Ltd.  | 386 | 12157 |
| Woodside Energy Group Ltd.  | 4188 | 100125 |
| Woolworths Group Ltd.  | 2782 | 69078 |
| Worley Ltd.  | 856 | 7333 |
| Xero Ltd. (c) | 385 | 22610 |
|  |  | 3651950 |
| Austria (0.4%)  |  |  |
| ANDRITZ AG  | 201 | 17079 |
| BAWAG Group AG (c) | 187 | 32024 |
| Erste Group Bank AG  | 690 | 76242 |
| EVN AG  | 171 | 5810 |
| OMV AG  | 286 | 20189 |
| Raiffeisen Bank International AG  | 391 | 21327 |
| Strabag SE  | 34 | 3588 |
| Verbund AG  | 129 | 9734 |
| Vienna Insurance Group AG Wiener Versicherung <br> Gruppe <br>| 69 | 5195 |
| voestalpine AG  | 209 | 10806 |
| Wienerberger AG  | 242 | 7017 |
|  |  | 209011 |
| Belgium (1.0%)  |  |  |
| Ackermans & van Haaren NV  | 60 | 19789 |
| Ageas SA  | 345 | 27036 |
| Anheuser-Busch InBev SA  | 2102 | 158830 |
| Argenx SE ADR (c) | 137 | 107096 |
| Colruyt Group NV (b) | 17 | 655 |
| D'ieteren Group  | 58 | 11985 |
| Elia Group SA (c) | 90 | 14926 |
| Financiere de Tubize SA  | 35 | 8060 |
| Groupe Bruxelles Lambert NV  | 147 | 13732 |
| KBC Group NV  | 592 | 78794 |
| Lotus Bakeries NV  | 1 | 12038 |
| Sofina SA (b) | 38 | 9730 |
| Syensqo SA (b) | 125 | 8292 |
| UCB SA (c) | 275 | 74880 |
| Warehouses De Pauw CVA REIT  | 485 | 12748 |
|  |  | 558591 |
| Canada (12.0%)  |  |  |
| Agnico Eagle Mines Ltd.  | 1115 | 209669 |
| Alamos Gold, Inc., Class A  | 974 | 38864 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Canada (cont'd) |  |  |
| Alimentation Couche-Tard, Inc.  | 1686 | $99744 |
| AltaGas Ltd.  | 783 | 29346 |
| ARC Resources Ltd.  | 1432 | 33967 |
| AtkinsRealis Group, Inc.  | 416 | 28705 |
| Bank of Montreal  | 1590 | 242114 |
| Bank of Nova Scotia  | 2886 | 224532 |
| Barrick Mining Corp.  | 3784 | 148674 |
| BCE, Inc.  | 2342 | 55656 |
| Bombardier, Inc., Class B (c) | 233 | 49511 |
| Brookfield Asset Management Ltd., Class A  | 913 | 43864 |
| Brookfield Corp., Class A  | 4913 | 221896 |
| Brookfield Wealth Solutions Ltd. (c) | 112 | 5058 |
| CAE, Inc. (c) | 847 | 22136 |
| Cameco Corp.  | 1012 | 124404 |
| Canadian Imperial Bank of Commerce  | 2124 | 237004 |
| Canadian National Railway Co.  | 1246 | 139951 |
| Canadian Natural Resources Ltd.  | 4523 | 215903 |
| Canadian Pacific Kansas City Ltd.  | 2079 | 180817 |
| Canadian Tire Corp. Ltd., Class A  | 134 | 18636 |
| Canadian Utilities Ltd., Class A  | 173 | 6176 |
| CCL Industries, Inc., Class B  | 323 | 20397 |
| Celestica, Inc. (c) | 260 | 106745 |
| Cenovus Energy, Inc.  | 2937 | 85925 |
| CGI, Inc.  | 501 | 32793 |
| Choice Properties REIT  | 758 | 8409 |
| Constellation Software, Inc.  | 47 | 85599 |
| Dollarama, Inc.  | 577 | 73742 |
| Emera, Inc.  | 636 | 33932 |
| Empire Co. Ltd., Class A  | 299 | 10236 |
| Enbridge, Inc. (b) | 5079 | 281703 |
| Fairfax Financial Holdings Ltd.  | 47 | 81335 |
| First Quantum Minerals Ltd. (c) | 1602 | 39226 |
| FirstService Corp.  | 74 | 9915 |
| Fortis, Inc.  | 1133 | 64793 |
| Franco-Nevada Corp.  | 446 | 102895 |
| George Weston Ltd.  | 349 | 25187 |
| GFL Environmental, Inc.  | 482 | 19339 |
| Gildan Activewear, Inc.  | 420 | 26065 |
| Great-West Lifeco, Inc.  | 540 | 28853 |
| Hydro One Ltd.  | 635 | 27282 |
| iA Financial Corp., Inc.  | 240 | 30888 |
| IGM Financial, Inc. (b) | 165 | 9199 |
| Imperial Oil Ltd. (b) | 306 | 40991 |
| Intact Financial Corp.  | 426 | 82086 |
| Ivanhoe Mines Ltd., Class A (b)(c) | 2026 | 16407 |
| Keyera Corp.  | 570 | 22022 |
| Kinross Gold Corp.  | 2756 | 83491 |
| Loblaw Cos. Ltd.  | 1128 | 52001 |
| Lundin Gold, Inc.  | 189 | 12702 |
| Lundin Mining Corp.  | 1685 | 43243 |
| Magna International, Inc.  | 574 | 36531 |
| Manulife Financial Corp.  | 3905 | 153544 |
| Metro, Inc.  | 405 | 27150 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| National Bank of Canada  | 902 | $136155 |
| Nutrien Ltd.  | 1080 | 82092 |
| Open Text Corp.  | 520 | 11787 |
| Pan American Silver Corp.  | 890 | 46572 |
| Pembina Pipeline Corp.  | 1284 | 59769 |
| Power Corp. of Canada  | 1264 | 70516 |
| Quebecor, Inc., Class B  | 300 | 12629 |
| RB Global, Inc.  | 443 | 46284 |
| Restaurant Brands International, Inc.  | 719 | 58019 |
| Rogers Communications, Inc., Class B  | 765 | 27849 |
| Royal Bank of Canada  | 3201 | 575725 |
| Saputo, Inc.  | 731 | 22134 |
| Shopify, Inc., Class A (c) | 2656 | 322392 |
| Stantec, Inc.  | 252 | 23015 |
| Sun Life Financial, Inc.  | 1287 | 92729 |
| Suncor Energy, Inc.  | 2658 | 182138 |
| TC Energy Corp.  | 2309 | 154823 |
| Teck Resources Ltd., Class B  | 906 | 52892 |
| TELUS Corp.  | 3104 | 38870 |
| TFI International, Inc.  | 131 | 18744 |
| Thomson Reuters Corp. (b) | 266 | 25446 |
| Toronto-Dominion Bank  | 3869 | 416793 |
| Tourmaline Oil Corp.  | 889 | 43064 |
| Wheaton Precious Metals Corp.  | 1044 | 131873 |
| WSP Global, Inc.  | 287 | 47751 |
|  |  | 6851314 |
| China (0.2%)  |  |  |
| Alibaba Health Information Technology Ltd. (c)(d) | 14000 | 7912 |
| Budweiser Brewing Co. APAC Ltd. (d) | 7100 | 7001 |
| BYD Electronic International Co. Ltd. (b)(d) | 1500 | 5126 |
| China Gas Holdings Ltd. (d) | 4200 | 3896 |
| China Mengniu Dairy Co. Ltd. (d) | 8000 | 17816 |
| Chow Tai Fook Jewellery Group Ltd. (b)(d) | 2800 | 3838 |
| Fosun International Ltd. (d) | 4500 | 2369 |
| Geely Automobile Holdings Ltd. (d) | 15000 | 44613 |
| Qingdao Port International Co. Ltd., Class H (d) | 4000 | 3915 |
| Xinyi Glass Holdings Ltd. (b)(d) | 3000 | 3723 |
|  |  | 100209 |
| Denmark (1.4%)  |  |  |
| AP Moller - Maersk AS, Class A  | 16 | 37852 |
| Carlsberg AS, Class B  | 202 | 27369 |
| Coloplast AS, Class B  | 373 | 23042 |
| Danske Bank AS  | 1429 | 73463 |
| DSV AS  | 450 | 110673 |
| Genmab AS (c) | 134 | 35480 |
| Novo Nordisk AS, Class B  | 7091 | 301622 |
| Novonesis Novozymes B, Class B  | 912 | 56038 |
| Orsted AS (c) | 955 | 25540 |
| Pandora AS  | 247 | 18796 |
| Tryg AS  | 703 | 16892 |
| Vestas Wind Systems AS  | 2224 | 68387 |
|  |  | 795154 |
| Finland (1.1%)  |  |  |
| Elisa OYJ  | 422 | 20496 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Finland (cont'd) |  |  |
| Fortum OYJ  | 1077 | $27133 |
| Kesko OYJ, Class B  | 796 | 19619 |
| Kone OYJ, Class B  | 788 | 50160 |
| Metso OYJ  | 1345 | 23234 |
| Neste OYJ  | 840 | 29016 |
| Nokia OYJ  | 11475 | 145808 |
| Nordea Bank Abp  | 7212 | 135621 |
| Orion OYJ, Class B  | 261 | 21086 |
| Sampo OYJ, Class A  | 5392 | 56029 |
| Stora Enso OYJ, Class R  | 1129 | 12571 |
| UPM-Kymmene OYJ (b) | 1272 | 38113 |
| Wartsila OYJ Abp  | 1020 | 42837 |
|  |  | 621723 |
| France (7.7%)  |  |  |
| Air Liquide SA  | 1266 | 272367 |
| Airbus SE  | 1356 | 279552 |
| ArcelorMittal SA  | 1044 | 60610 |
| AXA SA  | 3716 | 179131 |
| BNP Paribas SA  | 2307 | 242285 |
| Bollore SE  | 1101 | 6952 |
| Bouygues SA (b) | 377 | 22296 |
| Capgemini SE  | 315 | 38309 |
| Cie de Saint-Gobain SA  | 972 | 89054 |
| Cie Generale des Etablissements Michelin <br> SCA (b)<br>| 1415 | 51260 |
| Credit Agricole SA  | 2207 | 43107 |
| Danone SA  | 1486 | 116425 |
| Dassault Systemes SE  | 1494 | 33665 |
| Engie SA (b) | 3962 | 130598 |
| EssilorLuxottica SA (b) | 652 | 138009 |
| Hermes International SCA (b) | 72 | 137743 |
| Kering SA  | 173 | 47595 |
| Legrand SA  | 558 | 99973 |
| L'Oreal SA  | 517 | 222666 |
| LVMH Moet Hennessy Louis Vuitton SE  | 585 | 312512 |
| Orange SA  | 4398 | 91577 |
| Pernod Ricard SA  | 396 | 29439 |
| Publicis Groupe SA  | 468 | 43729 |
| Safran SA  | 776 | 249183 |
| Sanofi SA  | 2379 | 222618 |
| Sartorius Stedim Biotech  | 87 | 16079 |
| Schneider Electric SE  | 1249 | 397443 |
| Societe Generale SA  | 1454 | 117047 |
| STMicroelectronics NV  | 1472 | 80189 |
| Thales SA  | 204 | 56046 |
| TotalEnergies SE  | 4555 | 423494 |
| Vinci SA  | 1102 | 166647 |
|  |  | 4417600 |
| Germany (7.3%)  |  |  |
| adidas AG  | 369 | 63858 |
| Allianz SE (Registered)  | 853 | 389593 |
| BASF SE  | 2108 | 135200 |
| Bayer AG (Registered)  | 2183 | 97881 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Bayerische Motoren Werke AG  | 522 | $47770 |
| Bayerische Motoren Werke AG (Preference)  | 205 | 18706 |
| Beiersdorf AG  | 209 | 17326 |
| BioNTech SE ADR (c) | 234 | 24443 |
| Commerzbank AG  | 1566 | 64729 |
| Continental AG (c) | 192 | 14527 |
| Daimler Truck Holding AG  | 1182 | 59618 |
| Deutsche Bank AG (Registered)  | 4132 | 128377 |
| Deutsche Boerse AG  | 406 | 124560 |
| Deutsche Post AG (Registered)  | 2115 | 125238 |
| Deutsche Telekom AG (Registered)  | 7853 | 253657 |
| Dr. Ing hc F Porsche AG (Preference)  | 318 | 15442 |
| E.ON SE  | 5150 | 114354 |
| Fresenius Medical Care AG  | 385 | 17421 |
| Fresenius SE & Co. KGaA  | 962 | 46589 |
| Hannover Rueck SE (Registered)  | 122 | 36863 |
| Hapag-Lloyd AG  | 4 | 518 |
| Heidelberg Materials AG  | 289 | 63766 |
| Henkel AG & Co. KGaA  | 189 | 13025 |
| Henkel AG & Co. KGaA (Preference)  | 359 | 26124 |
| Infineon Technologies AG  | 2892 | 194502 |
| Knorr-Bremse AG  | 169 | 19711 |
| Mercedes-Benz Group AG (Registered)  | 1663 | 96936 |
| Merck KGaA  | 277 | 35868 |
| MTU Aero Engines AG  | 125 | 42870 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Registered) <br>| 297 | 177657 |
| Rheinmetall AG  | 103 | 164265 |
| RWE AG  | 1507 | 109728 |
| SAP SE  | 2361 | 396395 |
| Sartorius AG (Preference)  | 73 | 18650 |
| Siemens AG (Registered)  | 1693 | 503094 |
| Siemens Energy AG  | 1712 | 362810 |
| Siemens Healthineers AG  | 635 | 26038 |
| Talanx AG  | 174 | 22679 |
| Volkswagen AG  | 138 | 14248 |
| Volkswagen AG (Preference)  | 383 | 38839 |
| Vonovia SE  | 1645 | 44322 |
|  |  | 4168197 |
| Hong Kong (1.7%)  |  |  |
| AIA Group Ltd.  | 24200 | 265686 |
| Cathay Pacific Airways Ltd.  | 2000 | 2973 |
| CK Asset Holdings Ltd.  | 3500 | 22047 |
| CK Hutchison Holdings Ltd.  | 6500 | 54276 |
| CK Infrastructure Holdings Ltd.  | 1000 | 8419 |
| CLP Holdings Ltd.  | 4500 | 43269 |
| CSPC Pharmaceutical Group Ltd.  | 16000 | 17433 |
| Futu Holdings Ltd. ADR  | 148 | 22868 |
| Galaxy Entertainment Group Ltd.  | 5000 | 21332 |
| Hang Lung Properties Ltd.  | 7000 | 8229 |
| Henderson Land Development Co. Ltd. (b) | 4000 | 15811 |
| HK Electric Investments & HK Electric <br> Investments Ltd. (Units) (a)<br>| 4500 | 3670 |
| HKT Trust & HKT Ltd. (Units) (a) | 8000 | 12977 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Hong Kong (cont'd) |  |  |
| Hong Kong & China Gas Co. Ltd.  | 24000 | $22220 |
| Hong Kong Exchanges & Clearing Ltd.  | 2800 | 149136 |
| Hongkong Land Holdings Ltd.  | 2000 | 15812 |
| Jardine Matheson Holdings Ltd.  | 400 | 27269 |
| Link REIT  | 6400 | 32226 |
| MGM China Holdings Ltd. (d) | 1600 | 2402 |
| MTR Corp. Ltd. (b) | 3500 | 14956 |
| Power Assets Holdings Ltd.  | 3500 | 28924 |
| Sands China Ltd.  | 4400 | 9232 |
| Sino Biopharmaceutical Ltd.  | 20000 | 13921 |
| Sino Land Co. Ltd.  | 6000 | 9621 |
| SITC International Holdings Co. Ltd.  | 4000 | 16748 |
| Sun Hung Kai Properties Ltd.  | 3000 | 52521 |
| Swire Pacific Ltd., Class A  | 500 | 5439 |
| Swire Properties Ltd.  | 1400 | 4473 |
| Techtronic Industries Co. Ltd.  | 3000 | 43499 |
| WH Group Ltd.  | 18500 | 22626 |
| Wharf Holdings Ltd.  | 3000 | 9933 |
| Wharf Real Estate Investment Co. Ltd.  | 2000 | 6263 |
| Zijin Gold International Co. Ltd. (c) | 700 | 13827 |
|  |  | 1000038 |
| Ireland (0.4%)  |  |  |
| AIB Group PLC  | 4261 | 49115 |
| Bank of Ireland Group PLC  | 2396 | 47195 |
| Kerry Group PLC, Class A  | 323 | 27374 |
| Kingspan Group PLC  | 300 | 27757 |
| Ryanair Holdings PLC  | 2113 | 55439 |
|  |  | 206880 |
| Israel (1.4%)  |  |  |
| Airport City Ltd. (c) | 286 | 5315 |
| Amot Investments Ltd.  | 114 | 779 |
| Azrieli Group Ltd.  | 57 | 9092 |
| Bank Hapoalim BM  | 3018 | 80973 |
| Bank Leumi Le-Israel BM  | 3231 | 81792 |
| Bezeq The Israeli Telecommunication Corp. Ltd.  | 7441 | 20243 |
| Big Shopping Centers Ltd.  | 38 | 10025 |
| Camtek Ltd. (c) | 38 | 7265 |
| Cellebrite DI Ltd. (c) | 115 | 1495 |
| Check Point Software Technologies Ltd. (c) | 180 | 20245 |
| Clal Insurance Enterprises Holdings Ltd.  | 125 | 10801 |
| CyberArk Software Ltd. (c) | 96 | 4320 |
| Delek Group Ltd.  | 15 | 5155 |
| Elbit Systems Ltd.  | 66 | 54909 |
| Energix-Renewable Energies Ltd.  | 1243 | 9231 |
| Enlight Renewable Energy Ltd. (c) | 325 | 28923 |
| Etoro Group Ltd., Class A (c) | 103 | 3665 |
| Fattal Holdings 1998 Ltd. (c) | 4 | 1000 |
| First International Bank of Israel Ltd.  | 116 | 9702 |
| Global-e Online Ltd. (c) | 149 | 4674 |
| Harel Insurance Investments & Financial Services <br> Ltd. <br>| 296 | 18329 |
| ICL Group Ltd.  | 2663 | 14260 |
| Israel Corp. Ltd.  | 9 | 2559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Israel Discount Bank Ltd., Class A  | 3023 | $33630 |
| Mega Or Holdings Ltd. REIT  | 56 | 11455 |
| Melisron Ltd.  | 41 | 6046 |
| Menora Mivtachim Holdings Ltd.  | 56 | 9140 |
| Migdal Insurance & Financial Holdings Ltd. (c) | 916 | 5853 |
| Mivne Real Estate KD Ltd.  | 898 | 4328 |
| Mizrahi Tefahot Bank Ltd.  | 340 | 26735 |
| Monday.com Ltd. (c) | 83 | 5467 |
| Next Vision Stabilized Systems Ltd.  | 206 | 23661 |
| Nice Ltd. (c) | 171 | 17479 |
| Nova Ltd. (c) | 63 | 31458 |
| OPC Energy Ltd. (c) | 411 | 17200 |
| Phoenix Financial Ltd.  | 489 | 29422 |
| Plus500 Ltd.  | 98 | 5953 |
| Shapir Engineering & Industry Ltd. (c) | 409 | 5750 |
| Shikun & Binui Ltd. (c) | 980 | 6547 |
| Shufersal Ltd.  | 410 | 6118 |
| Strauss Group Ltd.  | 118 | 5112 |
| Tel Aviv Stock Exchange Ltd.  | 119 | 5988 |
| Teva Pharmaceutical Industries Ltd. (c) | 2483 | 87281 |
| Tower Semiconductor Ltd. (c) | 271 | 56474 |
| Wix.com Ltd. (c) | 141 | 10531 |
|  |  | 816380 |
| Italy (2.8%)  |  |  |
| A2A SpA (b) | 5018 | 14290 |
| Banca Mediolanum SpA  | 436 | 9556 |
| Banca Monte dei Paschi di Siena SpA  | 4526 | 48246 |
| Banco BPM SpA  | 2238 | 32610 |
| BPER Banca SpA  | 3239 | 47813 |
| Davide Campari-Milano NV (b) | 1329 | 9861 |
| Enel SpA  | 17960 | 209695 |
| Eni SpA  | 4515 | 127668 |
| Ferrari NV (Euronext NV)  | 268 | 92742 |
| FinecoBank Banca Fineco SpA  | 1393 | 34582 |
| Generali (b) | 2018 | 90431 |
| Infrastrutture Wireless Italiane SpA  | 1214 | 10298 |
| Intesa Sanpaolo SpA  | 32102 | 218108 |
| Leonardo SpA  | 912 | 56951 |
| Moncler SpA  | 560 | 33808 |
| Poste Italiane SpA  | 1247 | 33100 |
| PRADA SpA (d) | 700 | 3119 |
| Prysmian SpA  | 632 | 96133 |
| Recordati Industria Chimica e Farmaceutica SpA  | 192 | 11210 |
| Snam SpA  | 4814 | 37960 |
| Stellantis NV (c) | 4447 | 32632 |
| Telecom Italia SpA (c) | 39820 | 32963 |
| Tenaris SA  | 682 | 21770 |
| Terna - Rete Elettrica Nazionale  | 3005 | 36145 |
| UniCredit SpA  | 3211 | 248154 |
| Unipol Assicurazioni SpA  | 898 | 23464 |
|  |  | 1613309 |
| Japan (21.9%)  |  |  |
| ABC-Mart, Inc.  | 100 | 1699 |
| Acom Co. Ltd.  | 200 | 642 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Japan (cont'd) |  |  |
| Advantest Corp.  | 1700 | $317422 |
| Aeon Co. Ltd.  | 5700 | 54922 |
| AGC, Inc.  | 500 | 17932 |
| Air Water, Inc.  | 300 | 4256 |
| Aisin Corp.  | 1200 | 19029 |
| Ajinomoto Co., Inc.  | 1900 | 61067 |
| Alfresa Holdings Corp.  | 400 | 6039 |
| ALSOK Co. Ltd.  | 800 | 6051 |
| Amada Co. Ltd.  | 900 | 15219 |
| ANA Holdings, Inc.  | 1200 | 19942 |
| Asahi Group Holdings Ltd.  | 3700 | 36429 |
| Asahi Intecc Co. Ltd.  | 700 | 14730 |
| Asahi Kasei Corp.  | 2700 | 26568 |
| Asics Corp.  | 1500 | 42596 |
| Astellas Pharma, Inc.  | 3900 | 55270 |
| Azbil Corp.  | 1000 | 8900 |
| Bandai Namco Holdings, Inc.  | 1300 | 29842 |
| BayCurrent, Inc.  | 200 | 6441 |
| Bridgestone Corp.  | 2400 | 49875 |
| Brother Industries Ltd.  | 400 | 7596 |
| Canon, Inc.  | 2100 | 54026 |
| Capcom Co. Ltd.  | 700 | 14780 |
| Central Japan Railway Co.  | 2100 | 50380 |
| Chiba Bank Ltd.  | 1800 | 24846 |
| Chubu Electric Power Co., Inc.  | 1300 | 22359 |
| Chugai Pharmaceutical Co. Ltd.  | 1400 | 74661 |
| Coca-Cola Bottlers Japan Holdings, Inc.  | 400 | 8673 |
| Cosmos Pharmaceutical Corp.  | 100 | 3887 |
| CyberAgent, Inc.  | 700 | 5606 |
| Dai Nippon Printing Co. Ltd.  | 800 | 15153 |
| Daifuku Co. Ltd.  | 700 | 30605 |
| Daiichi Life Group, Inc.  | 8000 | 73245 |
| Daiichi Sankyo Co. Ltd.  | 3700 | 60103 |
| Daikin Industries Ltd.  | 600 | 84777 |
| Daito Trust Construction Co. Ltd.  | 800 | 17994 |
| Daiwa House Industry Co. Ltd.  | 1300 | 39664 |
| Daiwa House Investment Corp. REIT  | 11 | 8847 |
| Daiwa Securities Group, Inc.  | 2700 | 25415 |
| Denso Corp.  | 3900 | 46597 |
| Dentsu Group, Inc.  | 700 | 13290 |
| Disco Corp.  | 200 | 95156 |
| East Japan Railway Co.  | 2100 | 45841 |
| Ebara Corp.  | 1100 | 37629 |
| Eisai Co. Ltd.  | 600 | 17959 |
| Electric Power Development Co. Ltd.  | 400 | 9789 |
| ENEOS Holdings, Inc.  | 5900 | 49551 |
| FANUC Corp.  | 2000 | 88346 |
| Fast Retailing Co. Ltd.  | 400 | 188298 |
| Food & Life Cos. Ltd.  | 200 | 11634 |
| Fuji Electric Co. Ltd.  | 300 | 25213 |
| Fuji Media Holdings, Inc.  | 500 | 12368 |
| FUJIFILM Holdings Corp.  | 2800 | 51530 |
| Fujikura Ltd.  | 3400 | 131182 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Fujitsu Ltd.  | 4000 | $80285 |
| Fukuoka Financial Group, Inc.  | 300 | 12247 |
| GLP J-Reit REIT  | 7 | 6067 |
| GMO Payment Gateway, Inc.  | 100 | 5023 |
| Hakuhodo DY Holdings, Inc.  | 400 | 2686 |
| Hamamatsu Photonics KK  | 600 | 7734 |
| Hankyu Hanshin Holdings, Inc.  | 500 | 14495 |
| Haseko Corp.  | 500 | 8635 |
| Hirose Electric Co. Ltd.  | 100 | 13902 |
| Hitachi Construction Machinery Co. Ltd.  | 300 | 10501 |
| Hitachi Ltd.  | 9800 | 311624 |
| Honda Motor Co. Ltd.  | 10700 | 86824 |
| Hoshizaki Corp.  | 200 | 6503 |
| Hoya Corp.  | 800 | 149395 |
| Hulic Co. Ltd.  | 1600 | 18046 |
| Ibiden Co. Ltd.  | 600 | 51318 |
| Idemitsu Kosan Co. Ltd.  | 1700 | 14546 |
| IHI Corp.  | 2600 | 47490 |
| Iida Group Holdings Co. Ltd.  | 300 | 4243 |
| Inpex Corp.  | 1900 | 49533 |
| Isetan Mitsukoshi Holdings Ltd.  | 800 | 15202 |
| Isuzu Motors Ltd.  | 1100 | 15156 |
| ITOCHU Corp.  | 14200 | 175982 |
| J Front Retailing Co. Ltd.  | 300 | 4366 |
| Japan Airlines Co. Ltd.  | 1000 | 15726 |
| Japan Exchange Group, Inc.  | 2500 | 29779 |
| Japan Metropolitan Fund Invest REIT  | 17 | 12599 |
| Japan Post Bank Co. Ltd.  | 2900 | 49765 |
| Japan Post Holdings Co. Ltd.  | 4300 | 49867 |
| Japan Post Insurance Co. Ltd.  | 1200 | 11701 |
| Japan Real Estate Investment Corp. REIT  | 21 | 16073 |
| Japan Tobacco, Inc.  | 2500 | 93137 |
| JFE Holdings, Inc.  | 1400 | 15375 |
| JX Advanced Metals Corp.  | 1300 | 40332 |
| Kajima Corp.  | 1000 | 39084 |
| Kandenko Co. Ltd.  | 200 | 8724 |
| Kansai Electric Power Co., Inc.  | 2200 | 35244 |
| Kansai Paint Co. Ltd.  | 400 | 6003 |
| Kao Corp.  | 1100 | 40990 |
| Kawasaki Heavy Industries Ltd.  | 1700 | 34949 |
| Kawasaki Kisen Kaisha Ltd. (b) | 1100 | 17934 |
| KDDI Corp.  | 7100 | 116188 |
| Keio Corp.  | 1000 | 4714 |
| Keisei Electric Railway Co. Ltd.  | 800 | 5714 |
| Kewpie Corp.  | 200 | 5307 |
| Keyence Corp.  | 400 | 183466 |
| Kikkoman Corp.  | 2000 | 18171 |
| Kinden Corp.  | 300 | 16074 |
| Kintetsu Group Holdings Co. Ltd.  | 300 | 6406 |
| Kioxia Holdings Corp. (c) | 400 | 96783 |
| Kirin Holdings Co. Ltd.  | 1900 | 29961 |
| Kobe Bussan Co. Ltd.  | 400 | 7003 |
| Koei Tecmo Holdings Co. Ltd.  | 200 | 1981 |
| Koito Manufacturing Co. Ltd.  | 300 | 4867 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Japan (cont'd) |  |  |
| Kokusai Electric Corp.  | 400 | $16834 |
| Komatsu Ltd.  | 1900 | 81354 |
| Konami Group Corp.  | 200 | 24015 |
| Kubota Corp.  | 1900 | 31016 |
| Kuraray Co. Ltd.  | 1100 | 11553 |
| Kurita Water Industries Ltd.  | 200 | 10809 |
| Kyocera Corp.  | 3000 | 52128 |
| Kyoto Financial Group, Inc.  | 700 | 19349 |
| Kyowa Kirin Co. Ltd.  | 500 | 7533 |
| Kyushu Electric Power Co., Inc.  | 1500 | 16218 |
| Kyushu Railway Co.  | 400 | 9182 |
| Lasertec Corp.  | 200 | 55276 |
| Lixil Corp. (b) | 1000 | 10326 |
| LY Corp.  | 7500 | 19727 |
| M3, Inc.  | 1100 | 10596 |
| Makita Corp.  | 600 | 22280 |
| Marubeni Corp.  | 3200 | 124547 |
| Marui Group Co. Ltd.  | 200 | 3829 |
| MatsukiyoCocokara & Co.  | 1000 | 14570 |
| Mazda Motor Corp.  | 1500 | 9655 |
| McDonald's Holdings Co. Japan Ltd.  | 100 | 5189 |
| Mebuki Financial Group, Inc.  | 2000 | 16605 |
| Medipal Holdings Corp.  | 300 | 5360 |
| MEIJI Holdings Co. Ltd.  | 600 | 14241 |
| Metaplanet, Inc. (b)(c) | 2100 | 4515 |
| Minebea Mitsumi, Inc.  | 700 | 13995 |
| MISUMI Group, Inc.  | 500 | 11509 |
| Mitsubishi Chemical Group Corp.  | 2700 | 15829 |
| Mitsubishi Corp.  | 7700 | 246605 |
| Mitsubishi Electric Corp.  | 4300 | 172563 |
| Mitsubishi Estate Co. Ltd.  | 2800 | 79795 |
| Mitsubishi Gas Chemical Co., Inc.  | 300 | 8446 |
| Mitsubishi HC Capital, Inc.  | 2200 | 19983 |
| Mitsubishi Heavy Industries Ltd.  | 7000 | 208921 |
| Mitsubishi Motors Corp. (b) | 900 | 1758 |
| Mitsubishi UFJ Financial Group, Inc.  | 25500 | 458052 |
| Mitsui & Co. Ltd.  | 5500 | 206503 |
| Mitsui Chemicals, Inc.  | 800 | 9759 |
| Mitsui Fudosan Co. Ltd.  | 6200 | 67903 |
| Mitsui Kinzoku Co. Ltd.  | 100 | 27476 |
| Mitsui OSK Lines Ltd.  | 800 | 30219 |
| Mizuho Financial Group, Inc.  | 5500 | 236515 |
| MonotaRO Co. Ltd.  | 500 | 5945 |
| MS&AD Insurance Group Holdings, Inc.  | 2700 | 69428 |
| Murata Manufacturing Co. Ltd.  | 3900 | 129340 |
| NEC Corp.  | 3000 | 79800 |
| Nexon Co. Ltd.  | 600 | 10130 |
| NGK Corp.  | 600 | 18996 |
| NH Foods Ltd.  | 300 | 12361 |
| Nichirei Corp.  | 300 | 3605 |
| NIDEC Corp.  | 2200 | 33888 |
| Nikon Corp.  | 900 | 9957 |
| Nintendo Co. Ltd.  | 2600 | 127189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Nippon Building Fund, Inc. REIT  | 21 | $17635 |
| Nippon Express Holdings, Inc.  | 400 | 10506 |
| Nippon Paint Holdings Co. Ltd.  | 2100 | 13245 |
| Nippon Prologis, Inc. REIT  | 22 | 12599 |
| Nippon Sanso Holdings Corp.  | 300 | 10577 |
| Nippon Steel Corp.  | 11100 | 40865 |
| Nippon Television Holdings, Inc.  | 300 | 5703 |
| Nippon Yusen KK  | 1000 | 35939 |
| Nissan Chemical Corp.  | 400 | 17296 |
| Nissan Motor Co. Ltd. (c) | 4700 | 10754 |
| Nisshin Seifun Group, Inc.  | 400 | 5109 |
| Nissin Foods Holdings Co. Ltd.  | 300 | 5371 |
| Niterra Co. Ltd.  | 300 | 16217 |
| Nitori Holdings Co. Ltd.  | 800 | 11565 |
| Nitto Denko Corp.  | 1400 | 26628 |
| Nomura Holdings, Inc.  | 6800 | 54467 |
| Nomura Real Estate Holdings, Inc.  | 800 | 5219 |
| Nomura Real Estate Master Fund, Inc. REIT  | 12 | 12366 |
| Nomura Research Institute Ltd.  | 800 | 21592 |
| NTT, Inc.  | 127800 | 124485 |
| Obayashi Corp.  | 1400 | 32915 |
| OBIC Business Consultants Co. Ltd.  | 100 | 3930 |
| Obic Co. Ltd.  | 700 | 18601 |
| Odakyu Electric Railway Co. Ltd.  | 500 | 5006 |
| Oji Holdings Corp.  | 1800 | 9463 |
| Olympus Corp.  | 2200 | 21638 |
| Omron Corp.  | 300 | 10776 |
| Ono Pharmaceutical Co. Ltd.  | 900 | 13311 |
| Open House Group Co. Ltd.  | 200 | 11771 |
| Oracle Corp. Japan  | 100 | 5564 |
| Oriental Land Co. Ltd.  | 2300 | 32000 |
| ORIX Corp.  | 2700 | 90873 |
| Orix J-Reit, Inc. REIT  | 13 | 8259 |
| Osaka Gas Co. Ltd.  | 700 | 25153 |
| Otsuka Corp.  | 700 | 12985 |
| Otsuka Holdings Co. Ltd.  | 1000 | 72882 |
| Pan Pacific International Holdings Corp.  | 4900 | 27715 |
| Panasonic Holdings Corp.  | 4900 | 100233 |
| Persol Holdings Co. Ltd.  | 3700 | 5507 |
| Rakuten Bank Ltd. (c) | 200 | 8081 |
| Rakuten Group, Inc. (c) | 3100 | 15093 |
| Recruit Holdings Co. Ltd.  | 3400 | 157505 |
| Renesas Electronics Corp.  | 3600 | 72802 |
| Resona Holdings, Inc.  | 4500 | 56284 |
| Resonac Holdings Corp.  | 400 | 36606 |
| Ricoh Co. Ltd.  | 1300 | 10963 |
| Rinnai Corp.  | 300 | 6818 |
| Rohm Co. Ltd.  | 700 | 15144 |
| Rohto Pharmaceutical Co. Ltd.  | 500 | 7352 |
| Ryohin Keikaku Co. Ltd.  | 1300 | 30112 |
| Sanrio Co. Ltd.  | 2600 | 15152 |
| Santen Pharmaceutical Co. Ltd.  | 500 | 5153 |
| Sanwa Holdings Corp.  | 500 | 11436 |
| SBI Holdings, Inc.  | 1300 | 26231 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Japan (cont'd) |  |  |
| SCREEN Holdings Co. Ltd.  | 400 | $26520 |
| Secom Co. Ltd.  | 900 | 32769 |
| Sega Sammy Holdings, Inc.  | 200 | 2900 |
| Seibu Holdings, Inc.  | 600 | 14120 |
| Seiko Epson Corp.  | 400 | 5380 |
| Sekisui Chemical Co. Ltd.  | 700 | 10727 |
| Sekisui House Ltd.  | 1500 | 32661 |
| Seven & i Holdings Co. Ltd.  | 5200 | 62030 |
| SG Holdings Co. Ltd.  | 500 | 4680 |
| Sharp Corp. (b)(c) | 700 | 2508 |
| Shimadzu Corp.  | 400 | 9298 |
| Shimamura Co. Ltd.  | 300 | 6282 |
| Shimano, Inc.  | 200 | 20983 |
| Shimizu Corp.  | 1200 | 23184 |
| Shin-Etsu Chemical Co. Ltd.  | 3800 | 174960 |
| Shionogi & Co. Ltd.  | 1800 | 36365 |
| Shiseido Co. Ltd.  | 900 | 18382 |
| Shizuoka Financial Group, Inc.  | 800 | 14045 |
| SMC Corp.  | 128 | 62943 |
| SoftBank Corp.  | 63500 | 89374 |
| SoftBank Group Corp.  | 8400 | 286934 |
| Sojitz Corp.  | 600 | 22473 |
| Sompo Holdings, Inc.  | 2200 | 81874 |
| Sony Financial Group, Inc.  | 17700 | 15880 |
| Sony Group Corp.  | 13800 | 276488 |
| Square Enix Holdings Co. Ltd.  | 800 | 12619 |
| Stanley Electric Co. Ltd.  | 300 | 5855 |
| Subaru Corp.  | 1200 | 17874 |
| Sugi Holdings Co. Ltd.  | 100 | 2002 |
| Sumitomo Chemical Co. Ltd.  | 3700 | 12073 |
| Sumitomo Corp.  | 2300 | 85519 |
| Sumitomo Electric Industries Ltd.  | 1600 | 105335 |
| Sumitomo Forestry Co. Ltd.  | 1100 | 9941 |
| Sumitomo Heavy Industries Ltd.  | 300 | 10150 |
| Sumitomo Metal Mining Co. Ltd.  | 500 | 30741 |
| Sumitomo Mitsui Financial Group, Inc.  | 8500 | 300127 |
| Sumitomo Mitsui Trust Group, Inc.  | 1500 | 50150 |
| Sumitomo Pharma Co. Ltd. (c) | 300 | 3312 |
| Sumitomo Realty & Development Co. Ltd.  | 1900 | 58899 |
| Sumitomo Rubber Industries Ltd.  | 300 | 3891 |
| Sundrug Co. Ltd.  | 100 | 2406 |
| Suntory Beverage & Food Ltd.  | 200 | 5764 |
| Suzuki Motor Corp.  | 3400 | 38024 |
| Sysmex Corp.  | 800 | 7064 |
| T&D Holdings, Inc.  | 1300 | 31496 |
| Taisei Corp.  | 300 | 32532 |
| Takeda Pharmaceutical Co. Ltd.  | 3600 | 120358 |
| TBS Holdings, Inc.  | 200 | 7074 |
| TDK Corp.  | 4200 | 76794 |
| Terumo Corp.  | 3300 | 41989 |
| TIS, Inc.  | 500 | 10898 |
| Tobu Railway Co. Ltd.  | 300 | 5357 |
| Toho Co. Ltd.  | 1700 | 15672 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Tohoku Electric Power Co., Inc.  | 1700 | $11874 |
| Tokio Marine Holdings, Inc.  | 4000 | 183187 |
| Tokyo Century Corp.  | 400 | 5495 |
| Tokyo Electric Power Co. Holdings, Inc. (c) | 4200 | 15990 |
| Tokyo Electron Ltd.  | 1046 | 308238 |
| Tokyo Gas Co. Ltd.  | 700 | 29729 |
| Tokyo Metro Co. Ltd.  | 600 | 6043 |
| Tokyu Corp.  | 1300 | 13825 |
| Tokyu Fudosan Holdings Corp.  | 1200 | 10217 |
| TOPPAN Holdings, Inc.  | 600 | 17834 |
| Toray Industries, Inc.  | 3200 | 22975 |
| Tosoh Corp.  | 600 | 9246 |
| TOTO Ltd.  | 200 | 7026 |
| Toyo Suisan Kaisha Ltd.  | 200 | 13736 |
| Toyota Motor Corp.  | 23900 | 458770 |
| Toyota Tsusho Corp.  | 1400 | 54958 |
| Trend Micro, Inc.  | 246 | 8563 |
| Tsuruha Holdings, Inc.  | 300 | 3948 |
| Unicharm Corp.  | 2900 | 16941 |
| United Urban Investment Corp. REIT  | 8 | 9052 |
| USS Co. Ltd.  | 900 | 9720 |
| West Japan Railway Co.  | 900 | 16291 |
| Yakult Honsha Co. Ltd.  | 400 | 6966 |
| Yamada Holdings Co. Ltd.  | 1000 | 3334 |
| Yamaha Corp.  | 700 | 4996 |
| Yamaha Motor Co. Ltd. (b) | 2100 | 14750 |
| Yamato Holdings Co. Ltd.  | 400 | 4532 |
| Yamazaki Baking Co. Ltd.  | 400 | 8367 |
| Yaskawa Electric Corp.  | 600 | 21276 |
| Yokogawa Electric Corp.  | 400 | 13927 |
| Yokohama Financial Group, Inc.  | 2400 | 22782 |
| Yokohama Rubber Co. Ltd.  | 200 | 8140 |
| Zensho Holdings Co. Ltd.  | 200 | 11023 |
| ZOZO, Inc.  | 700 | 4698 |
|  |  | 12518345 |
| Netherlands (4.1%)  |  |  |
| ABN AMRO Bank NV CVA  | 1290 | 44914 |
| Adyen NV (c) | 63 | 71093 |
| AerCap Holdings NV  | 435 | 61861 |
| ASM International NV  | 103 | 100762 |
| ASML Holding NV  | 867 | 1253288 |
| Coca-Cola Europacific Partners PLC  | 475 | 44921 |
| CVC Capital Partners PLC  | 1290 | 19634 |
| DSM-Firmenich AG  | 541 | 40407 |
| EXOR NV  | 182 | 14277 |
| Heineken Holding NV (b) | 308 | 21887 |
| Heineken NV (b) | 603 | 46943 |
| ING Groep NV  | 6514 | 188524 |
| InPost SA (c) | 325 | 5829 |
| Koninklijke Ahold Delhaize NV  | 2094 | 98226 |
| Koninklijke KPN NV  | 6565 | 35107 |
| Koninklijke Philips NV  | 1655 | 43655 |
| Nebius Group NV (c) | 465 | 64277 |
| Prosus NV (c) | 2758 | 133523 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Netherlands (cont'd) |  |  |
| Universal Music Group NV  | 1914 | $40132 |
| Wolters Kluwer NV  | 605 | 47217 |
|  |  | 2376477 |
| New Zealand (0.2%)  |  |  |
| a2 Milk Co. Ltd.  | 2599 | 13356 |
| Auckland International Airport Ltd.  | 4998 | 24397 |
| Contact Energy Ltd.  | 1636 | 9195 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 1416 | 30515 |
| Infratil Ltd.  | 2502 | 18431 |
| Mainfreight Ltd.  | 156 | 5441 |
| Mercury NZ Ltd.  | 864 | 3421 |
| Meridian Energy Ltd.  | 2756 | 9253 |
| Spark New Zealand Ltd.  | 8084 | 9928 |
|  |  | 123937 |
| Norway (0.8%)  |  |  |
| Aker ASA, Class A  | 69 | 7960 |
| Aker BP ASA  | 722 | 28225 |
| Bakkafrost P/F  | 105 | 5224 |
| DNB Bank ASA  | 1855 | 56176 |
| Equinor ASA  | 1611 | 65563 |
| Frontline PLC  | 472 | 17160 |
| Gjensidige Forsikring ASA  | 342 | 9607 |
| Kongsberg Gruppen ASA  | 871 | 29128 |
| Kongsberg Maritime AS (c) | 871 | 5708 |
| Leroy Seafood Group ASA  | 141 | 692 |
| Mowi ASA  | 1012 | 22453 |
| Nordic Semiconductor ASA (c) | 247 | 5076 |
| Norsk Hydro ASA  | 3248 | 35960 |
| Orkla ASA  | 1533 | 18908 |
| Protector Forsikring ASA  | 210 | 10623 |
| Salmar ASA  | 126 | 7630 |
| SpareBank 1 SMN  | 191 | 4264 |
| SpareBank 1 Sor-Norge ASA  | 476 | 10287 |
| Sparebanken Norge  | 198 | 4306 |
| Storebrand ASA  | 1117 | 21593 |
| Telenor ASA  | 1489 | 24544 |
| TOMRA Systems ASA  | 709 | 7236 |
| Var Energi ASA  | 1947 | 9894 |
| Vend Marketplaces ASA, Class B  | 439 | 12096 |
| Wallenius Wilhelmsen ASA  | 384 | 4941 |
| Yara International ASA  | 426 | 24800 |
|  |  | 450054 |
| Poland (0.5%)  |  |  |
| Allegro.eu SA (c) | 1507 | 12410 |
| Asseco Poland SA  | 102 | 5145 |
| Bank Millennium SA (c) | 985 | 4858 |
| Bank Polska Kasa Opieki SA  | 402 | 25165 |
| Budimex SA  | 30 | 5454 |
| CD Projekt SA  | 211 | 16076 |
| Dino Polska SA (c) | 900 | 7967 |
| Erste Bank Polska SA  | 116 | 19767 |
| KGHM Polska Miedz SA (c) | 315 | 26460 |
| LPP SA  | 3 | 18139 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| mBank SA (c) | 35 | $11062 |
| ORLEN SA  | 1335 | 49065 |
| PGE Polska Grupa Energetyczna SA (c) | 2710 | 7971 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 1949 | 51055 |
| Powszechny Zaklad Ubezpieczen SA  | 1598 | 28113 |
| Zabka Group SA (c) | 905 | 5779 |
|  |  | 294486 |
| Portugal (0.2%)  |  |  |
| Banco Comercial Portugues SA, Class R  | 16743 | 17896 |
| EDP SA  | 5685 | 31008 |
| Galp Energia SGPS SA  | 1100 | 25729 |
| Jeronimo Martins SGPS SA  | 783 | 18802 |
| Navigator Co. SA (b) | 780 | 3067 |
|  |  | 96502 |
| Singapore (1.4%)  |  |  |
| CapitaLand Ascendas REIT (c) | 11100 | 21817 |
| CapitaLand Integrated Commercial Trust REIT  | 13037 | 24282 |
| CapitaLand Investment Ltd.  | 3700 | 8115 |
| City Developments Ltd.  | 700 | 4505 |
| DBS Group Holdings Ltd.  | 4500 | 207498 |
| Genting Singapore Ltd.  | 12100 | 6493 |
| Grab Holdings Ltd., Class A (c) | 6541 | 24987 |
| Hafnia Ltd.  | 845 | 7500 |
| Jardine Cycle & Carriage Ltd.  | 300 | 7705 |
| Keppel REIT  | 322 | 227 |
| Keppel Ltd.  | 2900 | 24822 |
| Mapletree Industrial Trust REIT  | 3500 | 5432 |
| Mapletree Logistics Trust REIT  | 13300 | 12804 |
| Mapletree Pan Asia Commercial Trust REIT  | 4000 | 4064 |
| Oversea-Chinese Banking Corp. Ltd.  | 7100 | 122493 |
| SATS Ltd.  | 800 | 2082 |
| Sea Ltd. ADR (c) | 636 | 53984 |
| Seatrium Ltd.  | 6000 | 11123 |
| Sembcorp Industries Ltd.  | 2300 | 12070 |
| Singapore Airlines Ltd.  | 3600 | 17830 |
| Singapore Exchange Ltd.  | 1700 | 29068 |
| Singapore Technologies Engineering Ltd.  | 3500 | 29661 |
| Singapore Telecommunications Ltd.  | 16500 | 59760 |
| United Overseas Bank Ltd.  | 2700 | 76893 |
| UOL Group Ltd.  | 600 | 5019 |
| Wilmar International Ltd.  | 3600 | 10268 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 7200 | 24555 |
|  |  | 815057 |
| Spain (3.1%)  |  |  |
| ACS Actividades de Construccion y Servicios SA  | 378 | 54483 |
| Aena SME SA (b) | 1571 | 42908 |
| Amadeus IT Group SA  | 1034 | 59664 |
| Banco Bilbao Vizcaya Argentaria SA  | 12996 | 286983 |
| Banco Santander SA  | 33232 | 405507 |
| CaixaBank SA  | 7658 | 97474 |
| Cellnex Telecom SA  | 1236 | 41607 |
| Endesa SA  | 752 | 33726 |
| Ferrovial SE  | 1112 | 76363 |
| Iberdrola SA  | 14202 | 332955 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Spain (cont'd) |  |  |
| Industria de Diseno Textil SA (b) | 2474 | $148070 |
| International Consolidated Airlines Group SA  | 8510 | 43054 |
| Naturgy Energy Group SA  | 535 | 16833 |
| Repsol SA  | 2481 | 66642 |
| Telefonica SA  | 9113 | 41123 |
|  |  | 1747392 |
| Sweden (3.0%)  |  |  |
| AAK AB (b) | 449 | 12880 |
| AddTech AB, Class B  | 654 | 24019 |
| Alfa Laval AB (b) | 713 | 42908 |
| Assa Abloy AB, Class B (b) | 2158 | 83056 |
| Atlas Copco AB, Class A (b) | 9187 | 171097 |
| Avanza Bank Holding AB (b) | 178 | 6434 |
| Axfood AB  | 336 | 10252 |
| Beijer Ref AB, Class B  | 757 | 10725 |
| Boliden AB (b) | 564 | 29647 |
| Castellum AB  | 960 | 12288 |
| Epiroc AB, Class A (b) | 2320 | 63686 |
| EQT AB  | 1045 | 34099 |
| Essity AB, Class B  | 1488 | 39500 |
| Evolution AB  | 313 | 22059 |
| Fastighets AB Balder, Class B (c) | 1152 | 6891 |
| Getinge AB, Class B  | 382 | 7690 |
| H & M Hennes & Mauritz AB, Class B  | 1276 | 22901 |
| Hexagon AB, Class B (b) | 5082 | 55521 |
| Holmen AB, Class B (b) | 130 | 4485 |
| Husqvarna AB, Class B (b) | 582 | 2804 |
| Industrivarden AB, Class A  | 610 | 32219 |
| Indutrade AB  | 801 | 17305 |
| Investment AB Latour, Class B (b) | 264 | 6061 |
| Investor AB, Class A (b) | 5255 | 212523 |
| L E Lundbergforetagen AB, Class B  | 102 | 5912 |
| Lifco AB, Class B (b) | 666 | 20956 |
| Nibe Industrier AB, Class B (b) | 2751 | 12506 |
| Nordnet AB publ  | 378 | 12459 |
| Saab AB, Class B  | 646 | 39214 |
| Sagax AB, Class B  | 651 | 12956 |
| Sandvik AB (b) | 2386 | 100372 |
| Sectra AB, Class B  | 205 | 5704 |
| Securitas AB, Class B (b) | 1163 | 19519 |
| Skandinaviska Enskilda Banken AB, Class A  | 3302 | 65354 |
| Skanska AB, Class B  | 835 | 22551 |
| SKF AB, Class B (b) | 879 | 22132 |
| SSAB AB, Class A (b) | 1866 | 16873 |
| Svenska Cellulosa AB SCA, Class B  | 1355 | 15526 |
| Svenska Handelsbanken AB, Class A  | 3173 | 45426 |
| Sweco AB, Class B  | 336 | 4620 |
| Swedbank AB, Class A  | 1872 | 66174 |
| Swedish Orphan Biovitrum AB (c) | 518 | 24301 |
| Tele2 AB, Class B  | 1096 | 22473 |
| Telefonaktiebolaget LM Ericsson, Class B  | 6380 | 76107 |
| Telia Co. AB  | 4129 | 21588 |
| Thule Group AB  | 127 | 3172 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Trelleborg AB, Class B  | 578 | $23732 |
| Verisure PLC (c) | 613 | 7659 |
| Volvo AB, Class A  | 3918 | 136575 |
| Volvo Car AB, Class B (c) | 2524 | 6039 |
|  |  | 1740950 |
| Switzerland (7.2%)  |  |  |
| ABB Ltd. (Registered)  | 3570 | 361069 |
| Alcon AG  | 1093 | 81595 |
| Chocoladefabriken Lindt & Spruengli AG  | 2 | 24532 |
| Cie Financiere Richemont SA, Class A <br> (Registered) <br>| 1176 | 225695 |
| Galderma Group AG (c) | 381 | 79931 |
| Geberit AG (Registered)  | 77 | 52033 |
| Givaudan SA (Registered)  | 21 | 74887 |
| Holcim AG (c) | 1074 | 99803 |
| Kuehne & Nagel International AG (Registered)  | 133 | 31237 |
| Lonza Group AG (Registered)  | 158 | 97142 |
| Nestle SA (Registered)  | 5908 | 598124 |
| Novartis AG (Registered)  | 4336 | 640816 |
| Partners Group Holding AG (b) | 51 | 55447 |
| Roche Holding AG  | 1675 | 684037 |
| Sandoz Group AG  | 921 | 73877 |
| Schindler Holding AG  | 104 | 36360 |
| Schindler Holding AG (Registered)  | 32 | 10715 |
| SGS SA (Registered)  | 382 | 41390 |
| Sika AG (Registered) (c) | 358 | 66039 |
| Straumann Holding AG (Registered)  | 255 | 27675 |
| Swiss Life Holding AG (Registered)  | 61 | 71620 |
| Swiss Re AG  | 602 | 96975 |
| Swisscom AG (Registered)  | 53 | 44829 |
| UBS Group AG (Registered) (c) | 7070 | 312860 |
| Zurich Insurance Group AG  | 336 | 234266 |
|  |  | 4122954 |
| United Kingdom (12.5%)  |  |  |
| 3i Group PLC  | 2274 | 79085 |
| Admiral Group PLC  | 543 | 24949 |
| Airtel Africa PLC  | 1442 | 6964 |
| Anglo American PLC  | 2329 | 115250 |
| Antofagasta PLC  | 700 | 33948 |
| Associated British Foods PLC  | 465 | 11579 |
| AstraZeneca PLC  | 3415 | 647901 |
| Autotrader Group PLC  | 2516 | 16925 |
| Aviva PLC  | 6311 | 53525 |
| BAE Systems PLC  | 6992 | 194472 |
| Barclays PLC  | 31356 | 184308 |
| Barratt Redrow PLC  | 2672 | 9100 |
| BP PLC  | 32448 | 256853 |
| British American Tobacco PLC  | 4770 | 280928 |
| BT Group PLC  | 15370 | 45185 |
| Bunzl PLC  | 654 | 21560 |
| Centrica PLC  | 10505 | 30682 |
| Compass Group PLC  | 4035 | 114017 |
| Convatec Group PLC  | 5238 | 15022 |
| Diageo PLC  | 4869 | 98448 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| United Kingdom (cont'd) |  |  |
| Experian PLC  | 2096 | $76691 |
| Fresnillo PLC  | 520 | 22961 |
| Glencore PLC (c) | 21103 | 164009 |
| GSK PLC  | 9076 | 237950 |
| Haleon PLC  | 20887 | 96453 |
| Halma PLC  | 891 | 53618 |
| HSBC Holdings PLC  | 39157 | 720482 |
| ICG PLC  | 490 | 12081 |
| Imperial Brands PLC  | 1658 | 62992 |
| Informa PLC  | 2721 | 29420 |
| InterContinental Hotels Group PLC  | 314 | 44896 |
| Intertek Group PLC  | 334 | 21516 |
| J Sainsbury PLC  | 3737 | 16699 |
| Kingfisher PLC  | 4203 | 16527 |
| Land Securities Group PLC REIT  | 1708 | 13743 |
| Legal & General Group PLC  | 11881 | 40772 |
| Lloyds Banking Group PLC  | 132363 | 179921 |
| London Stock Exchange Group PLC  | 1061 | 137672 |
| M&G PLC  | 5539 | 22765 |
| Marks & Spencer Group PLC  | 4814 | 21658 |
| Melrose Industries PLC  | 3163 | 20756 |
| National Grid PLC  | 10971 | 196387 |
| NatWest Group PLC  | 17256 | 137632 |
| Next PLC  | 235 | 41475 |
| Pearson PLC  | 1348 | 19892 |
| Prudential PLC  | 6067 | 91427 |
| Reckitt Benckiser Group PLC  | 1465 | 93216 |
| RELX PLC (LSE)  | 4135 | 150788 |
| Rentokil Initial PLC  | 6307 | 42520 |
| Rio Tinto PLC  | 2391 | 240861 |
| Rolls-Royce Holdings PLC  | 18992 | 305611 |
| Sage Group PLC  | 2007 | 23937 |
| Schroders PLC  | 1911 | 15047 |
| Segro PLC REIT  | 2737 | 25925 |
| Severn Trent PLC  | 554 | 24627 |
| Shell PLC  | 13111 | 596115 |
| Smith & Nephew PLC  | 1677 | 25950 |
| Smiths Group PLC  | 686 | 23685 |
| Spirax Group PLC  | 125 | 12200 |
| SSE PLC  | 2604 | 93235 |
| Standard Chartered PLC  | 3968 | 101044 |
| Standard Life PLC  | 2201 | 22644 |
| Sunbelt Rentals Holdings, Inc.  | 943 | 70880 |
| Tesco PLC  | 13848 | 90719 |
| Unilever PLC  | 4832 | 281779 |
| United Utilities Group PLC  | 1557 | 30879 |
| Vodafone Group PLC  | 46302 | 73673 |
| Weir Group PLC  | 723 | 26205 |
| Whitbread PLC  | 409 | 12433 |
| Wise PLC, Class A (c) | 1564 | 22367 |
|  |  | 7147436 |
| United States (0.6%)  |  |  |
| Amrize Ltd. (c) | 1053 | 57826 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| ICON PLC ADR (c) | 145 | $17158 |
| IREN Ltd. (c) | 751 | 34178 |
| NXP Semiconductors NV  | 567 | 166465 |
| Waste Connections, Inc.  | 588 | 96861 |
|  |  | 372488 |
| **Total Common Stocks (Cost $49,252,898)** | **Total Common Stocks (Cost $49,252,898)** | 56816434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **No. of** <br>**Rights** |  |
| **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** |
| **Australia (0.0%)‡** | **Australia (0.0%)‡** | **Australia (0.0%)‡** |
| NEXTDC Ltd., <br>expires 5/11/26 (c) **(Cost $—)**<br>| 302 | 374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** |  |
| **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** | **Short-Term Investments (0.8%)** |
| Investment Company (0.4%) | Investment Company (0.4%) | Investment Company (0.4%) | Investment Company (0.4%) |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $216,972)**<br>|  | 216972 | 216972 |
| Securities held as Collateral on Loaned Securities (0.4%) | Securities held as Collateral on Loaned Securities (0.4%) | Securities held as Collateral on Loaned Securities (0.4%) | Securities held as Collateral on Loaned Securities (0.4%) |
| Investment Company (0.4%) | Investment Company (0.4%) | Investment Company (0.4%) | Investment Company (0.4%) |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $221,950)**<br>|  | 221950 | 221950 |
| **Total Short-Term Investments (Cost $438,922)**  | **Total Short-Term Investments (Cost $438,922)**  | **Total Short-Term Investments (Cost $438,922)**  | 438922 |
| **Total Investments (100.1%) (Cost $49,691,820)** <br>**including $2,019,192 of Securities Loaned (e)(f)** | **Total Investments (100.1%) (Cost $49,691,820)** <br>**including $2,019,192 of Securities Loaned (e)(f)** | **Total Investments (100.1%) (Cost $49,691,820)** <br>**including $2,019,192 of Securities Loaned (e)(f)** | 57255730 |
| Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | Liabilities in Excess of Other Assets (–0.1%) | (50105)<br>|
| **Net Assets (100.0%)** | **Net Assets (100.0%)** |  | $57205625 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Amount is less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security was on loan at April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security trades on the Hong Kong exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The fair value and percentage of net assets, $49,214,733 and 86.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At April 30, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $9,428,611 and the aggregate gross unrealized depreciation is $1,864,701, resulting in net unrealized appreciation of $7,563,910.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| REIT | Real Estate Investment Trust. |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee International Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition\*** | **Portfolio Composition\*** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Other\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60.7<br> %<br>|
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of April 30, 2026.

\*\* Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**E\*TRADE No Fee Municipal Bond Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| **Municipal Bonds (97.9%)** | **Municipal Bonds (97.9%)** | **Municipal Bonds (97.9%)** |
| Education (8.1%) | Education (8.1%) |  |
| Board of Regents of the University of Texas <br> System,<br>|  |  |
| <br>5.00%, 8/15/31  | $155000 | $172372 |
| Danville Multi-School Building Corp., IN, |  |  |
| <br>5.00%, 7/15/41  | 335000 | 365118 |
| Illinois Finance Authority, |  |  |
| <br>5.00%, 4/1/31  | 300000 | 328894 |
| Mississippi Development Bank, |  |  |
| <br>5.00%, 4/1/29  | 110000 | 117362 |
| New York State Dormitory Authority, |  |  |
| <br>5.00%, 8/15/42  | 200000 | 218206 |
| Ohio Higher Educational Facility Commission <br> (Kenyon College 2023),<br>|  |  |
| 5.00%, 7/1/36 - 7/1/39  | 440000 | 470992 |
| University of Arkansas, |  |  |
| <br>5.00%, 9/1/28  | 240000 | 253076 |
| University of Connecticut, |  |  |
| <br>5.00%, 2/15/42  | 90000 | 99978 |
| University of Houston, TX, |  |  |
| <br>5.00%, 2/15/32  | 210000 | 234699 |
| University of Maine System, |  |  |
| <br>5.00%, 3/1/28  | 200000 | 208279 |
|  |  | 2468976 |
| Electric Utilities (4.5%) | Electric Utilities (4.5%) |  |
| Energy Northwest, WA, |  |  |
| <br>5.00%, 7/1/37  | 180000 | 189613 |
| Garland Electric Utility System Revenue, TX <br> (AGM),<br>|  |  |
| <br>5.00%, 3/1/31  | 105000 | 115211 |
| Grant County Public Utility District No. 2 <br> Electric Revenue, WA,<br>|  |  |
| <br>5.00%, 1/1/42  | 450000 | 460944 |
| Knoxville Electric System Revenue, TN, |  |  |
| <br>5.00%, 7/1/39  | 105000 | 113415 |
| Lower Colorado River Authority, TX, |  |  |
| <br>5.00%, 5/15/31  | 145000 | 159139 |
| San Antonio Texas Electric and Gas Systems <br> Revenue,<br>|  |  |
| <br>5.00%, 2/1/30  | 300000 | 324808 |
|  |  | 1363130 |
| General Obligations (37.2%) | General Obligations (37.2%) |  |
| Abilene, TX (Taylor And Jones Counties), |  |  |
| <br>5.00%, 2/15/32  | 115000 | 128386 |
| Angleton Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/38  | 250000 | 274207 |
| Baltimore, MD <br>(Consolidated Public Improvement),<br>|  |  |
| <br>2.00%, 10/15/35  | 195000 | 162198 |
| Bethlehem Area School District, PA <br>(State Aid Withholding),<br>|  |  |
| <br>5.00%, 11/15/29  | 190000 | 204861 |
| Celina Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/38  | 165000 | 184422 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Chambersburg Area School District, PA <br>(State Aid Withholding),<br>|  |  |
| <br>5.00%, 3/1/36  | $125000 | $134344 |
| Coeur d'Alene, ID, |  |  |
| <br>5.00%, 8/1/31  | 320000 | 355333 |
| Commonwealth of Massachusetts, <br>(General Obligation Refunding Bonds),<br>|  |  |
| <br>5.00%, 3/1/39  | 220000 | 245229 |
| Commonwealth of Pennsylvania, <br>(Bid Group A),<br>|  |  |
| <br>5.00%, 9/1/32  | 110000 | 124261 |
| Connecticut, (Sustainable Bonds), |  |  |
| <br>5.00%, 7/15/30  | 245000 | 267918 |
| Conroe Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| 5.00%, 2/15/37 - 2/15/40  | 305000 | 342913 |
| County of Hamblen, TN, |  |  |
| <br>4.00%, 6/1/34  | 500000 | 523139 |
| Cypress-Fairbanks Independent School <br> District, TX (PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/32  | 145000 | 161972 |
| Dallas Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/40  | 500000 | 560190 |
| Del Mar College District, TX, |  |  |
| <br>3.00%, 8/15/39  | 135000 | 118794 |
| Denton, TX, |  |  |
| <br>5.00%, 2/15/41  | 315000 | 343605 |
| Everett, WA (Lift Projects), |  |  |
| <br>5.00%, 6/1/30  | 200000 | 217943 |
| Haverford Township School District, PA <br>(State Aid Withholding),<br>|  |  |
| <br>5.00%, 3/15/39  | 390000 | 425453 |
| La Vernia Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/42  | 150000 | 163052 |
| Lake County School District No. 112 North <br> Shore, IL,<br>|  |  |
| 5.00%, 12/1/33 - 12/1/35  | 250000 | 277065 |
| Laredo, TX, |  |  |
| <br>3.00%, 2/15/37  | 175000 | 162677 |
| Maryland, (Bidding Group 3), |  |  |
| <br>5.00%, 6/1/37  | 220000 | 248929 |
| Melissa, TX, |  |  |
| <br>5.00%, 2/15/34  | 130000 | 143013 |
| Memphis, TN <br>(Tennessee General Improvement Bonds),<br>|  |  |
| <br>5.00%, 4/1/39  | 170000 | 186954 |
| Minnetonka Independent School District No. <br> 276, MN,<br>|  |  |
| 0.00%, 2/1/30 - 2/1/35  | 300000 | 238302 |
| New York City, |  |  |
| 5.00%, 8/1/32 - 12/1/39  | 825000 | 898878 |
| <br>4.00%, 3/1/41  | 250000 | 246109 |
| Oakland Park, FL, |  |  |
| <br>5.00%, 2/1/32  | 240000 | 259999 |
| Oxnard School District, CA, |  |  |
| <br>0.00%, 2/1/31  | 350000 | 303046 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Municipal Bond Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| General Obligations (cont'd) | General Obligations (cont'd) |  |
| Paris Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/34  | 300000 | $339728 |
| Pflugerville, TX, |  |  |
| <br>5.00%, 8/1/27  | 110000 | 113381 |
| Plano Independent School District, TX, |  |  |
| <br>5.00%, 2/15/41  | 180000 | 194278 |
| Prosper Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/32  | 125000 | 139844 |
| <br>5.00%, 2/15/36  | 300000 | 337519 |
| Rockwall Independent School District, TX <br>(PSF Guaranteed),<br>|  |  |
| <br>5.00%, 2/15/36  | 150000 | 172081 |
| St. Cloud Independent School District No. <br> 742, MN,<br>|  |  |
| <br>0.00%, 2/1/27  | 100000 | 97750 |
| State of Minnesota, |  |  |
| <br>5.00%, 8/1/38  | 380000 | 433112 |
| State of Washington, |  |  |
| 5.00%, 2/1/39 - 2/1/40  | 300000 | 325159 |
| State of West Virginia, |  |  |
| <br>5.00%, 12/1/38  | 145000 | 157539 |
| Temple, TX, |  |  |
| <br>5.00%, 8/1/28  | 125000 | 131302 |
| Town of Prosper, TX, |  |  |
| <br>5.00%, 2/15/33  | 180000 | 202907 |
| Warren Consolidated Schools, MI (SBLF), |  |  |
| <br>5.00%, 5/1/26  | 130000 | 130000 |
| Washington, (Various Purpose General <br> Obligation Refunding Bonds),<br>|  |  |
| <br>5.00%, 8/1/26  | 180000 | 181016 |
| Waukee Community School District, IA, |  |  |
| <br>5.00%, 6/1/35  | 115000 | 125212 |
| Waukesha, WI, |  |  |
| <br>2.00%, 10/1/30  | 365000 | 338681 |
|  |  | 11322701 |
| Hospital (5.7%) | Hospital (5.7%) |  |
| Colorado Health Facilities Authority, |  |  |
| <br>5.00%, 5/15/42  | 135000 | 144142 |
| Health & Educational Facilities Authority of the <br> State of Missouri,<br>|  |  |
| <br>5.00%, 4/1/36  | 700000 | 797978 |
| Maricopa County Industrial Development <br> Authority, AZ,<br>|  |  |
| <br>5.00%, 9/1/28  | 110000 | 115431 |
| Michigan Finance Authority, |  |  |
| 5.00%, 12/1/29 - 4/15/37  | 395000 | 426060 |
| Oregon Health and Science University, |  |  |
| <br>5.00%, 7/1/27  | 235000 | 240804 |
|  |  | 1724415 |
| Housing (1.8%) | Housing (1.8%) |  |
| Massachusetts Housing Finance Agency, |  |  |
| <br>3.10%, 12/1/29  | 550000 | 550983 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Insured - General Obligations (5.7%) | Insured - General Obligations (5.7%) |  |
| Grand Rapids Public Schools, MI (AGM), |  |  |
| <br>5.00%, 5/1/30  | $350000 | $377981 |
| Kankakee County Community High School <br> District No 307 Bradley-Bourbonnais, IL (AGM),<br>|  |  |
| <br>5.00%, 12/1/30  | 300000 | 327644 |
| North Olmsted City School District, OH (AGM), |  |  |
| <br>5.00%, 10/15/27  | 170000 | 175487 |
| Somerset Area School District, PA (AG) (State <br> Aid Withholding),<br>|  |  |
| 5.00%, 2/15/40 - 2/15/43  | 810000 | 869948 |
|  |  | 1751060 |
| Lease Revenue/Certificates of Participation (12.3%) | Lease Revenue/Certificates of Participation (12.3%) |  |
| Avon Community School Building Corp., IN, |  |  |
| <br>5.00%, 7/15/36  | 150000 | 165444 |
| California State Public Works Board (Various <br> Capital),<br>|  |  |
| <br>5.00%, 9/1/37  | 200000 | 226847 |
| Colorado, (Rural Colorado), |  |  |
| <br>4.00%, 12/15/34  | 225000 | 232930 |
| <br>5.00%, 12/15/31  | 125000 | 139324 |
| Community College District of Central <br> Southwest Missouri,<br>|  |  |
| <br>5.00%, 3/1/28  | 185000 | 192253 |
| County of Dare, NC, |  |  |
| 5.00%, 6/1/39 - 6/1/40  | 355000 | 396703 |
| El Paso County School District No. 49 Falcon, <br> CO,<br>|  |  |
| 5.00%, 12/15/35  | 705000 | 778463 |
| IPS Multi-School Building Corp., IN (State Aid <br> Withholding),<br>|  |  |
| <br>5.00%, 7/15/43  | 300000 | 322303 |
| Monroe County Community 1996 School <br> Building Corp., IN (State Aid Withholding),<br>|  |  |
| <br>5.00%, 1/15/34  | 135000 | 151298 |
| Oklahoma City Water Utilities Trust, |  |  |
| <br>5.00%, 7/1/39  | 130000 | 145415 |
| Porter Township High School Building Corp., <br> IN,<br>|  |  |
| <br>5.00%, 7/15/36  | 215000 | 237700 |
| Riviera Beach, FL, |  |  |
| <br>5.00%, 10/1/28  | 100000 | 105297 |
| School District of Broward County, FL, |  |  |
| <br>5.00%, 7/1/32  | 500000 | 556730 |
| Speedway Multi-School Building Corp., IN, |  |  |
| <br>5.00%, 1/15/28  | 100000 | 103640 |
|  |  | 3754347 |
| Special Tax Revenue (11.1%) | Special Tax Revenue (11.1%) |  |
| County of Clark, NV, |  |  |
| <br>5.00%, 7/1/33  | 285000 | 322937 |
| East Montgomery County Improvement District <br> Sales Tax Revenue, TX (AGM),<br>|  |  |
| <br>5.00%, 8/15/39  | 230000 | 249448 |
| Empire State Development Corp., NY, |  |  |
| 5.00%, 3/15/36 - 3/15/38  | 425000 | 464949 |
| Grand Junction, CO, |  |  |
| <br>5.00%, 3/1/31  | 100000 | 109932 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee Municipal Bond Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Special Tax Revenue (cont'd) | Special Tax Revenue (cont'd) |  |
| Greater Texas Cultural Education Facilities <br> Finance Corp.,<br>|  |  |
| <br>4.00%, 3/1/40  | 200000 | $200153 |
| New York City Transitional Finance Authority <br> Future Tax Secured Revenue,<br>|  |  |
| 5.00%, 5/1/40 - 5/1/42  | 610000 | 669998 |
| New York State Dormitory Authority, |  |  |
| 4.00%, 3/15/38 - 3/15/41  | 285000 | 285720 |
| <br>5.00%, 3/15/31  | 120000 | 133437 |
| Park Creek Metropolitan District, CO (AGM), |  |  |
| <br>5.00%, 12/1/35  | 290000 | 319248 |
| Pennsylvania Turnpike Commission Oil <br> Franchise Tax Revenue,<br>|  |  |
| <br>0.00%, 12/1/37  | 350000 | 221092 |
| Southeastern Pennsylvania Transportation <br> Authority,<br>|  |  |
| <br>5.25%, 6/1/41  | 250000 | 272791 |
| Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, DC,<br>|  |  |
| <br>5.00%, 7/15/35  | 120000 | 128527 |
|  |  | 3378232 |
| Transportation (5.2%) | Transportation (5.2%) |  |
| Bay Area Toll Authority, CA, |  |  |
| <br>5.00%, 4/1/42  | 250000 | 298416 |
| Central Texas Turnpike System, |  |  |
| <br>5.00%, 8/15/33  | 165000 | 184538 |
| County of Clark Department of Aviation, NV, |  |  |
| <br>5.00%, 7/1/29  | 195000 | 209123 |
| Houston Airport System Revenue, TX, |  |  |
| <br>5.00%, 7/1/37  | 150000 | 155597 |
| North Texas Tollway Authority, |  |  |
| <br>5.00%, 1/1/38  | 340000 | 372085 |
| Port Authority of New York & New Jersey, |  |  |
| <br>5.00%, 10/15/42  | 85000 | 94661 |
| Virginia Port Authority, |  |  |
| <br>5.00%, 7/1/34  | 35000 | 39859 |
| Wayne County Airport Authority, MI, |  |  |
| <br>5.00%, 12/1/41  | 200000 | 221304 |
|  |  | 1575583 |
| Water and Sewer (6.3%) | Water and Sewer (6.3%) |  |
| District of Columbia Water & Sewer Authority, <br> DC,<br>|  |  |
| <br>5.00%, 10/1/42  | 400000 | 446248 |
| Illinois Finance Authority, |  |  |
| <br>5.00%, 7/1/38  | 250000 | 282272 |
| Massachusetts Water Resources Authority, |  |  |
| <br>5.00%, 8/1/39  | 140000 | 148135 |
| Ohio Water Development Authority, |  |  |
| <br>5.00%, 6/1/29  | 115000 | 122659 |
| Ohio Water Development Authority Water <br> Pollution Control Loan Fund,<br>|  |  |
| <br>5.00%, 12/1/34  | 140000 | 162053 |
| Oklahoma Water Resources Board, |  |  |
| <br>5.00%, 10/1/41  | 440000 | 477597 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| San Antonio Water System, TX, |  |  |
| <br>5.00%, 5/15/35  | $135000 | $146908 |
| Texas Water Development Board, |  |  |
| <br>5.00%, 10/15/33  | 105000 | 119847 |
|  |  | 1905719 |
| **Total Municipal Bonds (Cost $29,225,478)** |  | 29795146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment (1.0%)** |  |  |
| Investment Company (1.0%) |  |  |
| BlackRock Liquidity Funds — MuniCash — <br> Institutional Shares, <br> 3.05%, **(Cost $312,527)**<br>| 312496 | 312527 |
| **Total Investments (98.9%) (Cost $29,538,005) (a)** | **Total Investments (98.9%) (Cost $29,538,005) (a)** | 30107673 |
| **Other Assets in Excess of Liabilities (1.1%)** | **Other Assets in Excess of Liabilities (1.1%)** | 345904 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $30453577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At April 30, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $651,514 and the aggregate gross unrealized depreciation is approximately $81,846, resulting in net unrealized appreciation of approximately $569,668.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corporation. |
| AID | Agency for International Development. |
| COPs | Certificates of Participation. |
| PSF | Permanent School Fund. |
| SBLF | Small Business Lending Fund. |

---

At April 30, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows:

---

| | | |
|:---|:---|:---|
| **State/Territory** | **Value** | **Percentage of** <br>**Net Assets**<br>|
| Texas | &nbsp;&nbsp; $6649076 | 21.8<br> %<br>|
| Others, representing less than 10% individually | &nbsp;&nbsp; 23458597 | 77.1 |
|  | &nbsp;&nbsp; $30107673 | 98.9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Sector Classification of Portfolio** | **Sector Classification of Portfolio** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| General Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.6<br> %<br>|
| Lease Revenue/Certificates of Participation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 |
| Special Tax Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Water and Sewer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Insured - General Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Hospital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**E\*TRADE No Fee U.S. Bond Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| **Fixed Income Securities (99.0%)** |  |  |
| Corporate Bonds (30.5%) |  |  |
| Basic Materials (1.8%) |  |  |
| BHP Billiton Finance USA Ltd., |  |  |
| <br>5.00%, 2/15/36 | $196000 | $196702 |
| LYB International Finance III LLC, |  |  |
| <br>5.13%, 1/15/31 | 253000 | 254601 |
| <br>5.50%, 3/1/34 | 67000 | 67226 |
| Nutrien Ltd., |  |  |
| <br>4.90%, 3/27/28 | 49000 | 49425 |
| Sherwin-Williams Co., |  |  |
| <br>2.95%, 8/15/29 | 65000 | 62044 |
|  |  | 629998 |
| Communications (2.6%) |  |  |
| Amazon.com, Inc., |  |  |
| <br>3.88%, 8/22/37 | 214000 | 192628 |
| AT&T, Inc., |  |  |
| <br>3.10%, 2/1/43 | 114000 | 81546 |
| <br>3.30%, 2/1/52 | 122000 | 76953 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital,<br>|  |  |
| <br>5.05%, 3/30/29 | 197000 | 197548 |
| Cisco Systems, Inc., |  |  |
| <br>5.35%, 2/26/64 | 89000 | 81872 |
| Comcast Corp., |  |  |
| <br>3.90%, 3/1/38 | 67000 | 57623 |
| Verizon Communications, Inc., |  |  |
| <br>1.75%, 1/20/31 | 233000 | 204899 |
|  |  | 893069 |
| Consumer, Cyclical (2.0%) |  |  |
| Aptiv Swiss Holdings Ltd., |  |  |
| <br>4.15%, 5/1/52 | 198000 | 144256 |
| AutoZone, Inc., |  |  |
| <br>3.75%, 6/1/27 | 68000 | 67551 |
| General Motors Financial Co., Inc., |  |  |
| <br>2.70%, 6/10/31 | 206000 | 185687 |
| Lowe's Cos., Inc., |  |  |
| <br>3.35%, 4/1/27 | 101000 | 100444 |
| <br>3.65%, 4/5/29 | 101000 | 99047 |
| Starbucks Corp., |  |  |
| <br>3.35%, 3/12/50 | 100000 | 67711 |
|  |  | 664696 |
| Consumer, Non-Cyclical (5.2%) |  |  |
| AbbVie, Inc., |  |  |
| <br>5.50%, 3/15/64 | 79000 | 74968 |
| Amgen, Inc., |  |  |
| <br>2.77%, 9/1/53 | 132000 | 77362 |
| Becton Dickinson & Co., |  |  |
| <br>1.96%, 2/11/31 | 105000 | 92726 |
| Elevance Health, Inc., |  |  |
| <br>5.00%, 1/15/36 | 249000 | 244580 |
| General Mills, Inc., |  |  |
| <br>5.25%, 1/30/35 (a) | 110000 | 109513 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Novartis Capital Corp., |  |  |
| <br>4.60%, 11/5/35 | $256000 | $250481 |
| Philip Morris International, Inc., |  |  |
| <br>4.90%, 11/1/34 | 252000 | 250464 |
| Stryker Corp., |  |  |
| <br>1.95%, 6/15/30 | 159000 | 143861 |
| <br>4.63%, 3/15/46 | 221000 | 191482 |
| Sysco Corp., |  |  |
| <br>4.50%, 4/1/46 | 155000 | 126226 |
| UnitedHealth Group, Inc., |  |  |
| <br>5.15%, 7/15/34 | 191000 | 193347 |
|  |  | 1755010 |
| Energy (1.4%) |  |  |
| Enbridge, Inc., |  |  |
| <br>6.00%, 11/15/28 | 84000 | 87174 |
| Equinor ASA, |  |  |
| <br>3.95%, 5/15/43 | 50000 | 41227 |
| Kinder Morgan, Inc., |  |  |
| <br>5.20%, 3/1/48 | 121000 | 109212 |
| Occidental Petroleum Corp., |  |  |
| <br>6.60%, 3/15/46 | 219000 | 229224 |
|  |  | 466837 |
| Finance (9.5%) |  |  |
| Aon North America, Inc., |  |  |
| <br>5.75%, 3/1/54 | 134000 | 128996 |
| Bank of America Corp., |  |  |
| MTN |  |  |
| <br>4.95%, 7/22/28 | 85000 | 85516 |
| Bank of Nova Scotia, |  |  |
| <br>4.34%, 9/15/31 | 255000 | 251672 |
| Capital One Financial Corp., |  |  |
| <br>5.88%, 7/26/35 | 115000 | 118124 |
| Charles Schwab Corp., |  |  |
| <br>5.85%, 5/19/34 | 75000 | 78739 |
| Citigroup, Inc., |  |  |
| <br>2.57%, 6/3/31 | 94000 | 86488 |
| <br>2.67%, 1/29/31 | 92000 | 85582 |
| <br>5.17%, 2/13/30 | 192000 | 194958 |
| Citizens Financial Group, Inc., |  |  |
| <br>5.25%, 3/5/31 | 152000 | 153965 |
| <br>5.84%, 1/23/30 | 248000 | 255253 |
| Equinix, Inc., |  |  |
| <br>2.15%, 7/15/30 | 238000 | 214536 |
| Essex Portfolio LP, |  |  |
| <br>5.50%, 4/1/34 | 116000 | 118425 |
| Fifth Third Bancorp, |  |  |
| <br>5.63%, 1/29/32 | 109000 | 112554 |
| Goldman Sachs Group, Inc., |  |  |
| <br>2.91%, 7/21/42 | 107000 | 76470 |
| <br>6.56%, 10/24/34 | 71000 | 77165 |
| PNC Financial Services Group, Inc., |  |  |
| <br>5.35%, 12/2/28 | 84000 | 85223 |
| Prologis LP, |  |  |
| <br>5.25%, 5/15/35 | 247000 | 250528 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee U.S. Bond Index Fund**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Finance (cont'd) |  |  |
| Regions Financial Corp., |  |  |
| <br>5.50%, 9/6/35 | $140000 | $140704 |
| Sumisho Air Lease Corp., |  |  |
| <br>5.85%, 12/15/27 | 142000 | 144738 |
| Travelers Cos., Inc., |  |  |
| <br>4.10%, 3/4/49 | 243000 | 193272 |
| Truist Financial Corp., |  |  |
| MTN |  |  |
| <br>6.12%, 10/28/33 | 74000 | 78546 |
| U.S. Bancorp, |  |  |
| MTN |  |  |
| <br>4.55%, 7/22/28 | 124000 | 124217 |
| Wells Fargo & Co., |  |  |
| MTN |  |  |
| <br>2.57%, 2/11/31 | 93000 | 86298 |
| <br>4.61%, 4/25/53 | 87000 | 72134 |
|  |  | 3214103 |
| Industrials (1.3%) |  |  |
| CSX Corp., |  |  |
| <br>5.05%, 6/15/35 | 67000 | 67334 |
| General Dynamics Corp., |  |  |
| <br>2.85%, 6/1/41 | 118000 | 87748 |
| John Deere Capital Corp., |  |  |
| <br>4.50%, 1/16/29 | 194000 | 195573 |
| RTX Corp., |  |  |
| <br>1.90%, 9/1/31 | 111000 | 96970 |
|  |  | 447625 |
| Technology (3.2%) |  |  |
| Broadcom, Inc., |  |  |
| <br>4.90%, 2/15/38 | 155000 | 149888 |
| Fidelity National Information Services, Inc., |  |  |
| <br>1.65%, 3/1/28 | 111000 | 105348 |
| <br>5.10%, 7/15/32 | 216000 | 216250 |
| Fiserv, Inc., |  |  |
| <br>4.20%, 10/1/28 | 110000 | 108837 |
| Intel Corp., |  |  |
| <br>5.05%, 8/5/62 | 99000 | 81577 |
| <br>5.20%, 2/10/33 | 82000 | 83075 |
| KLA Corp., |  |  |
| <br>5.25%, 7/15/62 | 210000 | 192419 |
| Oracle Corp., |  |  |
| <br>2.95%, 4/1/30 | 82000 | 75157 |
| QUALCOMM, Inc., |  |  |
| <br>6.00%, 5/20/53 | 73000 | 74689 |
|  |  | 1087240 |
| Utilities (3.5%) |  |  |
| American Electric Power Co., Inc., |  |  |
| <br>5.63%, 3/1/33 | 250000 | 258643 |
| Consolidated Edison Co. of New York, Inc., |  |  |
| <br>3.70%, 11/15/59 | 191000 | 131439 |
| Dominion Energy South Carolina, Inc., |  |  |
| <br>6.25%, 10/15/53 | 70000 | 73825 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br>|
| Duke Energy Carolinas LLC, |  |  |
| <br>5.40%, 1/15/54 | $80000 | $75383 |
| Duke Energy Indiana LLC, |  |  |
| <br>5.40%, 4/1/53 | 82000 | 76303 |
| Exelon Corp., |  |  |
| <br>5.15%, 3/15/29 | 84000 | 85581 |
| National Rural Utilities Cooperative Finance <br> Corp.,<br>|  |  |
| <br>4.75%, 2/7/28 | 158000 | 159200 |
| Pacific Gas & Electric Co., |  |  |
| <br>2.50%, 2/1/31 | 221000 | 198846 |
| Southern Co., |  |  |
| <br>4.85%, 6/15/28 | 133000 | 134103 |
|  |  | 1193323 |
|  |  | 10351901 |
| U.S. Agency Securities (1.8%) |  |  |
| Federal Home Loan Bank, <br>4.00%, 3/10/27<br>| 160000 | 160342 |
| Federal National Mortgage Association, |  |  |
| 0.75%, 10/8/27 | 216000 | 206707 |
| 0.88%, 8/5/30 | 274000 | 240854 |
|  |  | 607903 |
| U.S. Treasury Securities (66.7%) |  |  |
| U.S. Treasury Bond, |  |  |
| 1.38%, 8/15/50 | 1337000 | 646147 |
| 2.75%, 8/15/47 | 1851000 | 1297291 |
| 3.00%, 2/15/49 | 1466000 | 1058670 |
| 3.38%, 11/15/48 | 1202000 | 931691 |
| 4.50%, 2/15/36 | 650000 | 659598 |
| 6.50%, 11/15/26 | 102000 | 103484 |
| 6.63%, 2/15/27 | 331000 | 338415 |
| U.S. Treasury Notes, |  |  |
| 0.50%, 4/30/27 | 2685000 | 2599670 |
| 1.13%, 2/15/31 | 911000 | 797516 |
| 1.25%, 4/30/28 | 2140000 | 2032498 |
| 1.63%, 10/31/26 | 572000 | 566073 |
| 3.75%, 12/31/28 | 1609000 | 1602683 |
| 4.00%, 1/31/29 - 2/15/34 | 5774000 | 5736290 |
| 4.25%, 6/30/31 | 1594000 | 1608881 |
| 4.38%, 5/15/34 | 1529000 | 1538855 |
| 4.63%, 9/30/30 | 1127000 | 1155241 |
|  |  | 22673003 |
| **Total Fixed Income Securities (Cost $33,840,874)** | **Total Fixed Income Securities (Cost $33,840,874)** | 33632807 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**E\*TRADE No Fee U.S. Bond Index Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Short-Term Investment (0.1%)** |  |  |
| Investment Company (0.1%) |  |  |
| Morgan Stanley Institutional Liquidity Funds — <br> Government Portfolio — Institutional Class, <br> 3.57% (See Note E) **(Cost $29,512)**<br>| 29512 | $29512 |
| **Total Investments (99.1%) (Cost $33,870,386)** <br>**including $111,021 of Securities Loaned (b)** | **Total Investments (99.1%) (Cost $33,870,386)** <br>**including $111,021 of Securities Loaned (b)** | 33662319 |
| **Other Assets in Excess of Liabilities (0.9%)** | **Other Assets in Excess of Liabilities (0.9%)** | 313561 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $33975880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security was on loan at April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At April 30, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $95,150 and the aggregate gross unrealized depreciation is approximately $303,217, resulting in net unrealized depreciation of approximately $208,067.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MTN Medium Term Note.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67.4<br> %<br>|
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.7 |
| Other\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Industries and/or investment types representing less than 5% of total investments. 

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

April 30, 2026 (unaudited)

Statements of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**Large Cap** <br>**Index Fund**<br>| **E\*TRADE** <br>**No Fee** <br>**Total Market** <br>**Index Fund**<br>| **E\*TRADE** <br>**No Fee** <br>**International** <br>**Index Fund**<br>|
| **Assets:** |  |  |  |
| Investments in Securities of Unaffiliated Issuers, at Cost | $100105262 | $73650327 | $49252898 |
| Investments in Securities of Affiliated Issuers, at Cost | 1158952 | 836139 | 438922 |
| Total Investments in Securities, at Cost | 101264214 | 74486466 | 49691820 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> <br>| 112009536 | 84148609 | 56816808 |
| Investments in Securities of Affiliated Issuers, at Value | 1231847 | 890405 | 438922 |
| Total Investments in Securities, at Value | 113241383 | 85039014 | 57255730 |
| Foreign Currency, at Value (Cost of $—, $— and $146,187, respectively) |  |  | 147084 |
| Cash |  | 6 | 7 |
| Dividends Receivable | 40971 | 30599 | 196136 |
| Receivable for Fund Shares Sold | 89404 | 91238 | 15303 |
| Tax Reclaim Receivable |  |  | 26289 |
| Receivable from Affiliate | 3060 | 2045 | 1167 |
| Receivable for Investments Sold |  |  | 1141 |
| Receivable from Securities Lending Income | 14 | 124 | 981 |
| Other Assets | 277 | 212 | 149 |
| **Total Assets** | 113375109 | 85163238 | 57643987 |
| **Liabilities:** |  |  |  |
| Payable for Investments Purchased | 677390 | 317928 | 96701 |
| Collateral on Securities Loaned, at Value | 52109 | 227919 | 221950 |
| Payable for Fund Shares Redeemed | 53155 | 97585 | 119560 |
| Deferred Capital Gain Country Tax | 508 |  |  |
| Other Liabilities | 277 | 211 | 151 |
| **Total Liabilities** | 783439 | 643643 | 438362 |
| **Net Assets** | $112591670 | $84519595 | $57205625 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in-Capital | $101005844 | $74293594 | $49805834 |
| Total Distributable Earnings | 11585826 | 10226001 | 7399791 |
| **Net Assets** | $112591670 | $84519595 | $57205625 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited number of shares authorized) | 8326941 | 6230854 | 4255956 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $13.52 | $13.56 | $13.44 |
| <sup>(1)</sup> **Including:** |  |  |  |
| Securities on Loan, at Value: | $79796 | $301396 | $2019192 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Statements of Assets and Liabilities (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**Municipal Bond** <br>**Index Fund**<br>| **E\*TRADE** <br>**No Fee** <br>**U.S. Bond** <br>**Index Fund**<br>|
| **Assets:** |  |  |
| Investments in Securities of Unaffiliated Issuers, at Cost | $29538005 | $33840874 |
| Investments in Securities of Affiliated Issuers, at Cost |  | 29512 |
| Total Investments in Securities, at Cost | 29538005 | 33870386 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> <br>| 30107673 | 33632807 |
| Investments in Securities of Affiliated Issuers, at Value |  | 29512 |
| Total Investments in Securities, at Value | 30107673 | 33662319 |
| Interest Receivable | 352403 | 311181 |
| Receivable for Fund Shares Sold | 3833 | 13873 |
| Receivable from Affiliate |  | 298 |
| Receivable from Securities Lending Income |  | 29 |
| Other Assets | 93 | 98 |
| **Total Assets** | 30464002 | 33987798 |
| **Liabilities:** |  |  |
| Payable for Fund Shares Redeemed | 10331 | 11821 |
| Other Liabilities | 94 | 97 |
| **Total Liabilities** | 10425 | 11918 |
| **Net Assets** | $30453577 | $33975880 |
| **Net Assets Consist of:** |  |  |
| Paid-in-Capital | $30052764 | $34158962 |
| Total Distributable Earnings (Accumulated Loss) | 400813 | (183082)<br>|
| **Net Assets** | $30453577 | $33975880 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited number of shares authorized) | 2928492 | 3356234 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.40 | $10.12 |
| <sup>(1)</sup> **Including:** |  |  |
| Securities on Loan, at Value: | $— | $111021 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Statements of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**Large Cap** <br>**Index Fund**<br>| **E\*TRADE** <br>**No Fee** <br>**Total Market** <br>**Index Fund**<br>| **E\*TRADE** <br>**No Fee** <br>**International** <br>**Index Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of $—, $57 and $77,883, <br> respectively)<br>| $496491 | $381544 | $653748 |
| Dividends from Securities of Affiliated Issuers (Note E) | 7596 | 5557 | 8327 |
| Income from Securities Loaned — Net | 286 | 668 | 3263 |
| Total Investment Income | 504373 | 387769 | 665338 |
| **Realized Loss:** |  |  |  |
| Investments Sold (Net of Capital Gain Country Tax $218, $— and $—, respectively) | (466555)<br>| (458394)<br>| (358557)<br>|
| Foreign Currency Transaction |  |  | (5263)<br>|
| Net Realized Loss | (466555)<br>| (458394)<br>| (363820)<br>|
| **Change in Unrealized Appreciation (Depreciation):** |  |  |  |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $247, $— and $—, respectively) | 5850099 | 4816652 | 4247940 |
| Investments in Affiliates | 45241 | 29489 |  |
| Foreign Currency Translation |  |  | 6540 |
| Net Change in Unrealized Appreciation (Depreciation) | 5895340 | 4846141 | 4254480 |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 5428785 | 4387747 | 3890660 |
| Net Increase in Net Assets Resulting from Operations | $5933158 | $4775516 | $4555998 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Statements of Operations (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**Municipal Bond** <br>**Index Fund**<br>| **E\*TRADE** <br>**No Fee** <br>**U.S. Bond** <br>**Index Fund**<br>|
| **Investment Income:** |  |  |
| Interest from Securities of Unaffiliated Issuers | $469549 | $615444 |
| Dividends from Securities of Affiliated Issuers (Note E) |  | 3278 |
| Income from Securities Loaned — Net |  | 96 |
| Total Investment Income | 469549 | 618818 |
| **Realized Gain:** |  |  |
| Investments Sold | 85 | 24680 |
| **Change in Unrealized Appreciation (Depreciation):** |  |  |
| Investments | (186026)<br>| (598766)<br>|
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | (185941)<br>| (574086)<br>|
| Net Increase in Net Assets Resulting from Operations | $283608 | $44732 |

---

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**Large Cap** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**Large Cap** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**Total Market** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**Total Market** <br>**Index Fund** |
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)**<br>| **Period from** <br>**April 11, 2025**<sup>(2)</sup> **to** <br>**October 31, 2025**<br>| **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)**<br>| **Period from** <br>**April 11, 2025**<sup>(2)</sup> **to** <br>**October 31, 2025**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Investment Income | $504373 | $192903 | $387769 | $180198 |
| Net Realized Loss | (466555)<br>| (279379)<br>| (458394)<br>| (119568)<br>|
| Net Change in Unrealized Appreciation (Depreciation) | 5895340 | 6081540 | 4846141 | 5706407 |
| Net Increase in Net Assets Resulting from Operations | 5933158 | 5995064 | 4775516 | 5767037 |
| Dividends and Distributions to Shareholders | (342396)<br>|  | (316552)<br>|  |
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |  |  |
| Subscribed | 58307640 | 63537748 | 41107716 | 46079216 |
| Distributions Reinvested | 342396 |  | 316552 |  |
| Redeemed | (13544681)<br>| (7637259)<br>| (8272899)<br>| (4936991)<br>|
| Net Increase in Net Assets Resulting from Capital Share <br> Transactions<br>| 45105355 | 55900489 | 33151369 | 41142225 |
| Total Increase in Net Assets | 50696117 | 61895553 | 37610333 | 46909262 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period  | 61895553 |  | 46909262 |  |
| End of Period | $112591670 | $61895553 | $84519595 | $46909262 |
| **(1) Capital Share Transactions:** |  |  |  |  |
| Shares Subscribed | 4549355 | 5440905 | 3199250 | 4054075 |
| Shares Issued on Distributions Reinvested | 26770 |  | 24731 |  |
| Shares Redeemed | (1061955)<br>| (628134)<br>| (645757)<br>| (401445)<br>|
| Net Increase in Share Outstanding | 3514170 | 4812771 | 2578224 | 3652630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Commencement of Operations.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Statements of Changes in Net Assets (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**International** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**International** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**Municipal Bond** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**Municipal Bond** <br>**Index Fund** |
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)**<br>| **Period from** <br>**April 11, 2025**<sup>(2)</sup> **to** <br>**October 31, 2025**<br>| **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)**<br>| **Period from** <br>**April 11, 2025**<sup>(2)</sup> **to** <br>**October 31, 2025**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Investment Income | $665338 | $329686 | $469549 | $313845 |
| Net Realized Gain (Loss) | (363820)<br>| (42210)<br>| 85 | 10813 |
| Net Change in Unrealized Appreciation (Depreciation) | 4254480 | 3312793 | (186026)<br>| 755694 |
| Net Increase in Net Assets Resulting from Operations | 4555998 | 3600269 | 283608 | 1080352 |
| Dividends and Distributions to Shareholders | (756476)<br>|  | (582798)<br>| (380349)<br>|
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |  |  |
| Subscribed | 24033809 | 33411934 | 12311525 | 21997577 |
| Distributions Reinvested | 756476 |  | 582798 | 380349 |
| Redeemed | (5593432)<br>| (2802953)<br>| (3667897)<br>| (1551588)<br>|
| Net Increase in Net Assets Resulting from Capital Share <br> Transactions<br>| 19196853 | 30608981 | 9226426 | 20826338 |
| Total Increase in Net Assets | 22996375 | 34209250 | 8927236 | 21526341 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period  | 34209250 |  | 21526341 |  |
| End of Period | $57205625 | $34209250 | $30453577 | $21526341 |
| **(1) Capital Share Transactions:** |  |  |  |  |
| Shares Subscribed | 1848980 | 3018433 | 1169877 | 2166434 |
| Shares Issued on Distributions Reinvested | 60712 |  | 55631 | 36921 |
| Shares Redeemed | (430928)<br>| (241241)<br>| (349407)<br>| (150964)<br>|
| Net Increase in Share Outstanding | 1478764 | 2777192 | 876101 | 2052391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Commencement of Operations.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Statements of Changes in Net Assets (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **E\*TRADE** <br>**No Fee** <br>**U.S. Bond** <br>**Index Fund** | **E\*TRADE** <br>**No Fee** <br>**U.S. Bond** <br>**Index Fund** |
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)**<br>| **Period from** <br>**April 11, 2025**<sup>(2)</sup> **to** <br>**October 31, 2025**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| Investment Income | $618818 | $370515 |
| Net Realized Gain | 24680 | 19802 |
| Net Change in Unrealized Appreciation (Depreciation) | (598766)<br>| 390699 |
| Net Increase in Net Assets Resulting from Operations | 44732 | 781016 |
| Dividends and Distributions to Shareholders | (638089)<br>| (370741)<br>|
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |
| Subscribed | 18948173 | 21794566 |
| Distributions Reinvested | 638089 | 370741 |
| Redeemed | (5600273)<br>| (1992334)<br>|
| Net Increase in Net Assets Resulting from Capital Share Transactions | 13985989 | 20172973 |
| Total Increase in Net Assets | 13392632 | 20583248 |
| **Net Assets:** |  |  |
| Beginning of Period  | 20583248 |  |
| End of Period | $33975880 | $20583248 |
| **(1) Capital Share Transactions:** |  |  |
| Shares Subscribed | 1843585 | 2154074 |
| Shares Issued on Distributions Reinvested | 62334 | 36273 |
| Shares Redeemed | (545792)<br>| (194240)<br>|
| Net Increase in Share Outstanding | 1360127 | 1996107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Commencement of Operations.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

**E\*TRADE No Fee Large Cap Index Fund** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Selected Per Share Data and Ratios** | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $12.86 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| **Distributions from and/or in Excess of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp; (0.00)<sup>(3)</sup><br>| &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $12.86 |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 5.62<br> %<sup>(4)(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.60<br> %<sup>(4)(5)</sup><br>|
| **Ratios To Average Net Assets And Supplemental Data:** |  |  |
| Net Assets, End of Period (Thousands) | &nbsp;&nbsp; $112592 | &nbsp;&nbsp; $61896 |
| Ratio of Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp; 4<br> %<sup>(5)</sup><br>| &nbsp;&nbsp; 8<br> %<sup>(5)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amount is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Calculated based on the net asset value as of the last business day of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

**E\*TRADE No Fee Total Market Index Fund** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Selected Per Share Data and Ratios** | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $12.84 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| **Distributions from and/or in Excess of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $13.56 | &nbsp;&nbsp; $12.84 |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 6.21<br> %<sup>(3)(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.40<br> %<sup>(3)(4)</sup><br>|
| **Ratios To Average Net Assets And Supplemental Data:** |  |  |
| Net Assets, End of Period (Thousands) | &nbsp;&nbsp; $84520 | &nbsp;&nbsp; $46909 |
| Ratio of Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<sup>(5)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp; 3<br> %<sup>(4)</sup><br>| &nbsp;&nbsp; 6<br> %<sup>(4)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amount is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculated based on the net asset value as of the last business day of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

**E\*TRADE No Fee International Index Fund** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Selected Per Share Data and Ratios** | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Distributions from and/or in Excess of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp; (0.00)<sup>(3)</sup><br>| &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $12.32 |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 11.29<br> %<sup>(4)(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.20<br> %<sup>(4)(5)</sup><br>|
| **Ratios To Average Net Assets And Supplemental Data:** |  |  |
| Net Assets, End of Period (Thousands) | &nbsp;&nbsp; $57206 | &nbsp;&nbsp; $34209 |
| Ratio of Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp; 4<br> %<sup>(5)</sup><br>| &nbsp;&nbsp; 6<br> %<sup>(5)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amount is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Calculated based on the net asset value as of the last business day of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

**E\*TRADE No Fee Municipal Bond Index Fund** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Selected Per Share Data and Ratios** | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.00 |
| **Income (Loss) from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| **Distributions from and/or in Excess of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp; (0.00)<sup>(3)</sup><br>| &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $10.49 |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<sup>(4)(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.40<br> %<sup>(4)(5)</sup><br>|
| **Ratios To Average Net Assets And Supplemental Data:** |  |  |
| Net Assets, End of Period (Thousands) | &nbsp;&nbsp; $30454 | &nbsp;&nbsp; $21526 |
| Ratio of Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp; 4<br> %<sup>(5)</sup><br>| &nbsp;&nbsp; 7<br> %<sup>(5)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amount is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Calculated based on the net asset value as of the last business day of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

**E\*TRADE No Fee U.S. Bond Index Fund** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Selected Per Share Data and Ratios** | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** | &nbsp;&nbsp; **Period from** <br>**April 11, 2025**<sup>(1)</sup> <br>**to October 31, 2025** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $10.31 | &nbsp;&nbsp; $10.00 |
| **Income (Loss) from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Distributions from and/or in Excess of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.24)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $10.31 |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<sup>(3)(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> %<sup>(3)(4)</sup><br>|
| **Ratios To Average Net Assets And Supplemental Data:** |  |  |
| Net Assets, End of Period (Thousands) | &nbsp;&nbsp; $33976 | &nbsp;&nbsp; $20583 |
| Ratio of Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<sup>(5)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp; 31<br> %<sup>(4)</sup><br>| &nbsp;&nbsp; 13<br> %<sup>(4)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per share amount is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculated based on the net asset value as of the last business day of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

The accompanying notes are an integral part of the financial statements.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements

E\*TRADE Trust (the "Trust") is an open-end, management investment company established under Delaware law as a Delaware statutory trust under a Declaration of Trust dated December 13, 2024 ("Declaration of Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"). The Trust is comprised of five separate, active, diversified portfolios (individually referred to as a "Fund", collectively as the "Funds").

The Trust applies investment company accounting and reporting guidance Accounting Standard Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each Fund's Statement of Assets and Liabilities through the date of the financial statements were issued.

---

| | |
|:---|:---|
| **Fund Name** | **Fund Objective** |
| **E\*TRADE No Fee Large Cap Index Fund** | Seeks to provide investment results that, before fees and expenses, if any, correspond to the <br>total return of stocks of large capitalization U.S. companies.<br>|
| **E\*TRADE No Fee Total Market Index Fund** | Seeks to provide investment results that, before fees and expenses, if any, correspond to the <br> total return of a broad range of U.S. stocks.<br>|
| **E\*TRADE No Fee International Index Fund** | Seeks to provide investment results that, before fees and expenses, if any, correspond to the <br> total return of foreign developed stock markets.<br>|
| **E\*TRADE No Fee Municipal Bond Index Fund** | Seeks to provide investment results that, before fees and expenses, if any, are similar to the <br> underlying index.<br>|
| **E\*TRADE No Fee U.S. Bond Index Fund** | Seeks to provide investment results that, before fees and expenses, if any, are similar to the <br> underlying index.<br>|

---

**A. Summary of Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Funds use a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (5) foreign exchange transactions("spot contracts") and foreign exchange forward contracts("forward contracts") are valued

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

&nbsp;&nbsp;&nbsp;&nbsp;**2. Use of Estimates:** The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;**3. Fair Value Measurement:** Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust's investments. The inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – significant unobservable inputs including each Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value each Fund's investments as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Large Cap Index** | **E\*TRADE No Fee Large Cap Index** | **E\*TRADE No Fee Large Cap Index** | **E\*TRADE No Fee Large Cap Index** | **E\*TRADE No Fee Large Cap Index** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs**<sup>(1)</sup> <br>| **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $112394523 <br><sup>(2)</sup><br>| $— | $— | $112394523 |
| **Rights** |  |  | 5 | 5 |
| **Short-Term Investments** |  |  |  |  |
| Investment Company | 846855 |  |  | 846855 |
| **Total Assets** | **$113241378** | **$—** | **$5** | **$113241383** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) None of the unobservable inputs for Level 3 assets, individually or collectively,
 had a material impact on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The level classification by major category of investments is the same as the category
 presentation in the Portfolio of Investments.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2026 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs**<sup>(1)</sup> <br>| **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $1890048 | $— | $— | $1890048 |
| Air Freight & Logistics | 257443 |  |  | 257443 |
| Automobile Components | 91332 |  |  | 91332 |
| Automobiles | 1699785 |  |  | 1699785 |
| Banks | 3132281 |  |  | 3132281 |
| Beverages | 834067 |  |  | 834067 |
| Biotechnology | 1752154 |  |  | 1752154 |
| Broadline Retail | 3226562 |  |  | 3226562 |
| Building Products | 534959 |  |  | 534959 |
| Capital Markets | 2628224 |  |  | 2628224 |
| Chemicals | 937263 |  |  | 937263 |
| Commercial Services & Supplies | 404539 |  |  | 404539 |
| Communications Equipment | 1016372 |  |  | 1016372 |
| Construction & Engineering | 481488 |  |  | 481488 |
| Construction Materials | 227377 |  |  | 227377 |
| Consumer Finance | 484317 |  |  | 484317 |
| Consumer Staples Distribution & Retail | 1599545 |  |  | 1599545 |
| Containers & Packaging | 169007 |  |  | 169007 |
| Distributors | 37160 |  |  | 37160 |
| Diversified Consumer Services | 83001 |  |  | 83001 |
| Diversified REITs | 45082 |  |  | 45082 |
| Diversified Telecommunication Services | 649633 |  |  | 649633 |
| Electric Utilities | 1229758 |  |  | 1229758 |
| Electrical Equipment | 1198143 |  |  | 1198143 |
| Electronic Equipment, Instruments & Components | 898933 |  |  | 898933 |
| Energy Equipment & Services | 404171 |  |  | 404171 |
| Entertainment | 1145025 |  |  | 1145025 |
| Financial Services | 2470212 |  |  | 2470212 |
| Food Products | 390931 |  |  | 390931 |
| Gas Utilities | 117766 |  |  | 117766 |
| Ground Transportation | 764794 |  |  | 764794 |
| Health Care Equipment & Supplies | 1297330 |  |  | 1297330 |
| Health Care Providers & Services | 1401579 |  |  | 1401579 |
| Health Care REITs | 315289 |  |  | 315289 |
| Health Care Technology | 42962 |  |  | 42962 |
| Hotel & Resort REITs | 49940 |  |  | 49940 |
| Hotels, Restaurants & Leisure | 1504143 |  |  | 1504143 |
| Household Durables | 268262 |  |  | 268262 |
| Household Products | 594883 |  |  | 594883 |
| Independent Power & Renewable Electricity Producers | 134720 |  |  | 134720 |
| Industrial Conglomerates | 264716 |  |  | 264716 |
| Industrial REITs | 214228 |  |  | 214228 |
| Information Technology Services | 796873 |  |  | 796873 |
| Insurance | 1321845 |  |  | 1321845 |
| Interactive Media & Services | 6821446 |  |  | 6821446 |
| Leisure Products | 48682 |  |  | 48682 |
| Life Sciences Tools & Services | 655042 |  |  | 655042 |
| Machinery | 1807059 |  |  | 1807059 |
| Marine Transportation | 23703 |  |  | 23703 |
| Media | 194758 |  |  | 194758 |

---

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** | **E\*TRADE No Fee Total Market Index** |
| **Investment Type** | **Level 1**<br> **Unadjusted**<br> **quoted**<br> **prices**<br>| **Level 2**<br> **Other**<br> **significant**<br> **observable**<br> **inputs**<br>| **Level 3**<br> **Significant**<br> **unobservable**<br> **inputs**<sup>(1)</sup><br>| **Total** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Metals & Mining | $564806 | $— | $— | $564806 |
| Mortgage Real Estate Investment | 111204 |  |  | 111204 |
| Multi-Utilities | 429736 |  |  | 429736 |
| Office REITs | 40969 |  |  | 40969 |
| Oil, Gas & Consumable Fuels | 2779068 |  |  | 2779068 |
| Paper & Forest Products | 14398 |  |  | 14398 |
| Passenger Airlines | 155984 |  |  | 155984 |
| Personal Care Products | 85417 |  |  | 85417 |
| Pharmaceuticals | 2566895 |  |  | 2566895 |
| Professional Services | 444966 |  |  | 444966 |
| Real Estate Management & Development | 151729 |  |  | 151729 |
| Residential REITs | 199049 |  |  | 199049 |
| Retail REITs | 279036 |  |  | 279036 |
| Semiconductors & Semiconductor Equipment | 12723119 |  |  | 12723119 |
| Software | 6461118 | 566 |  | 6461684 |
| Specialized REITs | 656650 |  |  | 656650 |
| Specialty Retail | 1408508 |  |  | 1408508 |
| Tech Hardware, Storage & Peripherals | 5529589 |  |  | 5529589 |
| Textiles, Apparel & Luxury Goods | 195826 |  |  | 195826 |
| Tobacco | 454476 |  |  | 454476 |
| Trading Companies & Distributors | 413980 |  |  | 413980 |
| Water Utilities | 57936 |  |  | 57936 |
| Wireless Telecommunication Services | 113248 |  |  | 113248 |
| **Total Common Stocks** | **84396539** | **566** | **—** | **84397105** |
| **Rights** |  |  | 33 | 33 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 641876 |  |  | 641876 |
| **Total Assets** | **$85038415** | **$566** | **$33** | **$85039014** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) None of the unobservable inputs for Level 3 assets, individually or collectively,
 had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2026 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs**<br>| **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $71647 | $1522618 | $— | $1594265 |
| Air Freight & Logistics |  | 266899 |  | 266899 |
| Automobile Components | 36531 | 325593 |  | 362124 |
| Automobiles |  | 1061532 |  | 1061532 |
| Banks | 1832323 | 7330077 |  | 9162400 |
| Beverages | 44921 | 480605 |  | 525526 |
| Biotechnology | 107096 | 179810 |  | 286906 |
| Broadline Retail | 151036 | 420670 |  | 571706 |
| Building Products |  | 399626 |  | 399626 |
| Capital Markets | 301492 | 1417978 |  | 1719470 |
| Chemicals | 82092 | 1113239 |  | 1195331 |
| Commercial Services & Supplies | 162484 | 187551 |  | 350035 |

---

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** |
| **Investment Type** | **Level 1**<br> **Unadjusted**<br> **quoted**<br> **prices**<br>| **Level 2**<br> **Other**<br> **significant**<br> **observable**<br> **inputs**<br>| **Level 3**<br> **Significant**<br> **unobservable**<br> **inputs**<br>| **Total** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Communications Equipment | $— | $227041 | $— | $227041 |
| Construction & Engineering | 99471 | 547934 |  | 647405 |
| Construction Materials |  | 259668 |  | 259668 |
| Consumer Finance |  | 4471 |  | 4471 |
| Consumer Staples Distribution & Retail | 214318 | 578182 |  | 792500 |
| Containers & Packaging | 20397 |  |  | 20397 |
| Distributors |  | 11985 |  | 11985 |
| Diversified Consumer Services |  | 19892 |  | 19892 |
| Diversified REITs |  | 126044 |  | 126044 |
| Diversified Telecommunication Services | 107155 | 986856 |  | 1094011 |
| Electric Utilities | 126007 | 1031447 |  | 1157454 |
| Electrical Equipment |  | 1748661 |  | 1748661 |
| Electronic Equipment, Instruments & Components | 106745 | 690383 |  | 797128 |
| Energy Equipment & Services |  | 21770 |  | 21770 |
| Entertainment |  | 262594 |  | 262594 |
| Financial Services |  | 631471 |  | 631471 |
| Food Products | 22134 | 1081338 |  | 1103472 |
| Gas Utilities | 29346 | 162691 |  | 192037 |
| Ground Transportation | 364499 | 219641 |  | 584140 |
| Health Care Equipment & Supplies |  | 662240 |  | 662240 |
| Health Care Providers & Services |  | 133239 |  | 133239 |
| Health Care Technology |  | 31120 |  | 31120 |
| Hotels, Restaurants & Leisure | 58019 | 422805 |  | 480824 |
| Household Durables |  | 472355 |  | 472355 |
| Household Products |  | 188806 |  | 188806 |
| Independent Power & Renewable Electricity Producers |  | 209664 |  | 209664 |
| Industrial Conglomerates |  | 1005987 |  | 1005987 |
| Industrial REITs |  | 198333 |  | 198333 |
| Information Technology Services | 370036 | 279410 |  | 649446 |
| Insurance | 545009 | 2704111 |  | 3249120 |
| Interactive Media & Services |  | 84874 |  | 84874 |
| Leisure Products |  | 61893 |  | 61893 |
| Life Sciences Tools & Services | 17158 | 131871 |  | 149029 |
| Machinery | 5708 | 1729634 |  | 1735342 |
| Marine Transportation |  | 175388 |  | 175388 |
| Media |  | 119876 |  | 119876 |
| Metals & Mining | 926508 | 1747209 |  | 2673717 |
| Multi-Utilities | 6176 | 507721 |  | 513897 |
| Office REITs |  | 56354 |  | 56354 |
| Oil, Gas & Consumable Fuels | 1244709 | 2023940 |  | 3268649 |
| Paper & Forest Products |  | 83225 |  | 83225 |
| Passenger Airlines |  | 174310 |  | 174310 |
| Personal Care Products |  | 588495 |  | 588495 |
| Pharmaceuticals |  | 3819732 |  | 3819732 |
| Professional Services | 25446 | 547796 |  | 573242 |
| Real Estate Management & Development | 9915 | 583583 |  | 593498 |
| Retail REITs | 8409 | 94278 |  | 102687 |
| Semiconductors & Semiconductor Equipment | 166465 | 2733189 |  | 2899654 |
| Software | 223048 | 539027 |  | 762075 |
| Specialty Retail |  | 442695 |  | 442695 |
| Tech Hardware, Storage & Peripherals |  | 129495 |  | 129495 |
| Textiles, Apparel & Luxury Goods | 26065 | 903861 |  | 929926 |
| Tobacco |  | 437057 |  | 437057 |
| Trading Companies & Distributors | 61861 | 1065524 |  | 1127385 |

---

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** | **E\*TRADE No Fee International Index** |
| **Investment Type** | **Level 1**<br> **Unadjusted**<br> **quoted**<br> **prices**<br>| **Level 2**<br> **Other**<br> **significant**<br> **observable**<br> **inputs**<br>| **Level 3**<br> **Significant**<br> **unobservable**<br> **inputs**<br>| **Total** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Transportation Infrastructure | $— | $155883 | $— | $155883 |
| Water Utilities |  | 55506 |  | 55506 |
| Wireless Telecommunication Services | 27849 | 595606 |  | 623455 |
| **Total Common Stocks** | **7602075** | **49214359** | **—** | **56816434** |
| **Rights** |  | 374 |  | 374 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 438922 |  |  | 438922 |
| **Total Assets** | **$8040997** | **$49214733** | **$—** | **$57255730** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee Municipal Bond Index** | **E\*TRADE No Fee Municipal Bond Index** | **E\*TRADE No Fee Municipal Bond Index** | **E\*TRADE No Fee Municipal Bond Index** | **E\*TRADE No Fee Municipal Bond Index** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs**<br>| **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Municipal Bonds** | $— | $29795146 | $— | $29795146 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 312527 |  |  | 312527 |
| **Total Assets** | **$312527** | **$29795146** | **$—** | **$30107673** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **E\*TRADE No Fee U.S. Bond Index** | **E\*TRADE No Fee U.S. Bond Index** | **E\*TRADE No Fee U.S. Bond Index** | **E\*TRADE No Fee U.S. Bond Index** | **E\*TRADE No Fee U.S. Bond Index** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs**<br>| **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |
| Corporate Bonds | $— | $10351901 | $— | $10351901 |
| U.S. Agency Securities |  | 607903 |  | 607903 |
| U.S. Treasury Securities |  | 22673003 |  | 22673003 |
| **Total Fixed Income Securities** | **—** | **33632807** | **—** | **33632807** |
| **Short-Term Investment** |  |  |  |  |
| Investment Company | 29512 |  |  | 29512 |
| **Total Assets** | **$29512** | **$33632807** | **$—** | **$33662319** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

&nbsp;&nbsp;&nbsp;&nbsp;**4. Foreign Currency Translation and Foreign Investments:** The books and records of certain Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of certain Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Funds do

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statements of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

&nbsp;&nbsp;&nbsp;&nbsp;**5. Securities Lending:** Certain Funds may lend securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Funds' Statements of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

A Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** |
| **Fund** | **Gross Asset** <br>**Amount** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial** <br>**Instrument**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral** <br>**Received**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Amount** <br>**(not less** <br>**than $0)**<br>|
| **E\*TRADE No Fee Large Cap Index Fund** | $79,796<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(76,576)(b)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3220 |
| **E\*TRADE No Fee Total Market Index Fund** | 301,396<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296,550)(b)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4846 |
| **E\*TRADE No Fee International Index Fund** | 2,019,192<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,019,192)(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **E\*TRADE No Fee U.S. Bond Index Fund** | 111,021<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111,021)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of loaned securities at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund did not maintain 100% collateral coverage at April 30, 2026. This was corrected
 on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund received cash collateral of $52,109, which was subsequently invested in Repurchase
 Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of $24,467
 in the form of U.S. Government obligations, which the Fund cannot sell or repledge,
 and accordingly are not reflected in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund received cash collateral of $227,919, which was subsequently invested in
 Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported
 in the Portfolio of Investments. In addition, the Fund received non-cash collateral of $68,631
 in the form of U.S. Government obligations, which the Fund cannot sell or repledge,
 and accordingly are not reflected in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund received cash collateral of $221,950, which was subsequently invested in
 Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported
 in the Portfolio of Investments. In addition, the Fund received non-cash collateral of $1,879,318
 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) The actual collateral received is greater than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund received non-cash collateral of $113,025 in the form of U.S. Government obligations,
 which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of April 30, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **˂30 days** | &nbsp;&nbsp;&nbsp; **Between** <br>**30 & 90 days**<br>| **˃90 Days** | **Total** |
| **E\*TRADE No Fee Large Cap Index Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| Common Stocks | $52109 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $52109 |
| **Total Borrowings** | **$52109** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$52109** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$52109** |
| **E\*TRADE No Fee Total Market Index Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| Common Stocks | 227919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227919 |
| **Total Borrowings** | **$227919** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$227919** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$227919** |
| **E\*TRADE No Fee International Index Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| Common Stocks | 221950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221950 |
| **Total Borrowings** | **$221950** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$221950** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$221950** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6. Indemnifications:** The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

&nbsp;&nbsp;&nbsp;&nbsp;**7. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually for E\*Trade No Fee Large Cap Index Fund, E\*Trade No Fee Total Market Index Fund, and E\*Trade No Fee International Index Fund and declared and paid monthly for E\*Trade No Fee Municipal Bond Index Fund and E\*Trade No Fee U.S. Bond Index Fund. Net realized capital gains, if any, are distributed at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;**8. Security Transactions and Income:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as a Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities.

&nbsp;&nbsp;&nbsp;&nbsp;**9. Segment Reporting:** Each Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. The Funds' President acts as the Company's Chief Operating Decision Maker ("CODM"), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in each Fund's Financial Statements.

**B. Fees and Other Transactions with Affiliates:** The Adviser provides investment advice and portfolio management services pursuant to a Management Agreement (the "Agreement") and, subject to the supervision of the Trust's Board of Trustees, makes or oversees the Funds' day-to-day investment decisions, arranges for the execution of portfolio transactions and generally

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

manages the Funds' investments. The Agreement was approved for an initial two-year period on March 13, 2025 and continues for successive one year periods, only if each renewal is specifically approved by the Trustees in accordance with the Act.

The Trustees of the Trust have approved a unitary management fee structure for each Fund. Under the unitary fee structure, the Adviser will not receive a management fee from the Fund and will pay all expenses of the Fund (including expenses of the Trust relating to the Fund), except for litigation expenses and other extraordinary expenses not incurred in the ordinary course of each Fund's business.

The Adviser also provides administrative services to the Trust pursuant to an Administration Agreement. The Funds do not pay a fee to the Adviser for its services under the Administration Agreement. The Adviser may compensate other service providers for performing shareholder servicing and administrative services.

Morgan Stanley Distribution, Inc. (the "Distributor") acts as the exclusive principal underwriter with respect to the continuous offering of each Fund's shares pursuant to the Distribution Agreement. The Distributor receives no compensation from the Funds for distributing shares of the Funds.

**C. Sub-Administration and Custodian Services:** Under an agreement between the Adviser and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Adviser pays State Street a fee from its own profits. The Adviser supervises and monitors the administrative and accounting services provided by State Street. State Street's services are also subject to the supervision of the Officers and Trustees of the Trust.

State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act.

**D. Dividend Disbursing and Transfer Agent:** The Trust's dividend disbursing and transfer agent is SS&C Global Investor and Distribution Solutions, Inc. ("SS&C GIDS").

**E. Security Transactions and Transactions with Affiliates:** For the six months ended April 30, 2026, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
| **Fund** | **Government** | **Non-Government** | **Government** | **Non-Government** |
| **E\*TRADE No Fee Large Cap Index Fund** | $— | $49245571 | $— | $3260371 |
| **E\*TRADE No Fee Total Market Index Fund** |  | 35402329 |  | 2007154 |
| **E\*TRADE No Fee International Index Fund** |  | 20806675 |  | 1769047 |
| **E\*TRADE No Fee Municipal Bond Index Fund** |  | 9817284 |  | 939886 |
| **E\*TRADE No Fee U.S. Bond Index Fund** | 16336005 | 5671848 | 7813786 | 895924 |

---

Certain Funds are permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"**readily available market quotation**"** for the security.

For the six months ended April 30, 2026, the Funds did not engage in any cross-trade transactions.

Each Trustee receives an annual retainer fee for serving as a Trustee of the Morgan Stanley Funds. The aggregate compensation paid to each Trustee is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The fund also reimburses such Trustees for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Adviser pays these expenses from the Management Fees it receives from the funds.

The Trust has a Deferred Compensation Plan (the "DC Plan"), which allows each Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees throughout the year. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley Funds that are offered as investment options under the DC Plan. At the Trustee's election, distributions are either in one lump sum payment, or

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

in the form of equal annual installments over a period of five years. The rights of an eligible Trustee and the beneficiaries to the amounts held under the DC Plan are unsecured and such amounts are subject to the claims of the creditors of the Trust.

Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Funds under the 1940 Act, including companies for which the Funds' holding represented 5% or more of the company's voting securities, and a series of the E\*Trade Trust in which the Funds invested for cash management purposes during the period. Certain Funds invest in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by the Adviser:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **E\*TRADE** <br>**No Fee** <br>**Large Cap** <br>**Index Fund**<br>| **Value** <br>**October 31,** <br>**2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2026**<br>|
| Liquidity Fund | $365754 | $25263897 | $24782796 | $7596 | $— | $— | $846855 |
| Morgan Stanley | 208936 | 130815 |  |  |  | 45241 | 384992 |
| Total | $574690 | $25394712 | $24782796 | $7596 | $— | $45241 | $1231847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **E\*TRADE** <br>**No Fee** <br>**Total Market** <br>**Index Fund**<br>|  |  |  |  |  |  |  |
| Liquidity Fund | $176381 | $14936785 | $14471290 | $5557 | $— | $— | $641876 |
| Morgan Stanley | 128248 | 90792 |  |  |  | 29489 | 248529 |
| Total | $304629 | $15027577 | $14471290 | $5557 | $— | $29489 | $890405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **E\*TRADE** <br>**No Fee** <br>**International** <br>**Index Fund**<br>|  |  |  |  |  |  |
| Liquidity Fund | $472985 | $9735179 | $9769242 | $8327 | $— | $438922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **E\*TRADE** <br>**No Fee** <br>**U.S. Bond** <br>**Index Fund**<br>|  |  |  |  |  |  |
| Liquidity Fund | $70449 | $12881040 | $12921977 | $3278 | $— | $29512 |

---

**F. Federal Income Taxes:** It is each Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements.

Each Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, a Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. Each Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. The tax year ended October 31, 2025 remains subject to examination by taxing authorities.

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal year 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025 Distributions** <br>**Paid From:** | **2025 Distributions** <br>**Paid From:** |
|  | **Ordinary** <br>**Income**<br>| **Tax-Exempt** <br>**Income**<br>|
| **E\*TRADE No Fee Large Cap Index Fund** | &nbsp;&nbsp; $— | $— |
| **E\*TRADE No Fee Total Market Index Fund** | &nbsp;&nbsp; — |  |
| **E\*TRADE No Fee International Index Fund** | &nbsp;&nbsp; — |  |
| **E\*TRADE No Fee Municipal Bond Index Fund** | &nbsp;&nbsp; 4261 | 376088 |
| **E\*TRADE No Fee U.S. Bond Index Fund** | &nbsp;&nbsp; 370741 |  |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Funds had no permanent differences causing reclassifications among the components of net assets for the year ended

October 31, 2025.

At October 31, 2025, the components of distributable earnings for the Fund on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Tax-Exempt** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>|
| **E\*TRADE No Fee Large Cap Index Fund** | $194845 | $— | $953 |
| **E\*TRADE No Fee Total Market Index Fund** | 198992 |  | 1752 |
| **E\*TRADE No Fee International Index Fund** | 666228 |  |  |
| **E\*TRADE No Fee Municipal Bond Index Fund** | 6849 | 259 |  |
| **E\*TRADE No Fee U.S. Bond Index Fund** | 20195 |  |  |

---

**G. Credit Facility:** The Trust and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six month ended April 30, 2026, the Funds did not have any borrowings under the Facility.

**H. Other:** At April 30, 2026, certain Funds had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on these Funds. These Funds and the aggregate percentage of such owners were as follows:

---

| | |
|:---|:---|
| **Fund**  | **Percent of** <br>**Ownership**<br>|
| **E\*TRADE No Fee Large Cap Index Fund** | 94.0<br> %<br>|
| **E\*TRADE No Fee Total Market Index Fund** | 83.8 |
| **E\*TRADE No Fee International Index Fund** | 76.0 |
| **E\*TRADE No Fee Municipal Bond Index Fund** | 64.3 |
| **E\*TRADE No Fee U.S. Bond Index Fund** | 68.8 |

---

**I. Principal Risks:**

**Correlation to Index Risk.** The Funds' performance may not match or correlate to that of the Index and the Funds' average duration may not match or correlate to the average duration of the Index. This may occur because of, among other things, transaction costs, the Funds' holding of cash, differences in accrual of interest, changes to the Index or the need to meet new or existing regulatory requirements. Factors such as Fund expenses, lack of correlation between the Funds' investments and each Fund's respective Index and imperfect correlation between the Funds' average duration and the average duration of each Fund's respective

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

Index, rounding of share prices, changes to the composition of each Fund's respective Index, regulatory policies, limitations on Fund investments imposed by Fund diversification and/or concentration policies, high portfolio turnover rate and the use of leverage all contribute to this risk. Unlike the Funds, the returns of the Indexes are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments and, accordingly, may cause each Fund's performance to be less than expected, or cause each Fund's duration to differ from the average duration of its respective Index. This risk may be heightened during times of market volatility, unusual market conditions or other abnormal circumstances. A Fund may be required to deviate its investments as compared to that of its Index to comply with applicable laws and regulations or because of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.

**Tracking Error.** Tracking error risk refers to the risk that each Fund's performance may not match or correlate to that of the Index it attempts to track, either on a daily or aggregate basis. Tracking error may occur because of transaction costs, the Funds' holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Factors such as Fund expenses, imperfect correlation between each Fund's investments and its respective Index, rounding of share prices, changes to the composition of the Index, regulatory policies, limitations on Fund investments imposed by Fund diversification and/or concentration policies, high portfolio turnover rate and the use of leverage all contribute to tracking error. Unlike the Fund, the returns of the Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may cause the Funds' performance to be less than expected. Tracking error risk may be heightened during times of market volatility, unusual market conditions or other abnormal circumstances. A Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with applicable laws and regulations or because of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates. If a Fund uses a sampling method of indexing, it may have a larger tracking error than if it used a replication method of indexing.

**Index Related Risk.** A Fund's return may not track the return of its respective Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund may incur operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of the Index.

In addition, a Fund's return may differ from the return of its respective Index because of, among other things, pricing differences and the inability to purchase certain securities included in the Index due to regulatory or other restrictions. In addition, if a Fund uses a representative sampling approach (which is likely in connection with a Fund's initial launch), the Fund may not be as well correlated with the return of its respective Index as when the Fund purchases all of the securities in the Index in the proportions in which they are represented in the Index. Errors in the construction or calculation of the Index may occur from time to time. Any such errors may not be identified and corrected by the index provider for some period of time, which may have an adverse impact on the Fund and its shareholders. The risk that a Fund may not track the performance of its respective Index may be heightened during times of increased market volatility or other unusual market conditions.

**Securities Lending.** Each Fund may lend its portfolio securities to broker-dealers and other institutional borrowers. During the existence of a loan, the Fund will continue to receive the equivalent of the interest paid by the issuer on the securities loaned, or all or a portion of the interest on investment of the collateral, if any. The Fund may pay lending fees to such borrowers. Loans will only be made to firms that have been approved by the Adviser, and the Adviser or the securities lending agent will periodically monitor the financial condition of such firms while such loans are outstanding. Securities loans will only be made when the Adviser believes that the expected returns, net of expenses, justify the attendant risks. Securities loans currently are required to be secured continuously by collateral in cash, cash equivalents (such as money market instruments) or other liquid securities held by the custodian and maintained in an amount at least equal to the market value of the securities loaned. Each Fund may engage in securities lending to generate income. Upon return of the loaned securities, the Fund would be required to return the related collateral to the borrower and may be required to liquidate portfolio securities in order to do so.

**Market and Geopolitical Risk.** The value of an investment in each Fund is based on the values of the Fund's investments, which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity of a Fund's investments, which may in turn impact a Fund's ability to sell securities and/or its ability to meet redemp

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

tions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of a Fund's investments, adversely affect and increase the volatility of a Fund's share price and exacerbate preexisting risks to a Fund. The frequency and magnitude of resulting changes in the value of a Fund's investments cannot be predicted.

**Non-Diversification Risk. (E\*TRADE No Fee Large Cap Index Fund, E\*TRADE No Fee Total Market Index Fund and E\*TRADE No Fee International Index Fund)** To the extent a Fund becomes "non-diversified" for periods of time solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index, a Fund may invest a greater percentage of its assets in a single issuer or a smaller number of issuers than a diversified fund. As a result, a Fund may be more susceptible to adverse developments affecting one or more issuers, and the value of Fund shares may be more volatile.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2026 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](tm2618461d1sari003.gif)

E\*Trade-NCSR 04.30.26

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness
of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within
90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been
recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that
the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive
officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal controls over financial reporting during the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial
reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a)(1) Registrant's Code of Ethics – Not applicable (please see Item 2).

---

| | |
|:---|:---|
| [(a)(2)(i)](tm2618461d1_ex99-cert.htm#cert_001) | [Principal Financial Officer's Section 302 certification.](tm2618461d1_ex99-cert.htm#cert_001) |

---

---

| | |
|:---|:---|
| [(a)(2)(ii)](tm2618461d1_ex99-cert.htm#cert_002) | [Principal Executive Officer's Section 302 certification.](tm2618461d1_ex99-cert.htm#cert_002) |

---

[(b)](tm2618461d1_ex99-906cert.htm) [Combined Section 906 certification.](tm2618461d1_ex99-906cert.htm)

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| E\*TRADE Trust | E\*TRADE Trust |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | June 18, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | June 18, 2026 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | June 18, 2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**E\*TRADE Trust**

**FORM N-CSR**

**Exhibit 19(a)(2)(i)**

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of E\*TRADE Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 18, 2026 | /s/ James F. Kirchner |
|  |  | James F. Kirchner |
|  |  | Principal Financial Officer |

---

**E\*TRADE Trust**

**FORM N-CSR**

**Exhibit 19(a)(2)(ii)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of E\*TRADE Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | June 18, 2026 | /s/ John H. Gernon |
|  |  | John H. Gernon |
|  |  | Principal Executive Officer |

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## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of E\*TRADE Trust (the "Trust") that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Semi-Annual Report of the Trust on Form N-CSR for the period ended April 30, 2026 (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations
of the Trust for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.**

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| |
|:---|
| E\*TRADE Trust |
| Date: June 18, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: June 18, 2026 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

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