# EDGAR Filing Document

**Accession Number:** 0002048903
**File Stem:** 0001104659-25-062059
**Filing Date:** 2025-6
**Character Count:** 315071
**Document Hash:** c3776838353ade44d2347eb6b2fbda87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-062059.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001104659-25-062059

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**EFFECTIVENESS DATE**: 20250624

**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:** 251068355

**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)

John H. Gernon

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

(Name and Address of Agent for Services)

<u>(212) 762-1886</u>

(Registrant's Telephone Number)

<u>October 31,</u>

Date of Fiscal Year End

<u>April 30, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [E\*TRADE No Fee International Index Fund](#classnamed42e3892-f8d6-4dbb-9097-a9c4ecb0eeac)<br> **[ETISX](#classnamed42e3892-f8d6-4dbb-9097-a9c4ecb0eeac)**  |
|  [E\*TRADE No Fee Large Cap Index Fund](#classname0b3c0a49-e2b6-4119-87f7-93ef77222f2f)<br> **[ETLGX](#classname0b3c0a49-e2b6-4119-87f7-93ef77222f2f)**  |
|  [E\*TRADE No Fee Municipal Bond Index Fund](#classnamec3f60ebc-5512-4e45-b5b1-e6387fc3a407)<br> **[ETMUX](#classnamec3f60ebc-5512-4e45-b5b1-e6387fc3a407)**  |
|  [E\*TRADE No Fee Total Market Index Fund](#classnameeef607b2-014e-4bd4-b270-dde5cea1c755)<br> **[ETTOX](#classnameeef607b2-014e-4bd4-b270-dde5cea1c755)**  |
|  [E\*TRADE No Fee U.S. Bond Index Fund](#classnamefecf5457-bc9f-4014-b50c-c18177bad5d8)<br> **[ETBOX](#classnamefecf5457-bc9f-4014-b50c-c18177bad5d8)**  |

---

# E\*TRADE Trust – E\*TRADE No Fee International Index Fund: ETISX
![Image](tm2514672d1_tsrimg003.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee International Index Fund for the period of April 11, 2025 to April 30, 2025. 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 | $12614033 |
| # of Portfolio Holdings | 940 |
| Portfolio Turnover Rate | 0% |

---

## 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](tm2514672d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 14.8% |
| Sweden | 2.8% |
| Netherlands | 3.4% |
| United States | 5.6% |
| Australia | 6.1% |
| Switzerland | 7.5% |
| Germany | 7.9% |
| France | 8.4% |
| Canada | 10.3% |
| United Kingdom | 12.4% |
| Japan | 20.8% |

---

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

---

| | |
|:---|:---|
| SAP SE | 1.4% |
| Nestle SA | 1.3% |
| ASML Holding NV | 1.2% |
| Roche Holding AG | 1.2% |
| Toyota Motor Corp. | 1.0% |
| AstraZeneca PLC | 1.0% |
| Novartis AG | 1.0% |
| Novo Nordisk AS | 1.0% |
| Shell PLC | 1.0% |
| HSBC Holdings PLC | 1.0% |
| Total | 11.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/etrade/our-family-of-funds.html](tm2514672d1_tsrimg002.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 calling1-800-869-6397 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, 2025

# ETISX -TSR-SAR

# E\*TRADE Trust – E\*TRADE No Fee Large Cap Index Fund: ETLGX
![Image](tm2514672d1_tsrimg003.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee Large Cap Index Fund for the period of April 11, 2025 to April 30, 2025. 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 | $7742432 |
| # of Portfolio Holdings | 505 |
| Portfolio Turnover Rate | 0% |

---

## 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](tm2514672d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.9% |
| Real Estate | 2.0% |
| Utilities | 2.3% |
| Energy | 3.1% |
| Short-Term Investments | 5.3% |
| Consumer Staples | 5.7% |
| Industrials | 8.1% |
| Communication Services | 9.1% |
| Consumer Discretionary | 9.9% |
| Health Care | 10.4% |
| Financials | 13.4% |
| Information Technology | 28.8% |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 6.2% |
| Microsoft Corp. | 5.8% |
| NVIDIA Corp. | 5.1% |
| Alphabet, Inc. | 3.5% |
| Amazon.com, Inc. | 3.4% |
| Meta Platforms, Inc. | 2.4% |
| Broadcom, Inc. | 1.8% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |
| Berkshire Hathaway, Inc. | 1.4% |
| Total | 32.7% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/etrade/our-family-of-funds.html](tm2514672d1_tsrimg002.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 calling1-800-869-6397 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, 2025

# ETLGX -TSR-SAR

# E\*TRADE Trust – E\*TRADE No Fee Municipal Bond Index Fund: ETMUX
![Image](tm2514672d1_tsrimg003.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee Municipal Bond Index Fund for the period of April 11, 2025 to April 30, 2025. 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 | $10614187 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 0% |

---

## 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](tm2514672d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference1</sup> | 6.7% |
| Transportation | 5.2% |
| Hospital | 5.7% |
| Water and Sewer | 6.4% |
| Lease Revenue/Certificates of Participation | 7.4% |
| Education | 13.5% |
| Special Tax Revenue | 14.0% |
| General Obligations | 41.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Industries and/or investment types representing less than 5% of total investments. |

---

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

---

| | |
|:---|:---|
| Illinois Finance Authority | 5.7% |
| Prosper Independent School District | 4.5% |
| New York State Dormitory Authority | 3.9% |
| New York City | 3.7% |
| North Texas Tollway Authority | 3.5% |
| Colorado | 3.5% |
| San Antonio Texas Electric and Gas Systems Revenue | 3.1% |
| County of Clark | 3.0% |
| Angleton Independent School District | 2.6% |
| Connecticut | 2.5% |
| Total | 36.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/etrade/our-family-of-funds.html](tm2514672d1_tsrimg002.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 calling1-800-869-6397 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, 2025

# ETMUX -TSR-SAR

# E\*TRADE Trust – E\*TRADE No Fee Total Market Index Fund: ETTOX
![Image](tm2514672d1_tsrimg003.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about E\*TRADE Trust - E\*TRADE No Fee Total Market Index Fund for the period of April 11, 2025 to April 30, 2025. 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 | $12594901 |
| # of Portfolio Holdings | 2101 |
| Portfolio Turnover Rate | 0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount is less than 0.5% |

---

## 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](tm2514672d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.5% |
| Materials | 2.3% |
| Utilities | 2.5% |
| Real Estate | 2.7% |
| Energy | 3.3% |
| Consumer Staples | 5.7% |
| Communication Services | 8.9% |
| Industrials | 9.6% |
| Consumer Discretionary | 10.3% |
| Health Care | 11.0% |
| Financials | 14.1% |
| Information Technology | 28.1% |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 5.8% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 4.8% |
| Alphabet, Inc. | 3.3% |
| Amazon.com, Inc. | 3.2% |
| Meta Platforms, Inc. | 2.2% |
| Broadcom, Inc. | 1.6% |
| Tesla, Inc. | 1.5% |
| Eli Lilly & Co. | 1.4% |
| Berkshire Hathaway, Inc. | 1.3% |
| Total | 30.5% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/etrade/our-family-of-funds.html](tm2514672d1_tsrimg002.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 calling1-800-869-6397 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, 2025

# ETTOX -TSR-SAR

# E\*TRADE Trust – E\*TRADE No Fee U.S. Bond Index Fund: ETBOX
![Image](tm2514672d1_tsrimg003.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
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 April 11, 2025 to April 30, 2025. 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 | $11029817 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 0% |

---

## 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](tm2514672d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.7% |
| U.S. Agency Securities | 4.8% |
| Corporate Bonds | 33.4% |
| U.S. Treasury Securities | 57.1% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Securities | 57.1% |
| Federal National Mortgage Association | 3.4% |
| Amgen, Inc. | 1.9% |
| Lowe's Cos., Inc. | 1.8% |
| Bank of America Corp. | 1.6% |
| Intel Corp. | 1.6% |
| JPMorgan Chase & Co. | 1.6% |
| Citigroup, Inc. | 1.5% |
| Federal Home Loan Bank | 1.5% |
| AT&T, Inc. | 1.5% |
| Total | 73.5% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/etrade/our-family-of-funds.html](tm2514672d1_tsrimg002.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 calling1-800-869-6397 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, 2025

# 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**

![](j25146722_aa001.jpg)

E\*TRADE Trust

**Semi-Annual Financial Statements and Additional Information \| April 30, 2025**

---

| | |
|:---|:---|
| | 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 |

---

![](j25146722_aa002.jpg)

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| Portfolio of Investments: | Portfolio of Investments: |
| E\*TRADE No Fee Large Cap Index Fund | 2 |
| E\*TRADE No Fee Total Market Index Fund | 9 |
| E\*TRADE No Fee International Index Fund | 32 |
| E\*TRADE No Fee Municipal Bond Index Fund | 42 |
| E\*TRADE No Fee U.S. Bond Index Fund | 44 |
| Statements of Assets and Liabilities | 46 |
| Statements of Operations | 48 |
| Statements of Changes in Net Assets | 50 |
| Financial Highlights | 52 |
| Notes to Financial Statements | 57 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| Investment Advisory Agreement Approval | 67 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***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 the Trust will decline and, therefore, the value of the 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.***

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stocks (98.2%)** | **Common Stocks (98.2%)** | **Common Stocks (98.2%)** |
| Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) | Aerospace & Defense (2.1%) |
| Axon Enterprise, Inc. (a) | 11 | $6746 |
| Boeing Co. (a) | 112 | 20523 |
| General Dynamics Corp. | 35 | 9524 |
| General Electric Co. | 175 | 35269 |
| HEICO Corp. | 6 | 1505 |
| HEICO Corp., Class A | 15 | 3014 |
| Howmet Aerospace, Inc. | 61 | 8453 |
| L3Harris Technologies, Inc. | 30 | 6601 |
| Lockheed Martin Corp. | 37 | 17677 |
| Northrop Grumman Corp. | 24 | 11676 |
| RTX Corp. | 210 | 26487 |
| TransDigm Group, Inc. | 8 | 11305 |
|  |  | 158780 |
| Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) |
| Expeditors International of Washington, Inc. | 21 | 2308 |
| FedEx Corp. | 35 | 7361 |
| United Parcel Service, Inc., Class B | 109 | 10388 |
|  |  | 20057 |
| Automobile Components (0.0%)‡ | Automobile Components (0.0%)‡ | Automobile Components (0.0%)‡ |
| Aptiv PLC (a) | 25 | 1427 |
| Automobiles (1.8%) | Automobiles (1.8%) | Automobiles (1.8%) |
| Ford Motor Co. | 696 | 6967 |
| General Motors Co. | 165 | 7465 |
| Tesla, Inc. (a) | 445 | 125561 |
|  |  | 139993 |
| Banks (3.3%) | Banks (3.3%) | Banks (3.3%) |
| Bank of America Corp. | 1080 | 43070 |
| Citigroup, Inc. | 287 | 19625 |
| Citizens Financial Group, Inc. | 65 | 2398 |
| Fifth Third Bancorp | 111 | 3989 |
| First Citizens BancShares, Inc., Class A | 2 | 3558 |
| Huntington Bancshares, Inc. | 207 | 3008 |
| JPMorgan Chase & Co. | 447 | 109345 |
| M&T Bank Corp. | 26 | 4414 |
| PNC Financial Services Group, Inc. | 59 | 9481 |
| Regions Financial Corp. | 132 | 2694 |
| Truist Financial Corp. | 211 | 8090 |
| U.S. Bancorp | 259 | 10448 |
| Wells Fargo & Co. | 541 | 38417 |
|  |  | 258537 |
| Beverages (1.2%) | Beverages (1.2%) | Beverages (1.2%) |
| Brown-Forman Corp., Class A | 15 | 519 |
| Brown-Forman Corp., Class B | 45 | 1568 |
| Coca-Cola Co. | 609 | 44183 |
| Constellation Brands, Inc., Class A | 25 | 4688 |
| Keurig Dr. Pepper, Inc. | 202 | 6987 |
| Monster Beverage Corp. (a) | 123 | 7395 |
| PepsiCo, Inc. | 214 | 29014 |
|  |  | 94354 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Biotechnology (1.9%) | Biotechnology (1.9%) | Biotechnology (1.9%) |
| AbbVie, Inc. | 278 | $54238 |
| Alnylam Pharmaceuticals, Inc. (a) | 18 | 4738 |
| Amgen, Inc. | 88 | 25601 |
| Biogen, Inc. (a) | 29 | 3511 |
| BioMarin Pharmaceutical, Inc. (a) | 36 | 2293 |
| Gilead Sciences, Inc. | 205 | 21841 |
| Incyte Corp. (a) | 33 | 2068 |
| Moderna, Inc. (a) | 35 | 999 |
| Natera, Inc. (a) | 20 | 3018 |
| Regeneron Pharmaceuticals, Inc. | 17 | 10179 |
| Vertex Pharmaceuticals, Inc. (a) | 40 | 20380 |
|  |  | 148866 |
| Broadline Retail (3.9%) | Broadline Retail (3.9%) | Broadline Retail (3.9%) |
| Amazon.com, Inc. (a) | 1496 | 275892 |
| Coupang, Inc. (Korea, Republic of) (a) | 182 | 4254 |
| eBay, Inc. | 83 | 5657 |
| MercadoLibre, Inc. (a) | 8 | 18647 |
|  |  | 304450 |
| Building Products (0.5%) | Building Products (0.5%) | Building Products (0.5%) |
| Builders FirstSource, Inc. (a) | 19 | 2273 |
| Carlisle Cos., Inc. | 8 | 3036 |
| Carrier Global Corp. | 128 | 8005 |
| Johnson Controls International PLC | 100 | 8390 |
| Lennox International, Inc. | 4 | 2187 |
| Trane Technologies PLC | 37 | 14182 |
|  |  | 38073 |
| Capital Markets (3.4%) | Capital Markets (3.4%) | Capital Markets (3.4%) |
| Ameriprise Financial, Inc. | 14 | 6594 |
| ARES Management Corp., Class A | 27 | 4118 |
| Bank of New York Mellon Corp. | 110 | 8845 |
| Blackrock, Inc. | 25 | 22857 |
| Blackstone, Inc. | 114 | 15015 |
| Blue Owl Capital, Inc. | 130 | 2409 |
| Cboe Global Markets, Inc. | 14 | 3105 |
| Charles Schwab Corp. | 247 | 20106 |
| CME Group, Inc. | 57 | 15794 |
| Coinbase Global, Inc., Class A (a) | 29 | 5884 |
| FactSet Research Systems, Inc. | 6 | 2593 |
| Goldman Sachs Group, Inc. | 51 | 27925 |
| Interactive Brokers Group, Inc., Class A | 19 | 3265 |
| Intercontinental Exchange, Inc. | 95 | 15957 |
| KKR & Co., Inc. | 108 | 12341 |
| LPL Financial Holdings, Inc. | 11 | 3518 |
| Moody's Corp. | 26 | 11781 |
| Morgan Stanley (See Note E) | 172 | 19852 |
| MSCI, Inc. | 11 | 5996 |
| Nasdaq, Inc. | 59 | 4497 |
| Northern Trust Corp. | 37 | 3477 |
| Raymond James Financial, Inc. | 30 | 4111 |
| Robinhood Markets, Inc., Class A (a) | 76 | 3732 |
| S&P Global, Inc. | 51 | 25503 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Capital Markets (cont'd) | Capital Markets (cont'd) | Capital Markets (cont'd) | Capital Markets (cont'd) |
| State Street Corp. | 48 | $| 4229 |
| T. Rowe Price Group, Inc. | 31 |  | 2745 |
| TPG, Inc. | 17 |  | 790 |
| Tradeweb Markets, Inc., Class A | 21 |  | 2904 |
|  |  |  | 259943 |
| Chemicals (1.2%) | Chemicals (1.2%) | Chemicals (1.2%) | Chemicals (1.2%) |
| Air Products & Chemicals, Inc. | 33 |  | 8946 |
| CF Industries Holdings, Inc. | 33 |  | 2586 |
| Corteva, Inc. | 121 |  | 7501 |
| Dow, Inc. | 100 |  | 3059 |
| DuPont de Nemours, Inc. | 56 |  | 3695 |
| Ecolab, Inc. | 41 |  | 10309 |
| International Flavors & Fragrances, Inc. | 37 |  | 2903 |
| Linde PLC | 76 |  | 34445 |
| LyondellBasell Industries NV, Class A | 50 |  | 2911 |
| PPG Industries, Inc. | 38 |  | 4137 |
| Sherwin-Williams Co. | 39 |  | 13764 |
| Westlake Corp. | 7 |  | 647 |
|  |  |  | 94903 |
| Commercial Services & Supplies (0.6%) | Commercial Services & Supplies (0.6%) | Commercial Services & Supplies (0.6%) | Commercial Services & Supplies (0.6%) |
| Cintas Corp. | 56 |  | 11854 |
| Copart, Inc. (a) | 132 |  | 8056 |
| Republic Services, Inc. | 32 |  | 8024 |
| Rollins, Inc. | 60 |  | 3428 |
| Veralto Corp. | 38 |  | 3644 |
| Waste Management, Inc. | 61 |  | 14235 |
|  |  |  | 49241 |
| Communications Equipment (0.8%) | Communications Equipment (0.8%) | Communications Equipment (0.8%) | Communications Equipment (0.8%) |
| Arista Networks, Inc. (a) | 174 |  | 14315 |
| Cisco Systems, Inc. | 623 |  | 35966 |
| Motorola Solutions, Inc. | 28 |  | 12331 |
|  |  |  | 62612 |
| Construction & Engineering (0.1%) | Construction & Engineering (0.1%) | Construction & Engineering (0.1%) | Construction & Engineering (0.1%) |
| EMCOR Group, Inc. | 8 |  | 3206 |
| Quanta Services, Inc. | 22 |  | 6439 |
|  |  |  | 9645 |
| Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) |
| CRH PLC | 102 |  | 9733 |
| Martin Marietta Materials, Inc. | 9 |  | 4716 |
| Vulcan Materials Co. | 21 |  | 5509 |
|  |  |  | 19958 |
| Consumer Finance (0.6%) | Consumer Finance (0.6%) | Consumer Finance (0.6%) | Consumer Finance (0.6%) |
| American Express Co. | 86 |  | 22911 |
| Capital One Financial Corp. | 61 |  | 10996 |
| Discover Financial Services | 39 |  | 7124 |
| Synchrony Financial | 57 |  | 2961 |
|  |  |  | 43992 |
| Consumer Staples Distribution & Retail (2.1%) | Consumer Staples Distribution & Retail (2.1%) | Consumer Staples Distribution & Retail (2.1%) | Consumer Staples Distribution & Retail (2.1%) |
| Costco Wholesale Corp. | 70 |  | 69615 |
| Dollar General Corp. | 37 |  | 3466 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Dollar Tree, Inc. (a) | 36 | $| 2944 |
| Kroger Co. | 105 |  | 7582 |
| Sysco Corp. | 89 |  | 6355 |
| Target Corp. | 68 |  | 6576 |
| Walmart, Inc. | 690 |  | 67102 |
|  |  |  | 163640 |
| Containers & Packaging (0.2%) | Containers & Packaging (0.2%) | Containers & Packaging (0.2%) | Containers & Packaging (0.2%) |
| Amcor PLC | 154 |  | 1417 |
| Avery Dennison Corp. | 9 |  | 1540 |
| Ball Corp. | 56 |  | 2909 |
| Packaging Corp. of America | 17 |  | 3155 |
| Smurfit WestRock PLC | 79 |  | 3319 |
|  |  |  | 12340 |
| Distributors (0.0%)‡ | Distributors (0.0%)‡ | Distributors (0.0%)‡ | Distributors (0.0%)‡ |
| Genuine Parts Co. | 25 |  | 2939 |
| Diversified Telecommunication Services (0.8%) | Diversified Telecommunication Services (0.8%) | Diversified Telecommunication Services (0.8%) | Diversified Telecommunication Services (0.8%) |
| AT&T, Inc. | 1161 |  | 32160 |
| Verizon Communications, Inc. | 676 |  | 29784 |
|  |  |  | 61944 |
| Electric Utilities (1.5%) | Electric Utilities (1.5%) | Electric Utilities (1.5%) | Electric Utilities (1.5%) |
| Alliant Energy Corp. | 53 |  | 3235 |
| American Electric Power Co., Inc. | 80 |  | 8667 |
| Constellation Energy Corp. | 53 |  | 11842 |
| Duke Energy Corp. | 119 |  | 14520 |
| Edison International | 65 |  | 3478 |
| Entergy Corp. | 60 |  | 4990 |
| Evergy, Inc. | 34 |  | 2350 |
| Eversource Energy | 62 |  | 3688 |
| Exelon Corp. | 176 |  | 8255 |
| FirstEnergy Corp. | 92 |  | 3945 |
| NextEra Energy, Inc. | 317 |  | 21201 |
| PG&E Corp. | 373 |  | 6162 |
| PPL Corp. | 100 |  | 3650 |
| Southern Co. | 181 |  | 16632 |
| Xcel Energy, Inc. | 90 |  | 6363 |
|  |  |  | 118978 |
| Electrical Equipment (0.8%) | Electrical Equipment (0.8%) | Electrical Equipment (0.8%) | Electrical Equipment (0.8%) |
| AMETEK, Inc. | 37 |  | 6274 |
| Eaton Corp. PLC | 62 |  | 18251 |
| Emerson Electric Co. | 85 |  | 8934 |
| GE Vernova, Inc. | 43 |  | 15945 |
| Hubbell, Inc. | 9 |  | 3269 |
| Rockwell Automation, Inc. | 20 |  | 4954 |
| Vertiv Holdings Co., Class A | 52 |  | 4440 |
|  |  |  | 62067 |
| Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) |
| Amphenol Corp., Class A | 199 |  | 15313 |
| CDW Corp. | 23 |  | 3693 |
| Corning, Inc. | 123 |  | 5459 |
| Jabil, Inc. | 20 |  | 2931 |
| Keysight Technologies, Inc. (a) | 28 |  | 4071 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Electronic Equipment, Instruments & Components (cont'd) | Electronic Equipment, Instruments & Components (cont'd) | Electronic Equipment, Instruments & Components (cont'd) | Electronic Equipment, Instruments & Components (cont'd) |
| TE Connectivity PLC | 52 | $| 7612 |
| Teledyne Technologies, Inc. (a) | 7 |  | 3262 |
| Trimble, Inc. (a) | 27 |  | 1678 |
| Zebra Technologies Corp., Class A (a) | 6 |  | 1502 |
|  |  |  | 45521 |
| Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) | Energy Equipment & Services (0.2%) |
| Baker Hughes Co. | 178 |  | 6301 |
| Halliburton Co. | 126 |  | 2497 |
| Schlumberger NV | 211 |  | 7016 |
|  |  |  | 15814 |
| Entertainment (1.8%) | Entertainment (1.8%) | Entertainment (1.8%) | Entertainment (1.8%) |
| Electronic Arts, Inc. | 37 |  | 5368 |
| Live Nation Entertainment, Inc. (a) | 25 |  | 3311 |
| Netflix, Inc. (a) | 67 |  | 75825 |
| ROBLOX Corp., Class A (a) | 78 |  | 5230 |
| Spotify Technology SA (Sweden) (a) | 22 |  | 13508 |
| Take-Two Interactive Software, Inc. (a) | 23 |  | 5367 |
| TKO Group Holdings, Inc. | 8 |  | 1303 |
| Walt Disney Co. | 297 |  | 27012 |
| Warner Bros Discovery, Inc. (a) | 391 |  | 3390 |
| Warner Music Group Corp., Class A | 26 |  | 792 |
|  |  |  | 141106 |
| Financial Services (4.4%) | Financial Services (4.4%) | Financial Services (4.4%) | Financial Services (4.4%) |
| Apollo Global Management, Inc. | 61 |  | 8325 |
| Berkshire Hathaway, Inc., Class B (a) | 212 |  | 113049 |
| Block, Inc. (a) | 101 |  | 5905 |
| Corpay, Inc. (a) | 9 |  | 2928 |
| Fidelity National Information Services, Inc. | 83 |  | 6547 |
| Fiserv, Inc. (a) | 94 |  | 17350 |
| Global Payments, Inc. | 39 |  | 2976 |
| Mastercard, Inc., Class A | 131 |  | 71796 |
| PayPal Holdings, Inc. (a) | 171 |  | 11259 |
| Rocket Cos., Inc., Class A | 42 |  | 542 |
| Toast, Inc., Class A (a) | 67 |  | 2384 |
| Visa, Inc., Class A | 277 |  | 95704 |
|  |  |  | 338765 |
| Food Products (0.6%) | Food Products (0.6%) | Food Products (0.6%) | Food Products (0.6%) |
| Archer-Daniels-Midland Co. | 79 |  | 3772 |
| Bunge Global SA | 29 |  | 2283 |
| Conagra Brands, Inc. | 76 |  | 1878 |
| General Mills, Inc. | 101 |  | 5730 |
| Hershey Co. | 20 |  | 3344 |
| Hormel Foods Corp. | 31 |  | 927 |
| Kellanova | 44 |  | 3642 |
| Kraft Heinz Co. | 130 |  | 3783 |
| McCormick & Co., Inc. | 47 |  | 3603 |
| Mondelez International, Inc., Class A | 215 |  | 14648 |
| Tyson Foods, Inc., Class A | 42 |  | 2572 |
|  |  |  | 46182 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gas Utilities (0.1%) | Gas Utilities (0.1%) | Gas Utilities (0.1%) |
| Atmos Energy Corp. | 28 | $4498 |
| Ground Transportation (0.9%) | Ground Transportation (0.9%) | Ground Transportation (0.9%) |
| CSX Corp. | 292 | 8197 |
| JB Hunt Transport Services, Inc. | 9 | 1175 |
| Norfolk Southern Corp. | 37 | 8290 |
| Old Dominion Freight Line, Inc. | 30 | 4598 |
| Uber Technologies, Inc. (a) | 331 | 26814 |
| Union Pacific Corp. | 100 | 21566 |
|  |  | 70640 |
| Health Care Equipment & Supplies (2.3%) | Health Care Equipment & Supplies (2.3%) | Health Care Equipment & Supplies (2.3%) |
| Abbott Laboratories | 280 | 36610 |
| Align Technology, Inc. (a) | 8 | 1386 |
| Baxter International, Inc. | 100 | 3117 |
| Becton Dickinson & Co. | 43 | 8905 |
| Boston Scientific Corp. (a) | 241 | 24792 |
| Cooper Cos., Inc. (a) | 40 | 3267 |
| Dexcom, Inc. (a) | 57 | 4069 |
| Edwards Lifesciences Corp. (a) | 91 | 6870 |
| GE HealthCare Technologies, Inc. | 65 | 4571 |
| Hologic, Inc. (a) | 42 | 2444 |
| IDEXX Laboratories, Inc. (a) | 12 | 5192 |
| Intuitive Surgical, Inc. (a) | 58 | 29916 |
| Medtronic PLC | 203 | 17206 |
| ResMed, Inc. | 23 | 5441 |
| STERIS PLC | 17 | 3821 |
| Stryker Corp. | 50 | 18696 |
| Zimmer Biomet Holdings, Inc. | 35 | 3607 |
|  |  | 179910 |
| Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) |
| Cardinal Health, Inc. | 37 | 5228 |
| Cencora, Inc. | 26 | 7609 |
| Centene Corp. (a) | 80 | 4788 |
| Cigna Group | 45 | 15302 |
| CVS Health Corp. | 194 | 12942 |
| Elevance Health, Inc. | 36 | 15141 |
| HCA Healthcare, Inc. | 28 | 9662 |
| Humana, Inc. | 20 | 5245 |
| Labcorp Holdings, Inc. | 14 | 3374 |
| McKesson Corp. | 21 | 14968 |
| Molina Healthcare, Inc. (a) | 8 | 2616 |
| Quest Diagnostics, Inc. | 17 | 3030 |
| UnitedHealth Group, Inc. | 147 | 60482 |
|  |  | 160387 |
| Health Care REITs (0.3%) | Health Care REITs (0.3%) | Health Care REITs (0.3%) |
| Alexandria Real Estate Equities, Inc. REIT | 17 | 1235 |
| Healthpeak Properties, Inc. REIT | 109 | 1945 |
| Ventas, Inc. REIT | 60 | 4205 |
| Welltower, Inc. REIT | 104 | 15869 |
|  |  | 23254 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Health Care Technology (0.1%) | Health Care Technology (0.1%) | Health Care Technology (0.1%) |
| Veeva Systems, Inc., Class A (a) | 21 | $4908 |
| Hotels, Restaurants & Leisure (2.1%) | Hotels, Restaurants & Leisure (2.1%) | Hotels, Restaurants & Leisure (2.1%) |
| Airbnb, Inc., Class A (a) | 65 | 7925 |
| Booking Holdings, Inc. | 5 | 25496 |
| Carnival Corp. (a) | 161 | 2953 |
| Chipotle Mexican Grill, Inc. (a) | 202 | 10205 |
| Darden Restaurants, Inc. | 19 | 3812 |
| DoorDash, Inc., Class A (a) | 51 | 9837 |
| DraftKings, Inc., Class A (a) | 78 | 2597 |
| Expedia Group, Inc. | 17 | 2668 |
| Flutter Entertainment PLC (a) | 27 | 6507 |
| Hilton Worldwide Holdings, Inc. | 36 | 8117 |
| Las Vegas Sands Corp. | 75 | 2750 |
| Marriott International, Inc., Class A | 40 | 9543 |
| McDonald's Corp. | 112 | 35801 |
| Royal Caribbean Cruises Ltd. | 41 | 8811 |
| Starbucks Corp. | 186 | 14889 |
| Yum! Brands, Inc. | 49 | 7372 |
|  |  | 159283 |
| Household Durables (0.2%) | Household Durables (0.2%) | Household Durables (0.2%) |
| DR Horton, Inc. | 48 | 6064 |
| Garmin Ltd. | 25 | 4672 |
| Lennar Corp., Class A | 35 | 3801 |
| Lennar Corp., Class B | 9 | 930 |
| PulteGroup, Inc. | 34 | 3488 |
|  |  | 18955 |
| Household Products (1.1%) | Household Products (1.1%) | Household Products (1.1%) |
| Church & Dwight Co., Inc. | 36 | 3576 |
| Clorox Co. | 25 | 3558 |
| Colgate-Palmolive Co. | 138 | 12722 |
| Kimberly-Clark Corp. | 51 | 6721 |
| Procter & Gamble Co. | 371 | 60313 |
|  |  | 86890 |
| Independent Power & Renewable Electricity Producers (0.1%) | Independent Power & Renewable Electricity Producers (0.1%) | Independent Power & Renewable Electricity Producers (0.1%) |
| Vistra Corp. | 52 | 6741 |
| Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) |
| 3M Co. | 83 | 11530 |
| Honeywell International, Inc. | 107 | 22523 |
|  |  | 34053 |
| Industrial REITs (0.2%) | Industrial REITs (0.2%) | Industrial REITs (0.2%) |
| Prologis, Inc. REIT | 154 | 15739 |
| Information Technology Services (1.4%) | Information Technology Services (1.4%) | Information Technology Services (1.4%) |
| Accenture PLC, Class A | 98 | 29317 |
| Akamai Technologies, Inc. (a) | 24 | 1934 |
| Amdocs Ltd. | 23 | 2037 |
| Cloudflare, Inc., Class A (a) | 45 | 5435 |
| Cognizant Technology Solutions Corp., Class A | 85 | 6254 |
| Gartner, Inc. (a) | 12 | 5053 |
| GoDaddy, Inc., Class A (a) | 22 | 4143 |
| International Business Machines Corp. | 150 | 36273 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| MongoDB, Inc. (a) | 13 | $| 2238 |
| Okta, Inc. (a) | 32 |  | 3589 |
| Snowflake, Inc., Class A (a) | 47 |  | 7496 |
| VeriSign, Inc. (a) | 11 |  | 3103 |
|  |  |  | 106872 |
| Insurance (2.2%) | Insurance (2.2%) | Insurance (2.2%) | Insurance (2.2%) |
| Aflac, Inc. | 76 |  | 8260 |
| Allstate Corp. | 40 |  | 7936 |
| American International Group, Inc. | 108 |  | 8804 |
| Aon PLC, Class A | 29 |  | 10289 |
| Arch Capital Group Ltd. | 51 |  | 4625 |
| Arthur J Gallagher & Co. | 41 |  | 13148 |
| Brown & Brown, Inc. | 42 |  | 4645 |
| Chubb Ltd. | 66 |  | 18881 |
| Cincinnati Financial Corp. | 27 |  | 3759 |
| Erie Indemnity Co., Class A | 3 |  | 1076 |
| Everest Group Ltd. | 4 |  | 1435 |
| Hartford Insurance Group, Inc. | 49 |  | 6011 |
| Loews Corp. | 20 |  | 1737 |
| Markel Group, Inc. (a) | 2 |  | 3637 |
| Marsh & McLennan Cos., Inc. | 77 |  | 17361 |
| MetLife, Inc. | 97 |  | 7311 |
| Principal Financial Group, Inc. | 46 |  | 3411 |
| Progressive Corp. | 95 |  | 26765 |
| Prudential Financial, Inc. | 50 |  | 5135 |
| Travelers Cos., Inc. | 34 |  | 8980 |
| W.R. Berkley Corp. | 33 |  | 2366 |
| Willis Towers Watson PLC | 17 |  | 5233 |
|  |  |  | 170805 |
| Interactive Media & Services (6.1%) | Interactive Media & Services (6.1%) | Interactive Media & Services (6.1%) | Interactive Media & Services (6.1%) |
| Alphabet, Inc., Class A | 962 |  | 152766 |
| Alphabet, Inc., Class C | 788 |  | 126781 |
| Meta Platforms, Inc., Class A | 346 |  | 189954 |
| Pinterest, Inc., Class A (a) | 96 |  | 2431 |
| Reddit, Inc., Class A (a) | 17 |  | 1982 |
| Snap, Inc., Class A (a) | 112 |  | 891 |
|  |  |  | 474805 |
| Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) |
| Agilent Technologies, Inc. | 46 |  | 4950 |
| Avantor, Inc. (a) | 70 |  | 909 |
| Danaher Corp. | 106 |  | 21129 |
| Illumina, Inc. (a) | 30 |  | 2328 |
| IQVIA Holdings, Inc. (a) | 24 |  | 3722 |
| Mettler-Toledo International, Inc. (a) | 3 |  | 3212 |
| Revvity, Inc. | 13 |  | 1214 |
| Thermo Fisher Scientific, Inc. | 62 |  | 26598 |
| Waters Corp. (a) | 8 |  | 2782 |
| West Pharmaceutical Services, Inc. | 10 |  | 2113 |
|  |  |  | 68957 |
| Machinery (1.5%) | Machinery (1.5%) | Machinery (1.5%) | Machinery (1.5%) |
| Caterpillar, Inc. | 79 |  | 24432 |
| Cummins, Inc. | 24 |  | 7052 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Machinery (cont'd) | Machinery (cont'd) | Machinery (cont'd) | Machinery (cont'd) |
| Deere & Co. | 41 | $| 19006 |
| Dover Corp. | 19 |  | 3242 |
| Fortive Corp. | 48 |  | 3345 |
| IDEX Corp. | 15 |  | 2610 |
| Illinois Tool Works, Inc. | 49 |  | 11756 |
| Ingersoll Rand, Inc. | 74 |  | 5582 |
| Otis Worldwide Corp. | 65 |  | 6258 |
| PACCAR, Inc. | 80 |  | 7217 |
| Parker-Hannifin Corp. | 21 |  | 12706 |
| Stanley Black & Decker, Inc. | 16 |  | 960 |
| Westinghouse Air Brake Technologies Corp. | 31 |  | 5727 |
| Xylem, Inc. | 39 |  | 4702 |
|  |  |  | 114595 |
| Media (0.4%) | Media (0.4%) | Media (0.4%) | Media (0.4%) |
| Charter Communications, Inc., Class A (a) | 14 |  | 5486 |
| Comcast Corp., Class A | 625 |  | 21375 |
| Fox Corp., Class A | 35 |  | 1743 |
| Fox Corp., Class B | 14 |  | 647 |
| Omnicom Group, Inc. | 21 |  | 1599 |
| Trade Desk, Inc., Class A (a) | 74 |  | 3969 |
|  |  |  | 34819 |
| Metals & Mining (0.4%) | Metals & Mining (0.4%) | Metals & Mining (0.4%) | Metals & Mining (0.4%) |
| Freeport-McMoRan, Inc. | 217 |  | 7819 |
| Newmont Corp. | 171 |  | 9008 |
| Nucor Corp. | 31 |  | 3700 |
| Reliance, Inc. | 8 |  | 2306 |
| Southern Copper Corp. (Peru) | 9 |  | 806 |
| Steel Dynamics, Inc. | 28 |  | 3632 |
|  |  |  | 27271 |
| Multi-Utilities (0.7%) | Multi-Utilities (0.7%) | Multi-Utilities (0.7%) | Multi-Utilities (0.7%) |
| Ameren Corp. | 43 |  | 4267 |
| CenterPoint Energy, Inc. | 108 |  | 4188 |
| CMS Energy Corp. | 52 |  | 3830 |
| Consolidated Edison, Inc. | 62 |  | 6991 |
| Dominion Energy, Inc. | 140 |  | 7613 |
| DTE Energy Co. | 33 |  | 4521 |
| Public Service Enterprise Group, Inc. | 80 |  | 6394 |
| Sempra | 111 |  | 8244 |
| WEC Energy Group, Inc. | 44 |  | 4819 |
|  |  |  | 50867 |
| Office REITs (0.0%)‡ | Office REITs (0.0%)‡ | Office REITs (0.0%)‡ | Office REITs (0.0%)‡ |
| BXP, Inc. REIT | 16 |  | 1020 |
| Oil, Gas & Consumable Fuels (3.0%) | Oil, Gas & Consumable Fuels (3.0%) | Oil, Gas & Consumable Fuels (3.0%) | Oil, Gas & Consumable Fuels (3.0%) |
| Cheniere Energy, Inc. | 33 |  | 7627 |
| Chevron Corp. | 266 |  | 36192 |
| ConocoPhillips | 214 |  | 19072 |
| Coterra Energy, Inc. | 132 |  | 3242 |
| Devon Energy Corp. | 94 |  | 2859 |
| Diamondback Energy, Inc. | 27 |  | 3564 |
| EOG Resources, Inc. | 84 |  | 9268 |
| EQT Corp. | 82 |  | 4054 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Expand Energy Corp. | 29 | $| 3013 |
| Exxon Mobil Corp. | 695 |  | 73413 |
| Hess Corp. | 45 |  | 5807 |
| Kinder Morgan, Inc. | 337 |  | 8863 |
| Marathon Petroleum Corp. | 49 |  | 6733 |
| Occidental Petroleum Corp. | 119 |  | 4690 |
| ONEOK, Inc. | 88 |  | 7230 |
| Phillips 66 | 69 |  | 7180 |
| Targa Resources Corp. | 36 |  | 6152 |
| Texas Pacific Land Corp. | 4 |  | 5155 |
| Valero Energy Corp. | 44 |  | 5108 |
| Williams Cos., Inc. | 206 |  | 12065 |
|  |  |  | 231287 |
| Passenger Airlines (0.1%) | Passenger Airlines (0.1%) | Passenger Airlines (0.1%) | Passenger Airlines (0.1%) |
| Delta Air Lines, Inc. | 114 |  | 4746 |
| Southwest Airlines Co. | 82 |  | 2293 |
| United Airlines Holdings, Inc. (a) | 42 |  | 2890 |
|  |  |  | 9929 |
| Personal Care Products (0.1%) | Personal Care Products (0.1%) | Personal Care Products (0.1%) | Personal Care Products (0.1%) |
| Estee Lauder Cos., Inc., Class A | 34 |  | 2039 |
| Kenvue, Inc. | 307 |  | 7245 |
|  |  |  | 9284 |
| Pharmaceuticals (3.5%) | Pharmaceuticals (3.5%) | Pharmaceuticals (3.5%) | Pharmaceuticals (3.5%) |
| Bristol-Myers Squibb Co. | 338 |  | 16967 |
| Eli Lilly & Co. | 135 |  | 121358 |
| Johnson & Johnson | 380 |  | 59398 |
| Merck & Co., Inc. | 409 |  | 34847 |
| Pfizer, Inc. | 936 |  | 22848 |
| Royalty Pharma PLC, Class A | 39 |  | 1280 |
| Viatris, Inc. | 126 |  | 1061 |
| Zoetis, Inc. | 69 |  | 10792 |
|  |  |  | 268551 |
| Professional Services (0.7%) | Professional Services (0.7%) | Professional Services (0.7%) | Professional Services (0.7%) |
| Automatic Data Processing, Inc. | 63 |  | 18938 |
| Booz Allen Hamilton Holding Corp. | 23 |  | 2761 |
| Broadridge Financial Solutions, Inc. | 18 |  | 4363 |
| Equifax, Inc. | 17 |  | 4422 |
| Jacobs Solutions, Inc. | 18 |  | 2228 |
| Leidos Holdings, Inc. | 25 |  | 3680 |
| Paychex, Inc. | 56 |  | 8239 |
| SS&C Technologies Holdings, Inc. | 44 |  | 3326 |
| TransUnion | 40 |  | 3318 |
| Verisk Analytics, Inc. | 22 |  | 6522 |
|  |  |  | 57797 |
| Real Estate Management & Development (0.2%) | Real Estate Management & Development (0.2%) | Real Estate Management & Development (0.2%) | Real Estate Management & Development (0.2%) |
| CBRE Group, Inc., Class A (a) | 54 |  | 6598 |
| CoStar Group, Inc. (a) | 74 |  | 5488 |
|  |  |  | 12086 |
| Residential REITs (0.3%) | Residential REITs (0.3%) | Residential REITs (0.3%) | Residential REITs (0.3%) |
| AvalonBay Communities, Inc. REIT | 23 |  | 4830 |
| Equity Residential REIT | 57 |  | 4005 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Residential REITs (cont'd) | Residential REITs (cont'd) | Residential REITs (cont'd) | Residential REITs (cont'd) |
| Essex Property Trust, Inc. REIT | 9 | $| 2512 |
| Invitation Homes, Inc. REIT | 103 |  | 3522 |
| Mid-America Apartment Communities, Inc. REIT | 22 |  | 3512 |
| Sun Communities, Inc. REIT | 14 |  | 1742 |
|  |  |  | 20123 |
| Retail REITs (0.2%) | Retail REITs (0.2%) | Retail REITs (0.2%) | Retail REITs (0.2%) |
| Realty Income Corp. REIT | 133 |  | 7695 |
| Simon Property Group, Inc. REIT | 49 |  | 7712 |
|  |  |  | 15407 |
| Semiconductors & Semiconductor Equipment (9.6%) | Semiconductors & Semiconductor Equipment (9.6%) | Semiconductors & Semiconductor Equipment (9.6%) | Semiconductors & Semiconductor Equipment (9.6%) |
| Advanced Micro Devices, Inc. (a) | 260 |  | 25311 |
| Analog Devices, Inc. | 82 |  | 15983 |
| Applied Materials, Inc. | 130 |  | 19592 |
| Astera Labs, Inc. (a) | 12 |  | 784 |
| Broadcom, Inc. | 734 |  | 141273 |
| Entegris, Inc. | 24 |  | 1899 |
| First Solar, Inc. (a) | 14 |  | 1762 |
| Global Foundries, Inc. (a) | 18 |  | 631 |
| Intel Corp. | 658 |  | 13226 |
| KLA Corp. | 22 |  | 15459 |
| Lam Research Corp. | 215 |  | 15409 |
| Marvell Technology, Inc. | 128 |  | 7471 |
| Microchip Technology, Inc. | 87 |  | 4009 |
| Micron Technology, Inc. | 171 |  | 13158 |
| Monolithic Power Systems, Inc. | 8 |  | 4745 |
| NVIDIA Corp. | 3760 |  | 409539 |
| ON Semiconductor Corp. (a) | 78 |  | 3097 |
| QUALCOMM, Inc. | 182 |  | 27020 |
| Skyworks Solutions, Inc. | 17 |  | 1093 |
| Teradyne, Inc. | 32 |  | 2375 |
| Texas Instruments, Inc. | 145 |  | 23207 |
|  |  |  | 747043 |
| Software (10.7%) | Software (10.7%) | Software (10.7%) | Software (10.7%) |
| Adobe, Inc. (a) | 72 |  | 26999 |
| ANSYS, Inc. (a) | 14 |  | 4506 |
| AppLovin Corp., Class A (a) | 35 |  | 9426 |
| Atlassian Corp., Class A (a) | 25 |  | 5708 |
| Autodesk, Inc. (a) | 33 |  | 9050 |
| Bentley Systems, Inc., Class B | 17 |  | 731 |
| Cadence Design Systems, Inc. (a) | 46 |  | 13696 |
| Crowdstrike Holdings, Inc., Class A (a) | 36 |  | 15439 |
| Datadog, Inc., Class A (a) | 43 |  | 4393 |
| Fair Isaac Corp. (a) | 4 |  | 7959 |
| Fortinet, Inc. (a) | 92 |  | 9546 |
| HubSpot, Inc. (a) | 8 |  | 4892 |
| Intuit, Inc. | 44 |  | 27609 |
| Microsoft Corp. | 1169 |  | 462059 |
| MicroStrategy, Inc., Class A (a) | 38 |  | 14444 |
| Oracle Corp. | 262 |  | 36869 |
| Palantir Technologies, Inc., Class A (a) | 327 |  | 38730 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Palo Alto Networks, Inc. (a) | 107 | $| 20002 |
| PTC, Inc. (a) | 20 |  | 3099 |
| Roper Technologies, Inc. | 16 |  | 8961 |
| Salesforce, Inc. | 147 |  | 39500 |
| Samsara, Inc., Class A (a) | 28 |  | 1110 |
| ServiceNow, Inc. (a) | 33 |  | 31515 |
| Synopsys, Inc. (a) | 23 |  | 10557 |
| Tyler Technologies, Inc. (a) | 7 |  | 3803 |
| Workday, Inc., Class A (a) | 32 |  | 7840 |
| Zoom Communications, Inc. (a) | 43 |  | 3334 |
| Zscaler, Inc. (a) | 16 |  | 3619 |
|  |  |  | 825396 |
| Specialized REITs (1.0%) | Specialized REITs (1.0%) | Specialized REITs (1.0%) | Specialized REITs (1.0%) |
| American Tower Corp. REIT | 77 |  | 17357 |
| Crown Castle, Inc. REIT | 69 |  | 7297 |
| Digital Realty Trust, Inc. REIT | 50 |  | 8027 |
| Equinix, Inc. REIT | 16 |  | 13772 |
| Extra Space Storage, Inc. REIT | 33 |  | 4835 |
| Iron Mountain, Inc. REIT | 43 |  | 3856 |
| Millrose Properties, Inc. REIT | 27 |  | 676 |
| Public Storage REIT | 26 |  | 7811 |
| SBA Communications Corp. REIT | 18 |  | 4381 |
| VICI Properties, Inc. REIT | 148 |  | 4739 |
| Weyerhaeuser Co. REIT | 138 |  | 3576 |
|  |  |  | 76327 |
| Specialty Retail (1.9%) | Specialty Retail (1.9%) | Specialty Retail (1.9%) | Specialty Retail (1.9%) |
| AutoZone, Inc. (a) | 3 |  | 11288 |
| Best Buy Co., Inc. | 37 |  | 2467 |
| Carvana Co. (a) | 17 |  | 4154 |
| Home Depot, Inc. | 160 |  | 57678 |
| Lowe's Cos., Inc. | 93 |  | 20791 |
| O'Reilly Automotive, Inc. (a) | 8 |  | 11322 |
| Ross Stores, Inc. | 54 |  | 7506 |
| TJX Cos., Inc. | 185 |  | 23806 |
| Tractor Supply Co. | 100 |  | 5062 |
| Ulta Beauty, Inc. (a) | 6 |  | 2374 |
| Williams-Sonoma, Inc. | 20 |  | 3089 |
|  |  |  | 149537 |
| Tech Hardware, Storage & Peripherals (6.8%) | Tech Hardware, Storage & Peripherals (6.8%) | Tech Hardware, Storage & Peripherals (6.8%) | Tech Hardware, Storage & Peripherals (6.8%) |
| Apple, Inc. | 2345 |  | 498312 |
| Dell Technologies, Inc., Class C | 49 |  | 4496 |
| Hewlett Packard Enterprise Co. | 212 |  | 3439 |
| HP, Inc. | 140 |  | 3580 |
| NetApp, Inc. | 30 |  | 2692 |
| Pure Storage, Inc., Class A (a) | 57 |  | 2586 |
| Sandisk Corp. (a) | 23 |  | 739 |
| Seagate Technology Holdings PLC | 40 |  | 3641 |
| Super Micro Computer, Inc. (a) | 76 |  | 2421 |
| Western Digital Corp. (a) | 58 |  | 2544 |
|  |  |  | 524450 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Textiles, Apparel & Luxury Goods (0.2%) | Textiles, Apparel & Luxury Goods (0.2%) | Textiles, Apparel & Luxury Goods (0.2%) |
| Deckers Outdoor Corp. (a) | 29 | $3214 |
| Lululemon Athletica, Inc. (a) | 17 | 4603 |
| NIKE, Inc., Class B | 174 | 9814 |
|  |  | 17631 |
| Tobacco (0.8%) | Tobacco (0.8%) | Tobacco (0.8%) |
| Altria Group, Inc. | 283 | 16739 |
| Philip Morris International, Inc. | 244 | 41812 |
|  |  | 58551 |
| Trading Companies & Distributors (0.4%) | Trading Companies & Distributors (0.4%) | Trading Companies & Distributors (0.4%) |
| Fastenal Co. | 88 | 7125 |
| Ferguson Enterprises, Inc. | 34 | 5768 |
| United Rentals, Inc. | 10 | 6315 |
| Watsco, Inc. | 6 | 2759 |
| WW Grainger, Inc. | 6 | 6146 |
|  |  | 28113 |
| Water Utilities (0.0%)‡ | Water Utilities (0.0%)‡ | Water Utilities (0.0%)‡ |
| American Water Works Co., Inc. | 26 | 3822 |
| Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) |
| T-Mobile U.S., Inc. | 76 | 18768 |
| **Total Common Stocks (Cost $7,356,116)** | **Total Common Stocks (Cost $7,356,116)** | 7603498 |
| **Short-Term Investment (5.3%)** | **Short-Term Investment (5.3%)** | **Short-Term Investment (5.3%)** |
| Investment Company (5.3%) | Investment Company (5.3%) | Investment Company (5.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.26% (See Note E) <br>**(Cost $413,140)** | 413140 | 413140 |
| **Total Investments (103.5%) (Cost $7,769,256) (b)** | **Total Investments (103.5%) (Cost $7,769,256) (b)** | 8016638 |
| Liabilities in Excess of Other Assets (–3.5%) | Liabilities in Excess of Other Assets (–3.5%) | (274206) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $7742432 |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $285,777 and the aggregate gross unrealized depreciation is $38,395, resulting in net unrealized appreciation of $247,382.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 62.8% |
| Software | 10.3 |
| Semiconductors & Semiconductor Equipment | 9.3 |
| Tech Hardware, Storage & Peripherals | 6.5 |
| Interactive Media & Services | 5.9 |
| Investment Companies | 5.2 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stocks (96.7%)** | **Common Stocks (96.7%)** | **Common Stocks (96.7%)** |
| Aerospace & Defense (2.0%) | Aerospace & Defense (2.0%) | Aerospace & Defense (2.0%) |
| AAR Corp. (a) | 7 | $374 |
| AeroVironment, Inc. (a) | 8 | 1212 |
| Archer Aviation, Inc., Class A (a) | 49 | 408 |
| Astronics Corp. (a) | 15 | 340 |
| Axon Enterprise, Inc. (a) | 14 | 8586 |
| Boeing Co. (a) | 167 | 30601 |
| BWX Technologies, Inc. | 29 | 3165 |
| Cadre Holdings, Inc. | 11 | 321 |
| Curtiss-Wright Corp. | 9 | 3104 |
| Ducommun, Inc. (a) | 7 | 401 |
| Eve Holding, Inc. (a) | 100 | 356 |
| General Dynamics Corp. | 52 | 14150 |
| General Electric Co. | 245 | 49377 |
| HEICO Corp. | 14 | 3511 |
| HEICO Corp., Class A | 15 | 3014 |
| Hexcel Corp. | 7 | 339 |
| Howmet Aerospace, Inc. | 94 | 13027 |
| Huntington Ingalls Industries, Inc. | 13 | 2994 |
| Kratos Defense & Security Solutions, Inc. (a) | 44 | 1487 |
| L3Harris Technologies, Inc. | 46 | 10121 |
| Leonardo DRS, Inc. | 10 | 370 |
| Loar Holdings, Inc. (a) | 4 | 378 |
| Lockheed Martin Corp. | 52 | 24843 |
| Mercury Systems, Inc. (a) | 8 | 400 |
| Moog, Inc., Class A | 2 | 335 |
| National Presto Industries, Inc. | 4 | 337 |
| Northrop Grumman Corp. | 33 | 16055 |
| Rocket Lab USA, Inc. (a) | 78 | 1700 |
| RTX Corp. | 309 | 38974 |
| Spirit AeroSystems Holdings, Inc., Class A (a) | 39 | 1404 |
| Standardaero, Inc. (a) | 15 | 405 |
| Textron, Inc. | 56 | 3941 |
| TransDigm Group, Inc. | 11 | 15544 |
| V2X, Inc. (a) | 7 | 348 |
| Woodward, Inc. | 18 | 3376 |
|  |  | 255298 |
| Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) | Air Freight & Logistics (0.3%) |
| CH Robinson Worldwide, Inc. | 34 | 3033 |
| Expeditors International of Washington, Inc. | 41 | 4506 |
| FedEx Corp. | 54 | 11358 |
| GXO Logistics, Inc. (a) | 38 | 1377 |
| Hub Group, Inc., Class A | 10 | 316 |
| United Parcel Service, Inc., Class B | 175 | 16678 |
|  |  | 37268 |
| Automobile Components (0.1%) | Automobile Components (0.1%) | Automobile Components (0.1%) |
| Adient PLC (a) | 33 | 418 |
| Aptiv PLC (a) | 67 | 3823 |
| Autoliv, Inc. (Sweden) | 24 | 2238 |
| BorgWarner, Inc. | 42 | 1192 |
| Dana, Inc. | 33 | 453 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Dorman Products, Inc. (a) | 3 | $| 340 |
| Fox Factory Holding Corp. (a) | 17 |  | 345 |
| Garrett Motion, Inc. (Switzerland) | 39 |  | 360 |
| Gentex Corp. | 17 |  | 370 |
| Gentherm, Inc. (a) | 15 |  | 390 |
| Goodyear Tire & Rubber Co. (a) | 38 |  | 413 |
| LCI Industries | 5 |  | 385 |
| Lear Corp. | 4 |  | 343 |
| Modine Manufacturing Co. (a) | 9 |  | 735 |
| Patrick Industries, Inc. | 4 |  | 308 |
| Phinia, Inc. | 9 |  | 361 |
| QuantumScape Corp. (a) | 91 |  | 356 |
| Visteon Corp. (a) | 5 |  | 396 |
| XPEL, Inc. (a) | 13 |  | 372 |
|  |  |  | 13598 |
| Automobiles (1.6%) | Automobiles (1.6%) | Automobiles (1.6%) | Automobiles (1.6%) |
| Ford Motor Co. | 857 |  | 8579 |
| General Motors Co. | 226 |  | 10224 |
| Harley-Davidson, Inc. | 16 |  | 359 |
| Lucid Group, Inc. (a) | 137 |  | 344 |
| Rivian Automotive, Inc., Class A (a) | 141 |  | 1926 |
| Tesla, Inc. (a) | 646 |  | 182275 |
| Thor Industries, Inc. | 5 |  | 362 |
| Winnebago Industries, Inc. | 11 |  | 350 |
|  |  |  | 204419 |
| Banks (3.6%) | Banks (3.6%) | Banks (3.6%) | Banks (3.6%) |
| 1st Source Corp. | 6 |  | 360 |
| Amalgamated Financial Corp. | 13 |  | 366 |
| Amerant Bancorp, Inc. | 19 |  | 320 |
| Ameris Bancorp | 7 |  | 410 |
| Associated Banc-Corp. | 18 |  | 397 |
| Atlantic Union Bankshares Corp. | 15 |  | 415 |
| Axos Financial, Inc. (a) | 6 |  | 381 |
| Banc of California, Inc. | 28 |  | 377 |
| BancFirst Corp. | 3 |  | 353 |
| Bancorp, Inc. (a) | 8 |  | 386 |
| Bank First Corp. | 4 |  | 437 |
| Bank of America Corp. | 1488 |  | 59341 |
| Bank of Hawaii Corp. | 5 |  | 331 |
| Bank of NT Butterfield & Son Ltd. (Bermuda) | 10 |  | 402 |
| Bank OZK | 10 |  | 426 |
| BankUnited, Inc. | 12 |  | 393 |
| Banner Corp. | 6 |  | 367 |
| Berkshire Hills Bancorp, Inc. | 16 |  | 397 |
| BOK Financial Corp. | 4 |  | 373 |
| Brookline Bancorp, Inc. | 35 |  | 365 |
| Burke & Herbert Financial Services Corp. | 7 |  | 391 |
| Business First Bancshares, Inc. | 16 |  | 369 |
| Byline Bancorp, Inc. | 15 |  | 383 |
| Cadence Bank | 13 |  | 380 |
| Camden National Corp. | 9 |  | 347 |
| Capital City Bank Group, Inc. | 10 |  | 365 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Banks (cont'd) | Banks (cont'd) | Banks (cont'd) |
| Capitol Federal Financial, Inc. | 68 | $386 |
| Cathay General Bancorp | 10 | 417 |
| Central Pacific Financial Corp. | 15 | 385 |
| Citigroup, Inc. | 414 | 28309 |
| Citizens Financial Group, Inc. | 127 | 4685 |
| City Holding Co. | 3 | 348 |
| Coastal Financial Corp. (a) | 4 | 329 |
| Columbia Banking System, Inc. | 17 | 381 |
| Columbia Financial, Inc. (a) | 26 | 350 |
| Comerica, Inc. | 26 | 1397 |
| Commerce Bancshares, Inc. | 15 | 911 |
| Community Trust Bancorp, Inc. | 7 | 343 |
| ConnectOne Bancorp, Inc. | 17 | 383 |
| Cullen/Frost Bankers, Inc. | 21 | 2446 |
| Customers Bancorp, Inc. (a) | 8 | 400 |
| CVB Financial Corp. | 21 | 389 |
| Dime Community Bancshares, Inc. | 14 | 360 |
| East West Bancorp, Inc. | 27 | 2310 |
| Eastern Bankshares, Inc. | 25 | 373 |
| Enterprise Financial Services Corp. | 7 | 364 |
| Equity Bancshares, Inc., Class A | 10 | 385 |
| Esquire Financial Holdings, Inc. | 5 | 415 |
| FB Financial Corp. | 8 | 340 |
| Fifth Third Bancorp | 172 | 6182 |
| First BanCorp (Puerto Rico) | 20 | 393 |
| First Bancorp/Southern Pines NC | 10 | 405 |
| First Busey Corp. | 18 | 374 |
| First Citizens BancShares, Inc., Class A | 2 | 3558 |
| First Commonwealth Financial Corp. | 25 | 383 |
| First Community Bankshares, Inc. | 9 | 339 |
| First Financial Bancorp | 16 | 370 |
| First Financial Bankshares, Inc. | 11 | 369 |
| First Financial Corp. | 8 | 395 |
| First Hawaiian, Inc. | 16 | 366 |
| First Horizon Corp. | 101 | 1826 |
| First Interstate BancSystem, Inc., Class A | 14 | 367 |
| First Merchants Corp. | 10 | 356 |
| First Mid Bancshares, Inc. | 11 | 368 |
| Five Star Bancorp | 14 | 388 |
| Flagstar Financial, Inc. | 34 | 398 |
| FNB Corp. | 30 | 393 |
| Fulton Financial Corp. | 23 | 384 |
| German American Bancorp, Inc. | 11 | 417 |
| Glacier Bancorp, Inc. | 9 | 367 |
| Great Southern Bancorp, Inc. | 7 | 385 |
| Hancock Whitney Corp. | 8 | 417 |
| Hanmi Financial Corp. | 17 | 389 |
| HBT Financial, Inc. | 17 | 394 |
| Heritage Financial Corp. | 17 | 388 |
| Hilltop Holdings, Inc. | 13 | 384 |
| Home BancShares, Inc. | 83 | 2303 |
| HomeTrust Bancshares, Inc. | 11 | 376 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hope Bancorp, Inc. | 37 | $369 |
| Horizon Bancorp, Inc. | 27 | 396 |
| Huntington Bancshares, Inc. | 393 | 5710 |
| Independent Bank Corp. | 19 | 780 |
| International Bancshares Corp. | 6 | 366 |
| JPMorgan Chase & Co. | 650 | 159003 |
| KeyCorp | 320 | 4749 |
| Lakeland Financial Corp. | 7 | 390 |
| Live Oak Bancshares, Inc. | 15 | 392 |
| M&T Bank Corp. | 40 | 6790 |
| Mercantile Bank Corp. | 9 | 381 |
| Metrocity Bankshares, Inc. | 14 | 386 |
| Metropolitan Bank Holding Corp. (a) | 7 | 434 |
| MidWestOne Financial Group, Inc. | 13 | 361 |
| National Bank Holdings Corp., Class A | 10 | 362 |
| NB Bancorp, Inc. (a) | 22 | 377 |
| NBT Bancorp, Inc. | 9 | 381 |
| Nicolet Bankshares, Inc. | 3 | 350 |
| Northeast Bank | 4 | 331 |
| Northwest Bancshares, Inc. | 31 | 383 |
| OceanFirst Financial Corp. | 24 | 397 |
| OFG Bancorp (Puerto Rico) | 10 | 394 |
| Old National Bancorp | 126 | 2594 |
| Old Second Bancorp, Inc. | 25 | 395 |
| Origin Bancorp, Inc. | 12 | 384 |
| Orrstown Financial Services, Inc. | 13 | 390 |
| Pacific Premier Bancorp, Inc. | 19 | 386 |
| Park National Corp. | 2 | 300 |
| Pathward Financial, Inc. | 5 | 397 |
| Peoples Bancorp, Inc. | 13 | 377 |
| Pinnacle Financial Partners, Inc. | 26 | 2606 |
| PNC Financial Services Group, Inc. | 94 | 15105 |
| Popular, Inc. (Puerto Rico) | 27 | 2576 |
| Preferred Bank | 4 | 319 |
| Prosperity Bancshares, Inc. | 6 | 407 |
| Provident Financial Services, Inc. | 24 | 393 |
| QCR Holdings, Inc. | 5 | 325 |
| Regions Financial Corp. | 252 | 5143 |
| Renasant Corp. | 13 | 417 |
| Republic Bancorp, Inc., Class A | 5 | 339 |
| S&T Bancorp, Inc. | 10 | 364 |
| Seacoast Banking Corp. of Florida | 16 | 379 |
| ServisFirst Bancshares, Inc. | 5 | 356 |
| Simmons First National Corp., Class A | 20 | 373 |
| Southern Missouri Bancorp, Inc. | 7 | 369 |
| Southside Bancshares, Inc. | 13 | 366 |
| SouthState Corp. | 19 | 1649 |
| Stellar Bancorp, Inc. | 14 | 349 |
| Stock Yards Bancorp, Inc. | 5 | 364 |
| Synovus Financial Corp. | 32 | 1386 |
| Texas Capital Bancshares, Inc. (a) | 5 | 341 |
| TFS Financial Corp. | 30 | 389 |
| Tompkins Financial Corp. | 6 | 358 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Banks (cont'd) | Banks (cont'd) | Banks (cont'd) | Banks (cont'd) |
| Towne Bank | 12 | $| 395 |
| TriCo Bancshares | 9 |  | 347 |
| Triumph Financial, Inc. (a) | 7 |  | 374 |
| Truist Financial Corp. | 314 |  | 12039 |
| TrustCo Bank Corp. | 13 |  | 396 |
| Trustmark Corp. | 11 |  | 369 |
| U.S. Bancorp | 332 |  | 13393 |
| UMB Financial Corp. | 24 |  | 2270 |
| United Bankshares, Inc. | 11 |  | 377 |
| United Community Banks, Inc. | 14 |  | 387 |
| Univest Financial Corp. | 13 |  | 384 |
| Valley National Bancorp | 43 |  | 370 |
| Veritex Holdings, Inc. | 17 |  | 396 |
| WaFd, Inc. | 14 |  | 399 |
| Webster Financial Corp. | 62 |  | 2933 |
| Wells Fargo & Co. | 762 |  | 54110 |
| WesBanco, Inc. | 13 |  | 387 |
| Westamerica BanCorp | 8 |  | 387 |
| Western Alliance Bancorp | 22 |  | 1534 |
| Wintrust Financial Corp. | 23 |  | 2557 |
| WSFS Financial Corp. | 8 |  | 412 |
| Zions Bancorp NA | 8 |  | 360 |
|  |  |  | 456626 |
| Beverages (1.1%) | Beverages (1.1%) | Beverages (1.1%) | Beverages (1.1%) |
| Boston Beer Co., Inc., Class A (a) | 1 |  | 246 |
| Brown-Forman Corp., Class A | 11 |  | 381 |
| Brown-Forman Corp., Class B | 58 |  | 2021 |
| Celsius Holdings, Inc. (a) | 31 |  | 1084 |
| Coca-Cola Co. | 885 |  | 64207 |
| Coca-Cola Consolidated, Inc. | 1 |  | 1356 |
| Constellation Brands, Inc., Class A | 35 |  | 6564 |
| Keurig Dr. Pepper, Inc. | 261 |  | 9028 |
| MGP Ingredients, Inc. | 12 |  | 353 |
| Molson Coors Beverage Co., Class B | 33 |  | 1898 |
| Monster Beverage Corp. (a) | 167 |  | 10040 |
| National Beverage Corp. | 8 |  | 355 |
| PepsiCo, Inc. | 324 |  | 43928 |
| Primo Brands Corp. | 18 |  | 588 |
| Vita Coco Co., Inc. (a) | 11 |  | 363 |
|  |  |  | 142412 |
| Biotechnology (2.2%) | Biotechnology (2.2%) | Biotechnology (2.2%) | Biotechnology (2.2%) |
| 89bio, Inc. (a) | 69 |  | 553 |
| AbbVie, Inc. | 410 |  | 79991 |
| ACADIA Pharmaceuticals, Inc. (a) | 25 |  | 365 |
| ADMA Biologics, Inc. (a) | 44 |  | 1047 |
| Agios Pharmaceuticals, Inc. (a) | 14 |  | 416 |
| Akero Therapeutics, Inc. (a) | 10 |  | 456 |
| Alkermes PLC (a) | 13 |  | 374 |
| Alnylam Pharmaceuticals, Inc. (a) | 30 |  | 7897 |
| Amgen, Inc. | 124 |  | 36074 |
| Amicus Therapeutics, Inc. (a) | 53 |  | 407 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Anavex Life Sciences Corp. (a) | 40 | $380 |
| Apellis Pharmaceuticals, Inc. (a) | 18 | 346 |
| Apogee Therapeutics, Inc. (a) | 12 | 471 |
| Arcellx, Inc. (a) | 6 | 390 |
| Arcus Biosciences, Inc. (a) | 46 | 402 |
| Arcutis Biotherapeutics, Inc. (a) | 26 | 388 |
| Ardelyx, Inc. (a) | 82 | 451 |
| Arrowhead Pharmaceuticals, Inc. (a) | 31 | 431 |
| ARS Pharmaceuticals, Inc. (a) | 26 | 363 |
| Avidity Biosciences, Inc. (a) | 15 | 490 |
| Beam Therapeutics, Inc. (a) | 24 | 478 |
| BioCryst Pharmaceuticals, Inc. (a) | 53 | 469 |
| Biogen, Inc. (a) | 37 | 4480 |
| Biohaven Ltd. (a) | 20 | 442 |
| BioMarin Pharmaceutical, Inc. (a) | 55 | 3503 |
| Blueprint Medicines Corp. (a) | 12 | 1074 |
| Bridgebio Pharma, Inc. (a) | 24 | 921 |
| CareDx, Inc. (a) | 19 | 321 |
| Catalyst Pharmaceuticals, Inc. (a) | 16 | 389 |
| Celldex Therapeutics, Inc. (a) | 22 | 458 |
| CG oncology, Inc. (a) | 19 | 512 |
| Crinetics Pharmaceuticals, Inc. (a) | 13 | 434 |
| Cytokinetics, Inc. (a) | 34 | 1457 |
| Day One Biopharmaceuticals, Inc. (a) | 51 | 397 |
| Denali Therapeutics, Inc. (a) | 28 | 466 |
| Disc Medicine, Inc. (a) | 10 | 494 |
| Dynavax Technologies Corp. (a) | 32 | 376 |
| Dyne Therapeutics, Inc. (a) | 49 | 578 |
| Exact Sciences Corp. (a) | 36 | 1643 |
| Exelixis, Inc. (a) | 84 | 3289 |
| Geron Corp. (a) | 265 | 374 |
| Gilead Sciences, Inc. | 297 | 31642 |
| GRAIL, Inc. (a) | 15 | 517 |
| Halozyme Therapeutics, Inc. (a) | 25 | 1535 |
| Ideaya Biosciences, Inc. (a) | 22 | 443 |
| ImmunityBio, Inc. (a) | 140 | 351 |
| Immunovant, Inc. (a) | 24 | 388 |
| Incyte Corp. (a) | 52 | 3258 |
| Insmed, Inc. (a) | 55 | 3960 |
| Intellia Therapeutics, Inc. (a) | 51 | 452 |
| Ionis Pharmaceuticals, Inc. (a) | 76 | 2334 |
| Iovance Biotherapeutics, Inc. (a) | 112 | 402 |
| Janux Therapeutics, Inc. (a) | 13 | 432 |
| Krystal Biotech, Inc. (a) | 2 | 340 |
| Kymera Therapeutics, Inc. (a) | 16 | 548 |
| Madrigal Pharmaceuticals, Inc. (a) | 3 | 1002 |
| MannKind Corp. (a) | 75 | 378 |
| MiMedx Group, Inc. (a) | 50 | 344 |
| Mineralys Therapeutics, Inc. (a) | 28 | 398 |
| Mirum Pharmaceuticals, Inc. (a) | 9 | 391 |
| Moderna, Inc. (a) | 65 | 1855 |
| MoonLake Immunotherapeutics (a) | 10 | 421 |
| Myriad Genetics, Inc. (a) | 43 | 319 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Biotechnology (cont'd) | Biotechnology (cont'd) | Biotechnology (cont'd) | Biotechnology (cont'd) |
| Natera, Inc. (a) | 30 | $| 4528 |
| Neurocrine Biosciences, Inc. (a) | 32 |  | 3446 |
| Novavax, Inc. (a) | 63 |  | 420 |
| Nurix Therapeutics, Inc. (a) | 39 |  | 450 |
| Nuvalent, Inc., Class A (a) | 6 |  | 460 |
| Protagonist Therapeutics, Inc. (a) | 8 |  | 367 |
| PTC Therapeutics, Inc. (a) | 8 |  | 399 |
| Recursion Pharmaceuticals, Inc., Class A (a) | 77 |  | 430 |
| Regeneron Pharmaceuticals, Inc. | 26 |  | 15568 |
| Revolution Medicines, Inc. (a) | 33 |  | 1333 |
| Rhythm Pharmaceuticals, Inc. (a) | 6 |  | 391 |
| Sarepta Therapeutics, Inc. (a) | 26 |  | 1622 |
| Scholar Rock Holding Corp. (a) | 13 |  | 428 |
| Soleno Therapeutics, Inc. (a) | 6 |  | 449 |
| SpringWorks Therapeutics, Inc. (a) | 10 |  | 463 |
| Spyre Therapeutics, Inc. (a) | 30 |  | 457 |
| Summit Therapeutics, Inc. (a) | 17 |  | 410 |
| Syndax Pharmaceuticals, Inc. (a) | 33 |  | 467 |
| TG Therapeutics, Inc. (a) | 28 |  | 1274 |
| Travere Therapeutics, Inc. (a) | 26 |  | 541 |
| Twist Bioscience Corp. (a) | 9 |  | 345 |
| Ultragenyx Pharmaceutical, Inc. (a) | 10 |  | 390 |
| United Therapeutics Corp. (a) | 8 |  | 2425 |
| Vaxcyte, Inc. (a) | 12 |  | 430 |
| Vera Therapeutics, Inc. (a) | 16 |  | 374 |
| Veracyte, Inc. (a) | 11 |  | 336 |
| Vericel Corp. (a) | 8 |  | 304 |
| Vertex Pharmaceuticals, Inc. (a) | 59 |  | 30060 |
| Viking Therapeutics, Inc. (a) | 17 |  | 491 |
| Vir Biotechnology, Inc. (a) | 65 |  | 398 |
| Viridian Therapeutics, Inc. (a) | 30 |  | 406 |
| Zymeworks, Inc. (a) | 36 |  | 468 |
|  |  |  | 276287 |
| Broadline Retail (3.3%) | Broadline Retail (3.3%) | Broadline Retail (3.3%) | Broadline Retail (3.3%) |
| Amazon.com, Inc. (a) | 2156 |  | 397610 |
| Coupang, Inc. (Korea, Republic of) (a) | 269 |  | 6287 |
| Dillard's, Inc., Class A | 1 |  | 347 |
| eBay, Inc. | 109 |  | 7429 |
| Etsy, Inc. (a) | 32 |  | 1391 |
| Groupon, Inc. (a) | 20 |  | 364 |
| Kohl's Corp. | 50 |  | 335 |
| Macy's, Inc. | 31 |  | 354 |
| Nordstrom, Inc. | 15 |  | 362 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 12 |  | 1273 |
| Savers Value Village, Inc. (a) | 41 |  | 393 |
|  |  |  | 416145 |
| Building Products (0.7%) | Building Products (0.7%) | Building Products (0.7%) | Building Products (0.7%) |
| A.O. Smith Corp. | 23 |  | 1561 |
| AAON, Inc. | 12 |  | 1095 |
| Advanced Drainage Systems, Inc. | 13 |  | 1475 |
| Allegion PLC | 26 |  | 3619 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| American Woodmark Corp. (a) | 6 | $| 354 |
| Apogee Enterprises, Inc. | 7 |  | 278 |
| Armstrong World Industries, Inc. | 17 |  | 2465 |
| AZEK Co., Inc. (a) | 28 |  | 1388 |
| AZZ, Inc. | 4 |  | 347 |
| Builders FirstSource, Inc. (a) | 32 |  | 3828 |
| Carlisle Cos., Inc. | 10 |  | 3795 |
| Carrier Global Corp. | 181 |  | 11320 |
| CSW Industrials, Inc. | 6 |  | 1875 |
| Fortune Brands Innovations, Inc. | 25 |  | 1345 |
| Gibraltar Industries, Inc. (a) | 6 |  | 318 |
| Griffon Corp. | 5 |  | 341 |
| Hayward Holdings, Inc. (a) | 29 |  | 387 |
| Janus International Group, Inc. (a) | 54 |  | 372 |
| Johnson Controls International PLC | 142 |  | 11914 |
| Lennox International, Inc. | 9 |  | 4921 |
| Masco Corp. | 64 |  | 3879 |
| Masterbrand, Inc. (a) | 30 |  | 364 |
| Owens Corning | 17 |  | 2472 |
| Quanex Building Products Corp. | 20 |  | 329 |
| Resideo Technologies, Inc. (a) | 23 |  | 386 |
| Simpson Manufacturing Co., Inc. | 15 |  | 2305 |
| Tecnoglass, Inc. | 5 |  | 356 |
| Trane Technologies PLC | 49 |  | 18782 |
| Trex Co., Inc. (a) | 21 |  | 1214 |
| UFP Industries, Inc. | 3 |  | 297 |
| Zurn Elkay Water Solutions Corp. | 12 |  | 407 |
|  |  |  | 83789 |
| Capital Markets (3.2%) | Capital Markets (3.2%) | Capital Markets (3.2%) | Capital Markets (3.2%) |
| Acadian Asset Management, Inc. | 14 |  | 377 |
| Affiliated Managers Group, Inc. | 2 |  | 331 |
| Ameriprise Financial, Inc. | 23 |  | 10833 |
| ARES Management Corp., Class A | 46 |  | 7016 |
| Artisan Partners Asset Management, Inc., Class A | 10 |  | 370 |
| Bank of New York Mellon Corp. | 159 |  | 12785 |
| BGC Group, Inc., Class A | 42 |  | 381 |
| Blackrock, Inc. | 35 |  | 31999 |
| Blackstone, Inc. | 174 |  | 22918 |
| Blue Owl Capital, Inc. | 188 |  | 3484 |
| Carlyle Group, Inc. | 43 |  | 1662 |
| Cboe Global Markets, Inc. | 27 |  | 5989 |
| Charles Schwab Corp. | 358 |  | 29141 |
| CME Group, Inc. | 81 |  | 22443 |
| Cohen & Steers, Inc. | 5 |  | 382 |
| Coinbase Global, Inc., Class A (a) | 45 |  | 9130 |
| DigitalBridge Group, Inc. | 46 |  | 386 |
| Donnelley Financial Solutions, Inc. (a) | 8 |  | 386 |
| Evercore, Inc., Class A | 7 |  | 1437 |
| FactSet Research Systems, Inc. | 11 |  | 4754 |
| Federated Hermes, Inc. | 9 |  | 365 |
| Franklin Resources, Inc. | 61 |  | 1144 |
| Freedom Holding Corp. (Kazakhstan) (a) | 3 |  | 429 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Capital Markets (cont'd) | Capital Markets (cont'd) | Capital Markets (cont'd) | Capital Markets (cont'd) |
| GCM Grosvenor, Inc., Class A | 28 | $| 351 |
| Goldman Sachs Group, Inc. | 71 |  | 38876 |
| Hamilton Lane, Inc., Class A | 8 |  | 1236 |
| Houlihan Lokey, Inc. | 19 |  | 3080 |
| Interactive Brokers Group, Inc., Class A | 27 |  | 4640 |
| Intercontinental Exchange, Inc. | 137 |  | 23012 |
| Invesco Ltd. | 28 |  | 390 |
| Janus Henderson Group PLC | 11 |  | 365 |
| Jefferies Financial Group, Inc. | 32 |  | 1495 |
| KKR & Co., Inc. | 159 |  | 18169 |
| Lazard, Inc. | 45 |  | 1751 |
| LPL Financial Holdings, Inc. | 19 |  | 6076 |
| MarketAxess Holdings, Inc. | 7 |  | 1551 |
| Moelis & Co., Class A | 6 |  | 321 |
| Moody's Corp. | 36 |  | 16312 |
| Morgan Stanley (See Note E) | 238 |  | 27470 |
| Morningstar, Inc. | 5 |  | 1424 |
| MSCI, Inc. | 15 |  | 8177 |
| Nasdaq, Inc. | 100 |  | 7621 |
| Northern Trust Corp. | 41 |  | 3853 |
| Oppenheimer Holdings, Inc., Class A | 7 |  | 413 |
| P10, Inc., Class A | 33 |  | 365 |
| Patria Investments Ltd., Class A (Cayman Islands) | 34 |  | 356 |
| Perella Weinberg Partners | 22 |  | 378 |
| Piper Sandler Cos. | 2 |  | 482 |
| PJT Partners, Inc., Class A | 3 |  | 425 |
| Raymond James Financial, Inc. | 46 |  | 6304 |
| Robinhood Markets, Inc., Class A (a) | 109 |  | 5353 |
| S&P Global, Inc. | 72 |  | 36004 |
| State Street Corp. | 74 |  | 6519 |
| StepStone Group, Inc., Class A | 8 |  | 400 |
| Stifel Financial Corp. | 20 |  | 1714 |
| StoneX Group, Inc. (a) | 5 |  | 443 |
| T. Rowe Price Group, Inc. | 59 |  | 5224 |
| TPG, Inc. | 44 |  | 2044 |
| Tradeweb Markets, Inc., Class A | 34 |  | 4702 |
| Victory Capital Holdings, Inc., Class A | 6 |  | 344 |
| Virtu Financial, Inc., Class A | 10 |  | 392 |
| Virtus Investment Partners, Inc. | 3 |  | 461 |
| WisdomTree, Inc. | 43 |  | 374 |
|  |  |  | 407009 |
| Chemicals (1.2%) | Chemicals (1.2%) | Chemicals (1.2%) | Chemicals (1.2%) |
| AdvanSix, Inc. | 17 |  | 364 |
| Air Products & Chemicals, Inc. | 48 |  | 13012 |
| Albemarle Corp. | 23 |  | 1347 |
| Ashland, Inc. | 7 |  | 381 |
| Avient Corp. | 12 |  | 400 |
| Axalta Coating Systems Ltd. (a) | 42 |  | 1365 |
| Balchem Corp. | 3 |  | 470 |
| Cabot Corp. | 4 |  | 314 |
| Celanese Corp. | 9 |  | 401 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| CF Industries Holdings, Inc. | 53 | $| 4154 |
| Chemours Co. | 33 |  | 408 |
| Corteva, Inc. | 165 |  | 10228 |
| Dow, Inc. | 177 |  | 5414 |
| DuPont de Nemours, Inc. | 94 |  | 6203 |
| Eastman Chemical Co. | 23 |  | 1771 |
| Ecolab, Inc. | 53 |  | 13326 |
| Ecovyst, Inc. (a) | 61 |  | 365 |
| Element Solutions, Inc. | 19 |  | 388 |
| FMC Corp. | 9 |  | 377 |
| Hawkins, Inc. | 3 |  | 365 |
| HB Fuller Co. | 6 |  | 324 |
| Huntsman Corp. | 26 |  | 346 |
| Ingevity Corp. (a) | 11 |  | 363 |
| Innospec, Inc. | 4 |  | 358 |
| International Flavors & Fragrances, Inc. | 49 |  | 3844 |
| Kronos Worldwide, Inc. | 51 |  | 393 |
| Linde PLC | 108 |  | 48949 |
| LyondellBasell Industries NV, Class A | 76 |  | 4424 |
| Minerals Technologies, Inc. | 6 |  | 309 |
| Mosaic Co. | 61 |  | 1854 |
| NewMarket Corp. | 1 |  | 615 |
| Olin Corp. | 18 |  | 389 |
| Orion SA (Germany) | 31 |  | 373 |
| Perimeter Solutions, Inc. (a) | 35 |  | 355 |
| PPG Industries, Inc. | 60 |  | 6532 |
| PureCycle Technologies, Inc. (a) | 58 |  | 389 |
| Quaker Chemical Corp. | 3 |  | 318 |
| RPM International, Inc. | 37 |  | 3950 |
| Scotts Miracle-Gro Co. | 7 |  | 353 |
| Sensient Technologies Corp. | 5 |  | 470 |
| Sherwin-Williams Co. | 51 |  | 17999 |
| Stepan Co. | 8 |  | 404 |
| Tronox Holdings PLC | 68 |  | 368 |
| Westlake Corp. | 6 |  | 555 |
|  |  |  | 155287 |
| Commercial Services & Supplies (0.7%) | Commercial Services & Supplies (0.7%) | Commercial Services & Supplies (0.7%) | Commercial Services & Supplies (0.7%) |
| ABM Industries, Inc. | 7 |  | 341 |
| ACV Auctions, Inc., Class A (a) | 25 |  | 367 |
| Brady Corp., Class A | 5 |  | 352 |
| BrightView Holdings, Inc. (a) | 27 |  | 371 |
| Brink's Co. | 4 |  | 357 |
| Casella Waste Systems, Inc., Class A (a) | 23 |  | 2701 |
| CECO Environmental Corp. (a) | 18 |  | 428 |
| Cimpress PLC (Ireland) (a) | 9 |  | 378 |
| Cintas Corp. | 77 |  | 16299 |
| Clean Harbors, Inc. (a) | 10 |  | 2139 |
| Copart, Inc. (a) | 209 |  | 12755 |
| CoreCivic, Inc. (a) | 17 |  | 385 |
| Deluxe Corp. | 24 |  | 350 |
| Driven Brands Holdings, Inc. (a) | 22 |  | 364 |
| GEO Group, Inc. (a) | 12 |  | 375 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Commercial Services & Supplies (cont'd) | Commercial Services & Supplies (cont'd) | Commercial Services & Supplies (cont'd) | Commercial Services & Supplies (cont'd) |
| Healthcare Services Group, Inc. (a) | 35 | $| 497 |
| HNI Corp. | 8 |  | 338 |
| Interface, Inc. | 19 |  | 357 |
| Liquidity Services, Inc. (a) | 11 |  | 350 |
| Matthews International Corp., Class A | 18 |  | 368 |
| MillerKnoll, Inc. | 22 |  | 361 |
| MSA Safety, Inc. | 9 |  | 1417 |
| OPENLANE, Inc. (a) | 19 |  | 352 |
| Pitney Bowes, Inc. | 42 |  | 365 |
| Pursuit Attractions & Hospitality, Inc. (a) | 11 |  | 322 |
| Republic Services, Inc. | 46 |  | 11535 |
| Rollins, Inc. | 58 |  | 3314 |
| Steelcase, Inc., Class A | 34 |  | 337 |
| Tetra Tech, Inc. | 51 |  | 1591 |
| UniFirst Corp. | 2 |  | 357 |
| Veralto Corp. | 56 |  | 5370 |
| Vestis Corp. | 43 |  | 377 |
| VSE Corp. | 4 |  | 458 |
| Waste Management, Inc. | 97 |  | 22636 |
|  |  |  | 88664 |
| Communications Equipment (0.8%) | Communications Equipment (0.8%) | Communications Equipment (0.8%) | Communications Equipment (0.8%) |
| ADTRAN Holdings, Inc. (a) | 46 |  | 352 |
| Arista Networks, Inc. (a) | 238 |  | 19580 |
| Calix, Inc. (a) | 10 |  | 409 |
| Ciena Corp. (a) | 28 |  | 1881 |
| Cisco Systems, Inc. | 937 |  | 54093 |
| CommScope Holding Co., Inc. (a) | 100 |  | 374 |
| Digi International, Inc. (a) | 14 |  | 381 |
| Extreme Networks, Inc. (a) | 30 |  | 395 |
| F5, Inc. (a) | 16 |  | 4236 |
| Harmonic, Inc. (a) | 39 |  | 350 |
| Juniper Networks, Inc. | 64 |  | 2325 |
| Lumentum Holdings, Inc. (a) | 23 |  | 1358 |
| Motorola Solutions, Inc. | 38 |  | 16735 |
| NETGEAR, Inc. (a) | 16 |  | 386 |
| NetScout Systems, Inc. (a) | 18 |  | 378 |
| Ribbon Communications, Inc. (a) | 99 |  | 318 |
| Viasat, Inc. (a) | 41 |  | 380 |
| Viavi Solutions, Inc. (a) | 35 |  | 370 |
|  |  |  | 104301 |
| Construction & Engineering (0.3%) | Construction & Engineering (0.3%) | Construction & Engineering (0.3%) | Construction & Engineering (0.3%) |
| AECOM | 37 |  | 3650 |
| API Group Corp. (a) | 67 |  | 2535 |
| Arcosa, Inc. | 5 |  | 400 |
| Argan, Inc. | 2 |  | 306 |
| Centuri Holdings, Inc. (a) | 21 |  | 377 |
| Comfort Systems USA, Inc. | 7 |  | 2783 |
| Construction Partners, Inc., Class A (a) | 16 |  | 1314 |
| Dycom Industries, Inc. (a) | 8 |  | 1340 |
| EMCOR Group, Inc. | 9 |  | 3606 |
| Everus Construction Group, Inc. (a) | 9 |  | 362 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Fluor Corp. (a) | 33 | $| 1151 |
| Granite Construction, Inc. | 5 |  | 406 |
| Great Lakes Dredge & Dock Corp. (a) | 39 |  | 355 |
| IES Holdings, Inc. (a) | 7 |  | 1377 |
| Limbach Holdings, Inc. (a) | 5 |  | 479 |
| MasTec, Inc. (a) | 21 |  | 2674 |
| MYR Group, Inc. (a) | 3 |  | 367 |
| Primoris Services Corp. | 6 |  | 360 |
| Quanta Services, Inc. | 33 |  | 9659 |
| Sterling Infrastructure, Inc. (a) | 10 |  | 1494 |
| Tutor Perini Corp. (a) | 17 |  | 365 |
| Valmont Industries, Inc. | 8 |  | 2346 |
| WillScot Holdings Corp. | 14 |  | 352 |
|  |  |  | 38058 |
| Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) | Construction Materials (0.3%) |
| CRH PLC | 166 |  | 15840 |
| Eagle Materials, Inc. | 6 |  | 1358 |
| Knife River Corp. (a) | 15 |  | 1401 |
| Martin Marietta Materials, Inc. | 15 |  | 7860 |
| U.S. Lime & Minerals, Inc. | 4 |  | 374 |
| Vulcan Materials Co. | 34 |  | 8919 |
|  |  |  | 35752 |
| Consumer Finance (0.7%) | Consumer Finance (0.7%) | Consumer Finance (0.7%) | Consumer Finance (0.7%) |
| Ally Financial, Inc. | 92 |  | 3005 |
| American Express Co. | 124 |  | 33035 |
| Atlanticus Holdings Corp. (a) | 7 |  | 384 |
| Bread Financial Holdings, Inc. | 7 |  | 332 |
| Capital One Financial Corp. | 86 |  | 15502 |
| Credit Acceptance Corp. (a) | 1 |  | 488 |
| Dave, Inc. (a) | 4 |  | 379 |
| Discover Financial Services | 57 |  | 10412 |
| Encore Capital Group, Inc. (a) | 11 |  | 378 |
| Enova International, Inc. (a) | 4 |  | 367 |
| EZCORP, Inc., Class A (a) | 22 |  | 360 |
| FirstCash Holdings, Inc. | 17 |  | 2277 |
| LendingClub Corp. (a) | 36 |  | 352 |
| Navient Corp. | 31 |  | 384 |
| Nelnet, Inc., Class A | 3 |  | 318 |
| NerdWallet, Inc., Class A (a) | 42 |  | 376 |
| OneMain Holdings, Inc. | 9 |  | 424 |
| PRA Group, Inc. (a) | 21 |  | 384 |
| PROG Holdings, Inc. | 14 |  | 369 |
| SLM Corp. | 82 |  | 2371 |
| SoFi Technologies, Inc. (a) | 196 |  | 2452 |
| Synchrony Financial | 107 |  | 5559 |
| Upstart Holdings, Inc. (a) | 28 |  | 1339 |
| World Acceptance Corp. (a) | 3 |  | 387 |
|  |  |  | 81634 |
| Consumer Staples Distribution & Retail (2.1%) | Consumer Staples Distribution & Retail (2.1%) | Consumer Staples Distribution & Retail (2.1%) | Consumer Staples Distribution & Retail (2.1%) |
| Albertsons Cos., Inc., Class A | 82 |  | 1802 |
| Andersons, Inc. | 10 |  | 377 |
| BJ's Wholesale Club Holdings, Inc. (a) | 26 |  | 3057 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Consumer Staples Distribution & Retail (cont'd) | Consumer Staples Distribution & Retail (cont'd) | Consumer Staples Distribution & Retail (cont'd) | Consumer Staples Distribution & Retail (cont'd) |
| Casey's General Stores, Inc. | 7 | $| 3238 |
| Chefs' Warehouse, Inc. (a) | 6 |  | 342 |
| Costco Wholesale Corp. | 100 |  | 99450 |
| Dollar General Corp. | 48 |  | 4497 |
| Dollar Tree, Inc. (a) | 53 |  | 4334 |
| Grocery Outlet Holding Corp. (a) | 25 |  | 420 |
| Ingles Markets, Inc., Class A | 5 |  | 308 |
| Kroger Co. | 150 |  | 10831 |
| Maplebear, Inc. (a) | 28 |  | 1117 |
| Natural Grocers by Vitamin Cottage, Inc. | 8 |  | 401 |
| Performance Food Group Co. (a) | 30 |  | 2420 |
| PriceSmart, Inc. | 4 |  | 406 |
| SpartanNash Co. | 18 |  | 357 |
| Sprouts Farmers Market, Inc. (a) | 20 |  | 3420 |
| Sysco Corp. | 114 |  | 8140 |
| Target Corp. | 99 |  | 9573 |
| U.S. Foods Holding Corp. (a) | 67 |  | 4399 |
| United Natural Foods, Inc. (a) | 14 |  | 374 |
| Village Super Market, Inc., Class A | 10 |  | 369 |
| Walgreens Boots Alliance, Inc. | 138 |  | 1514 |
| Walmart, Inc. | 991 |  | 96375 |
| Weis Markets, Inc. | 4 |  | 344 |
|  |  |  | 257865 |
| Containers & Packaging (0.3%) | Containers & Packaging (0.3%) | Containers & Packaging (0.3%) | Containers & Packaging (0.3%) |
| Amcor PLC | 551 |  | 5067 |
| AptarGroup, Inc. | 13 |  | 1949 |
| Ardagh Metal Packaging SA | 131 |  | 486 |
| Avery Dennison Corp. | 25 |  | 4278 |
| Ball Corp. | 57 |  | 2960 |
| Crown Holdings, Inc. | 23 |  | 2216 |
| Graphic Packaging Holding Co. | 115 |  | 2911 |
| Greif, Inc., Class A | 6 |  | 315 |
| International Paper Co. | 88 |  | 4020 |
| O-I Glass, Inc. (a) | 33 |  | 418 |
| Packaging Corp. of America | 25 |  | 4640 |
| Sealed Air Corp. | 14 |  | 386 |
| Silgan Holdings, Inc. | 7 |  | 361 |
| Sonoco Products Co. | 46 |  | 1886 |
| TriMas Corp. | 17 |  | 409 |
|  |  |  | 32302 |
| Distributors (0.1%) | Distributors (0.1%) | Distributors (0.1%) | Distributors (0.1%) |
| A-Mark Precious Metals, Inc. | 16 |  | 390 |
| Genuine Parts Co. | 36 |  | 4232 |
| LKQ Corp. | 48 |  | 1834 |
| Pool Corp. | 8 |  | 2345 |
|  |  |  | 8801 |
| Diversified Consumer Services (0.2%) | Diversified Consumer Services (0.2%) | Diversified Consumer Services (0.2%) | Diversified Consumer Services (0.2%) |
| ADT, Inc. | 45 |  | 361 |
| Adtalem Global Education, Inc. (a) | 4 |  | 425 |
| Bright Horizons Family Solutions, Inc. (a) | 11 |  | 1380 |
| Carriage Services, Inc. | 9 |  | 360 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Coursera, Inc. (a) | 51 | $| 429 |
| Duolingo, Inc. (a) | 7 |  | 2726 |
| Frontdoor, Inc. (a) | 9 |  | 370 |
| Graham Holdings Co., Class B | 1 |  | 920 |
| Grand Canyon Education, Inc. (a) | 12 |  | 2140 |
| H&R Block, Inc. | 27 |  | 1630 |
| KinderCare Learning Cos., Inc. (a) | 33 |  | 405 |
| Laureate Education, Inc. (a) | 19 |  | 381 |
| Lincoln Educational Services Corp. (a) | 21 |  | 355 |
| Mister Car Wash, Inc. (a) | 47 |  | 322 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 21 |  | 351 |
| Perdoceo Education Corp. | 14 |  | 352 |
| Service Corp. International | 43 |  | 3436 |
| Strategic Education, Inc. | 4 |  | 326 |
| Stride, Inc. (a) | 17 |  | 2418 |
| Udemy, Inc. (a) | 55 |  | 378 |
| Universal Technical Institute, Inc. (a) | 13 |  | 365 |
|  |  |  | 19830 |
| Diversified REITs (0.1%) | Diversified REITs (0.1%) | Diversified REITs (0.1%) | Diversified REITs (0.1%) |
| Alexander & Baldwin, Inc. REIT | 22 |  | 378 |
| American Assets Trust, Inc. REIT | 19 |  | 356 |
| Armada Hoffler Properties, Inc. REIT | 53 |  | 359 |
| Broadstone Net Lease, Inc. REIT | 23 |  | 372 |
| CTO Realty Growth, Inc. REIT | 20 |  | 365 |
| Empire State Realty Trust, Inc., Class A REIT | 50 |  | 356 |
| Essential Properties Realty Trust, Inc. REIT | 12 |  | 386 |
| Gladstone Commercial Corp. REIT | 26 |  | 367 |
| Global Net Lease, Inc. REIT | 50 |  | 378 |
| Rexford Industrial Realty, Inc. REIT | 77 |  | 2549 |
| WP Carey, Inc. REIT | 42 |  | 2622 |
|  |  |  | 8488 |
| Diversified Telecommunication Services (0.8%) | Diversified Telecommunication Services (0.8%) | Diversified Telecommunication Services (0.8%) | Diversified Telecommunication Services (0.8%) |
| Anterix, Inc. (a) | 11 |  | 328 |
| AST SpaceMobile, Inc. (a) | 29 |  | 673 |
| AT&T, Inc. | 1642 |  | 45484 |
| ATN International, Inc. | 67 |  | 1185 |
| Cogent Communications Holdings, Inc. | 7 |  | 381 |
| Frontier Communications Parent, Inc. (a) | 74 |  | 2683 |
| Globalstar, Inc. (a) | 18 |  | 346 |
| IDT Corp., Class B | 8 |  | 402 |
| Iridium Communications, Inc. | 14 |  | 338 |
| Liberty Latin America Ltd., Class A (Puerto Rico) (a) | 65 |  | 352 |
| Liberty Latin America Ltd., Class C (Puerto Rico) (a) | 66 |  | 363 |
| Lumen Technologies, Inc. (a) | 184 |  | 651 |
| Shenandoah Telecommunications Co. | 28 |  | 312 |
| Verizon Communications, Inc. | 956 |  | 42121 |
|  |  |  | 95619 |
| Electric Utilities (1.5%) | Electric Utilities (1.5%) | Electric Utilities (1.5%) | Electric Utilities (1.5%) |
| ALLETE, Inc. | 5 |  | 328 |
| Alliant Energy Corp. | 74 |  | 4517 |
| American Electric Power Co., Inc. | 117 |  | 12676 |
| Constellation Energy Corp. | 71 |  | 15864 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Electric Utilities (cont'd) | Electric Utilities (cont'd) | Electric Utilities (cont'd) | Electric Utilities (cont'd) |
| Duke Energy Corp. | 181 | $| 22086 |
| Edison International | 75 |  | 4013 |
| Entergy Corp. | 101 |  | 8400 |
| Evergy, Inc. | 67 |  | 4630 |
| Eversource Energy | 71 |  | 4223 |
| Exelon Corp. | 248 |  | 11631 |
| FirstEnergy Corp. | 106 |  | 4545 |
| Hawaiian Electric Industries, Inc. (a) | 36 |  | 378 |
| IDACORP, Inc. | 3 |  | 354 |
| MGE Energy, Inc. | 4 |  | 362 |
| NextEra Energy, Inc. | 460 |  | 30765 |
| NRG Energy, Inc. | 51 |  | 5589 |
| OGE Energy Corp. | 64 |  | 2904 |
| Oklo, Inc. (a) | 61 |  | 1448 |
| Otter Tail Corp. | 5 |  | 397 |
| PG&E Corp. | 455 |  | 7517 |
| Pinnacle West Capital Corp. | 23 |  | 2189 |
| Portland General Electric Co. | 8 |  | 337 |
| PPL Corp. | 186 |  | 6789 |
| Southern Co. | 261 |  | 23983 |
| TXNM Energy, Inc. | 7 |  | 372 |
| Xcel Energy, Inc. | 122 |  | 8625 |
|  |  |  | 184922 |
| Electrical Equipment (0.8%) | Electrical Equipment (0.8%) | Electrical Equipment (0.8%) | Electrical Equipment (0.8%) |
| Acuity, Inc. | 6 |  | 1462 |
| American Superconductor Corp. (a) | 20 |  | 397 |
| AMETEK, Inc. | 50 |  | 8479 |
| Array Technologies, Inc. (a) | 83 |  | 397 |
| Atkore, Inc. | 6 |  | 383 |
| Bloom Energy Corp., Class A (a) | 75 |  | 1374 |
| Eaton Corp. PLC | 89 |  | 26199 |
| Emerson Electric Co. | 119 |  | 12508 |
| EnerSys | 4 |  | 346 |
| Enovix Corp. (a) | 58 |  | 389 |
| Eos Energy Enterprises, Inc. (a) | 89 |  | 465 |
| GE Vernova, Inc. | 64 |  | 23732 |
| Generac Holdings, Inc. (a) | 11 |  | 1258 |
| Hubbell, Inc. | 11 |  | 3995 |
| NEXTracker, Inc., Class A (a) | 25 |  | 1015 |
| NuScale Power Corp. (a) | 23 |  | 381 |
| nVent Electric PLC | 33 |  | 1812 |
| Plug Power, Inc. (a) | 309 |  | 270 |
| Powell Industries, Inc. | 2 |  | 366 |
| Preformed Line Products Co. | 3 |  | 412 |
| Regal Rexnord Corp. | 18 |  | 1905 |
| Rockwell Automation, Inc. | 29 |  | 7183 |
| Sensata Technologies Holding PLC | 18 |  | 385 |
| Sunrun, Inc. (a) | 57 |  | 393 |
| Thermon Group Holdings, Inc. (a) | 14 |  | 367 |
| Vertiv Holdings Co., Class A | 81 |  | 6916 |
| Vicor Corp. (a) | 8 |  | 319 |
|  |  |  | 103108 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) | Electronic Equipment, Instruments & Components (0.7%) |
| Advanced Energy Industries, Inc. | 4 | $390 |
| Amphenol Corp., Class A | 288 | 22162 |
| Arlo Technologies, Inc. (a) | 39 | 383 |
| Arrow Electronics, Inc. (a) | 13 | 1448 |
| Avnet, Inc. | 8 | 376 |
| Badger Meter, Inc. | 6 | 1325 |
| Bel Fuse, Inc., Class B | 6 | 395 |
| Belden, Inc. | 3 | 309 |
| Benchmark Electronics, Inc. | 10 | 325 |
| CDW Corp. | 34 | 5459 |
| Cognex Corp. | 15 | 409 |
| Coherent Corp. (a) | 25 | 1608 |
| Corning, Inc. | 183 | 8122 |
| Crane NXT Co. | 7 | 328 |
| CTS Corp. | 9 | 343 |
| Daktronics, Inc. (a) | 29 | 368 |
| ePlus, Inc. (a) | 6 | 374 |
| Flex Ltd. (a) | 103 | 3537 |
| Insight Enterprises, Inc. (a) | 2 | 277 |
| IPG Photonics Corp. (a) | 7 | 419 |
| Itron, Inc. (a) | 20 | 2226 |
| Jabil, Inc. | 29 | 4250 |
| Keysight Technologies, Inc. (a) | 43 | 6252 |
| Knowles Corp. (a) | 24 | 378 |
| Littelfuse, Inc. | 3 | 547 |
| Mirion Technologies, Inc. (a) | 25 | 395 |
| Napco Security Technologies, Inc. | 16 | 366 |
| Novanta, Inc. (a) | 3 | 357 |
| OSI Systems, Inc. (a) | 2 | 409 |
| PAR Technology Corp. (a) | 7 | 409 |
| PC Connection, Inc. | 6 | 372 |
| Plexus Corp. (a) | 3 | 367 |
| Powerfleet, Inc. NJ (a) | 75 | 378 |
| Rogers Corp. (a) | 6 | 371 |
| Sanmina Corp. (a) | 5 | 384 |
| ScanSource, Inc. (a) | 11 | 363 |
| TD SYNNEX Corp. | 15 | 1662 |
| TE Connectivity PLC | 69 | 10100 |
| Teledyne Technologies, Inc. (a) | 10 | 4660 |
| Trimble, Inc. (a) | 67 | 4163 |
| TTM Technologies, Inc. (a) | 18 | 360 |
| Vishay Intertechnology, Inc. | 31 | 403 |
| Vontier Corp. | 12 | 382 |
| Zebra Technologies Corp., Class A (a) | 10 | 2503 |
|  |  | 90414 |
| Energy Equipment & Services (0.3%) | Energy Equipment & Services (0.3%) | Energy Equipment & Services (0.3%) |
| Archrock, Inc. | 16 | 376 |
| Aris Water Solutions, Inc., Class A | 14 | 349 |
| Atlas Energy Solutions, Inc. | 26 | 352 |
| Baker Hughes Co. | 232 | 8213 |
| Bristow Group, Inc. (a) | 14 | 407 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Energy Equipment & Services (cont'd) | Energy Equipment & Services (cont'd) | Energy Equipment & Services (cont'd) | Energy Equipment & Services (cont'd) |
| Cactus, Inc., Class A | 10 | $| 379 |
| ChampionX Corp. | 15 |  | 362 |
| Core Laboratories, Inc. | 30 |  | 341 |
| Expro Group Holdings NV (a) | 45 |  | 372 |
| Halliburton Co. | 240 |  | 4757 |
| Helix Energy Solutions Group, Inc. (a) | 54 |  | 329 |
| Helmerich & Payne, Inc. | 19 |  | 359 |
| Innovex International, Inc. (a) | 24 |  | 362 |
| Kodiak Gas Services, Inc. | 11 |  | 374 |
| Liberty Energy, Inc. | 33 |  | 380 |
| Noble Corp. PLC | 19 |  | 413 |
| NOV, Inc. | 111 |  | 1289 |
| Oceaneering International, Inc. (a) | 21 |  | 373 |
| Patterson-UTI Energy, Inc. | 61 |  | 344 |
| RPC, Inc. | 74 |  | 350 |
| Schlumberger NV | 332 |  | 11039 |
| Seadrill Ltd. (Norway) (a) | 19 |  | 390 |
| Select Water Solutions, Inc. | 43 |  | 366 |
| Solaris Energy Infrastructure, Inc. | 21 |  | 444 |
| TechnipFMC PLC (United Kingdom) | 131 |  | 3690 |
| Tidewater, Inc. (a) | 10 |  | 362 |
| Valaris Ltd. (a) | 12 |  | 388 |
| Weatherford International PLC | 9 |  | 373 |
|  |  |  | 37533 |
| Entertainment (1.7%) | Entertainment (1.7%) | Entertainment (1.7%) | Entertainment (1.7%) |
| AMC Entertainment Holdings, Inc., Class A (a) | 118 |  | 315 |
| Atlanta Braves Holdings, Inc., Class C (a) | 9 |  | 359 |
| Cinemark Holdings, Inc. | 12 |  | 359 |
| Electronic Arts, Inc. | 53 |  | 7690 |
| Liberty Media Corp.-Liberty Formula One, Class A (a) | 5 |  | 403 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 41 |  | 3635 |
| Liberty Media Corp.-Liberty Live, Class A (a) | 5 |  | 350 |
| Liberty Media Corp.-Liberty Live, Class C (a) | 5 |  | 357 |
| Lions Gate Entertainment Corp., Class A (a) | 44 |  | 391 |
| Lions Gate Entertainment Corp., Class B (a) | 49 |  | 391 |
| Live Nation Entertainment, Inc. (a) | 36 |  | 4768 |
| Madison Square Garden Entertainment Corp. (a) | 12 |  | 389 |
| Madison Square Garden Sports Corp. (a) | 2 |  | 385 |
| Netflix, Inc. (a) | 97 |  | 109777 |
| Playtika Holding Corp. | 69 |  | 364 |
| ROBLOX Corp., Class A (a) | 115 |  | 7711 |
| Roku, Inc. (a) | 25 |  | 1704 |
| Sphere Entertainment Co. (a) | 12 |  | 327 |
| Spotify Technology SA (Sweden) (a) | 33 |  | 20261 |
| Take-Two Interactive Software, Inc. (a) | 38 |  | 8866 |
| TKO Group Holdings, Inc. | 14 |  | 2281 |
| Walt Disney Co. | 408 |  | 37108 |
| Warner Bros Discovery, Inc. (a) | 528 |  | 4578 |
| Warner Music Group Corp., Class A | 27 |  | 822 |
|  |  |  | 213591 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Financial Services (4.1%) | Financial Services (4.1%) | Financial Services (4.1%) |
| Affirm Holdings, Inc. (a) | 45 | $2239 |
| Apollo Global Management, Inc. | 90 | 12283 |
| AvidXchange Holdings, Inc. (a) | 46 | 374 |
| Banco Latinoamericano de Comercio Exterior SA (Panama) | 10 | 383 |
| Berkshire Hathaway, Inc., Class B (a) | 304 | 162108 |
| Block, Inc. (a) | 133 | 7777 |
| Cannae Holdings, Inc. | 21 | 372 |
| Cantaloupe, Inc. (a) | 45 | 360 |
| Cass Information Systems, Inc. | 9 | 367 |
| Corebridge Financial, Inc. | 50 | 1482 |
| Corpay, Inc. (a) | 18 | 5857 |
| Enact Holdings, Inc. | 10 | 358 |
| Equitable Holdings, Inc. | 93 | 4599 |
| Essent Group Ltd. | 44 | 2505 |
| Euronet Worldwide, Inc. (a) | 3 | 297 |
| EVERTEC, Inc. (Puerto Rico) | 10 | 339 |
| Federal Agricultural Mortgage Corp., Class C | 2 | 351 |
| Fidelity National Information Services, Inc. | 123 | 9702 |
| Fiserv, Inc. (a) | 132 | 24363 |
| Flywire Corp. (a) | 41 | 386 |
| Global Payments, Inc. | 66 | 5036 |
| Guild Holdings Co., Class A | 27 | 350 |
| Jack Henry & Associates, Inc. | 22 | 3815 |
| Jackson Financial, Inc., Class A | 4 | 312 |
| Marqeta, Inc., Class A (a) | 91 | 380 |
| Mastercard, Inc., Class A | 189 | 103583 |
| Merchants Bancorp | 11 | 331 |
| MGIC Investment Corp. | 15 | 374 |
| NCR Atleos Corp. (a) | 15 | 419 |
| NMI Holdings, Inc. (a) | 10 | 362 |
| Paymentus Holdings, Inc., Class A (a) | 13 | 422 |
| Payoneer Global, Inc. (a) | 55 | 387 |
| PayPal Holdings, Inc. (a) | 222 | 14616 |
| Paysafe Ltd. (a) | 25 | 381 |
| PennyMac Financial Services, Inc. | 4 | 390 |
| Radian Group, Inc. | 11 | 351 |
| Remitly Global, Inc. (a) | 18 | 364 |
| Rocket Cos., Inc., Class A | 30 | 387 |
| Sezzle, Inc. (a) | 9 | 468 |
| Shift4 Payments, Inc., Class A (a) | 14 | 1145 |
| Toast, Inc., Class A (a) | 80 | 2846 |
| UWM Holdings Corp. | 79 | 371 |
| Velocity Financial, Inc. (a) | 20 | 357 |
| Visa, Inc., Class A | 399 | 137854 |
| Voya Financial, Inc. | 6 | 355 |
| Walker & Dunlop, Inc. | 5 | 383 |
| Western Union Co. | 36 | 357 |
| WEX, Inc. (a) | 3 | 391 |
|  |  | 513289 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Food Products (0.6%) | Food Products (0.6%) | Food Products (0.6%) |
| Archer-Daniels-Midland Co. | 93 | $4441 |
| Bunge Global SA | 27 | 2125 |
| Cal-Maine Foods, Inc. | 4 | 373 |
| Campbell's Co. | 37 | 1349 |
| Conagra Brands, Inc. | 92 | 2273 |
| Darling Ingredients, Inc. (a) | 12 | 386 |
| Dole PLC | 26 | 395 |
| Flowers Foods, Inc. | 19 | 334 |
| Fresh Del Monte Produce, Inc. | 12 | 408 |
| Freshpet, Inc. (a) | 5 | 368 |
| General Mills, Inc. | 127 | 7206 |
| Hershey Co. | 34 | 5684 |
| Hormel Foods Corp. | 57 | 1704 |
| Ingredion, Inc. | 12 | 1594 |
| J&J Snack Foods Corp. | 2 | 259 |
| J.M. Smucker Co. | 21 | 2442 |
| John B Sanfilippo & Son, Inc. | 6 | 398 |
| Kellanova | 63 | 5214 |
| Kraft Heinz Co. | 201 | 5849 |
| Lamb Weston Holdings, Inc. | 28 | 1479 |
| Lancaster Colony Corp. | 2 | 325 |
| McCormick & Co., Inc. | 65 | 4983 |
| Mission Produce, Inc. (a) | 34 | 356 |
| Mondelez International, Inc., Class A | 301 | 20507 |
| Pilgrim's Pride Corp. | 7 | 382 |
| Post Holdings, Inc. (a) | 21 | 2377 |
| Seneca Foods Corp., Class A (a) | 4 | 359 |
| Simply Good Foods Co. (a) | 10 | 361 |
| Tootsie Roll Industries, Inc. | 11 | 352 |
| TreeHouse Foods, Inc. (a) | 16 | 373 |
| Tyson Foods, Inc., Class A | 55 | 3368 |
| Utz Brands, Inc. | 27 | 359 |
| Vital Farms, Inc. (a) | 11 | 377 |
| Westrock Coffee Co. (a) | 57 | 331 |
| WK Kellogg Co. | 18 | 323 |
|  |  | 79414 |
| Gas Utilities (0.1%) | Gas Utilities (0.1%) | Gas Utilities (0.1%) |
| Atmos Energy Corp. | 40 | 6425 |
| Chesapeake Utilities Corp. | 2 | 263 |
| MDU Resources Group, Inc. | 21 | 360 |
| National Fuel Gas Co. | 13 | 998 |
| New Jersey Resources Corp. | 7 | 343 |
| Northwest Natural Holding Co. | 9 | 388 |
| ONE Gas, Inc. | 4 | 314 |
| Southwest Gas Holdings, Inc. | 5 | 361 |
| Spire, Inc. | 4 | 306 |
| UGI Corp. | 41 | 1345 |
|  |  | 11103 |
| Ground Transportation (0.9%) | Ground Transportation (0.9%) | Ground Transportation (0.9%) |
| ArcBest Corp. | 6 | 351 |
| Avis Budget Group, Inc. (a) | 5 | 463 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Covenant Logistics Group, Inc. | 18 | $| 358 |
| CSX Corp. | 416 |  | 11677 |
| Heartland Express, Inc. | 40 |  | 304 |
| Hertz Global Holdings, Inc. (a) | 84 |  | 573 |
| JB Hunt Transport Services, Inc. | 15 |  | 1959 |
| Knight-Swift Transportation Holdings, Inc. | 31 |  | 1214 |
| Lyft, Inc., Class A Class A (a) | 32 |  | 397 |
| Marten Transport Ltd. | 26 |  | 334 |
| Norfolk Southern Corp. | 48 |  | 10754 |
| Old Dominion Freight Line, Inc. | 43 |  | 6591 |
| RXO, Inc. (a) | 25 |  | 352 |
| Ryder System, Inc. | 3 |  | 413 |
| Saia, Inc. (a) | 5 |  | 1220 |
| Schneider National, Inc., Class B | 16 |  | 344 |
| Uber Technologies, Inc. (a) | 460 |  | 37265 |
| U-Haul Holding Co. (a) | 26 |  | 1464 |
| Union Pacific Corp. | 134 |  | 28898 |
| Universal Logistics Holdings, Inc. | 13 |  | 283 |
| Werner Enterprises, Inc. | 12 |  | 296 |
| XPO, Inc. (a) | 23 |  | 2441 |
|  |  |  | 107951 |
| Health Care Equipment & Supplies (2.3%) | Health Care Equipment & Supplies (2.3%) | Health Care Equipment & Supplies (2.3%) | Health Care Equipment & Supplies (2.3%) |
| Abbott Laboratories | 394 |  | 51515 |
| Align Technology, Inc. (a) | 13 |  | 2253 |
| Alphatec Holdings, Inc. (a) | 36 |  | 395 |
| Artivion, Inc. (a) | 15 |  | 355 |
| AtriCure, Inc. (a) | 11 |  | 329 |
| Avanos Medical, Inc. (a) | 28 |  | 351 |
| Axogen, Inc. (a) | 22 |  | 358 |
| Baxter International, Inc. | 132 |  | 4114 |
| Becton Dickinson & Co. | 62 |  | 12840 |
| Boston Scientific Corp. (a) | 346 |  | 35593 |
| CONMED Corp. | 7 |  | 344 |
| Cooper Cos., Inc. (a) | 56 |  | 4574 |
| Dentsply Sirona, Inc. | 28 |  | 389 |
| Dexcom, Inc. (a) | 95 |  | 6781 |
| Edwards Lifesciences Corp. (a) | 128 |  | 9663 |
| Embecta Corp. | 29 |  | 353 |
| Enovis Corp. (a) | 11 |  | 380 |
| Envista Holdings Corp. (a) | 23 |  | 370 |
| GE HealthCare Technologies, Inc. | 105 |  | 7385 |
| Glaukos Corp. (a) | 11 |  | 1037 |
| Globus Medical, Inc., Class A (a) | 22 |  | 1579 |
| Haemonetics Corp. (a) | 6 |  | 378 |
| Hologic, Inc. (a) | 54 |  | 3143 |
| ICU Medical, Inc. (a) | 3 |  | 410 |
| IDEXX Laboratories, Inc. (a) | 21 |  | 9086 |
| Inspire Medical Systems, Inc. (a) | 6 |  | 950 |
| Insulet Corp. (a) | 19 |  | 4793 |
| Integer Holdings Corp. (a) | 3 |  | 379 |
| Integra LifeSciences Holdings Corp. (a) | 20 |  | 328 |
| Intuitive Surgical, Inc. (a) | 80 |  | 41264 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Health Care Equipment & Supplies (cont'd) | Health Care Equipment & Supplies (cont'd) | Health Care Equipment & Supplies (cont'd) | Health Care Equipment & Supplies (cont'd) |
| iRadimed Corp. | 7 | $| 367 |
| iRhythm Technologies, Inc. (a) | 3 |  | 321 |
| Lantheus Holdings, Inc. (a) | 14 |  | 1461 |
| LeMaitre Vascular, Inc. | 4 |  | 363 |
| Masimo Corp. (a) | 9 |  | 1449 |
| Medtronic PLC | 296 |  | 25089 |
| Merit Medical Systems, Inc. (a) | 12 |  | 1133 |
| Neogen Corp. (a) | 61 |  | 308 |
| Novocure Ltd. (a) | 21 |  | 381 |
| Omnicell, Inc. (a) | 12 |  | 375 |
| Penumbra, Inc. (a) | 7 |  | 2050 |
| PROCEPT BioRobotics Corp. (a) | 7 |  | 378 |
| Pulse Biosciences, Inc. (a) | 22 |  | 374 |
| QuidelOrtho Corp. (a) | 13 |  | 361 |
| ResMed, Inc. | 35 |  | 8281 |
| RxSight, Inc. (a) | 24 |  | 353 |
| SI-BONE, Inc. (a) | 27 |  | 369 |
| Solventum Corp. (a) | 28 |  | 1851 |
| STAAR Surgical Co. (a) | 23 |  | 420 |
| STERIS PLC | 26 |  | 5843 |
| Stryker Corp. | 74 |  | 27670 |
| Tandem Diabetes Care, Inc. (a) | 21 |  | 354 |
| Teleflex, Inc. | 12 |  | 1645 |
| TransMedics Group, Inc. (a) | 5 |  | 460 |
| UFP Technologies, Inc. (a) | 2 |  | 417 |
| Zimmer Biomet Holdings, Inc. | 53 |  | 5462 |
|  |  |  | 289224 |
| Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) | Health Care Providers & Services (2.1%) |
| Acadia Healthcare Co., Inc. (a) | 13 |  | 304 |
| AdaptHealth Corp. (a) | 38 |  | 323 |
| Addus HomeCare Corp. (a) | 4 |  | 418 |
| Alignment Healthcare, Inc. (a) | 18 |  | 319 |
| Amedisys, Inc. (a) | 4 |  | 380 |
| AMN Healthcare Services, Inc. (a) | 18 |  | 368 |
| Ardent Health Partners, Inc. (a) | 29 |  | 369 |
| Astrana Health, Inc. (a) | 11 |  | 343 |
| Aveanna Healthcare Holdings, Inc. (a) | 72 |  | 332 |
| BrightSpring Health Services, Inc. (a) | 20 |  | 351 |
| Brookdale Senior Living, Inc. (a) | 59 |  | 387 |
| Cardinal Health, Inc. | 60 |  | 8477 |
| Cencora, Inc. | 39 |  | 11414 |
| Centene Corp. (a) | 119 |  | 7122 |
| Chemed Corp. | 2 |  | 1163 |
| Cigna Group | 64 |  | 21763 |
| Clover Health Investments Corp. (a) | 94 |  | 320 |
| Concentra Group Holdings Parent, Inc. | 17 |  | 370 |
| CorVel Corp. (a) | 3 |  | 326 |
| CVS Health Corp. | 288 |  | 19212 |
| DaVita, Inc. (a) | 8 |  | 1132 |
| Elevance Health, Inc. | 54 |  | 22711 |
| Encompass Health Corp. | 29 |  | 3393 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Ensign Group, Inc. | 11 | $| 1419 |
| GeneDx Holdings Corp. (a) | 4 |  | 267 |
| Guardant Health, Inc. (a) | 24 |  | 1134 |
| HCA Healthcare, Inc. | 45 |  | 15529 |
| HealthEquity, Inc. (a) | 17 |  | 1457 |
| Henry Schein, Inc. (a) | 22 |  | 1429 |
| Hims & Hers Health, Inc. (a) | 34 |  | 1125 |
| Humana, Inc. | 29 |  | 7605 |
| Labcorp Holdings, Inc. | 21 |  | 5061 |
| LifeStance Health Group, Inc. (a) | 50 |  | 329 |
| McKesson Corp. | 30 |  | 21384 |
| Molina Healthcare, Inc. (a) | 16 |  | 5232 |
| National HealthCare Corp. | 4 |  | 378 |
| NeoGenomics, Inc. (a) | 38 |  | 243 |
| OPKO Health, Inc. (a) | 253 |  | 349 |
| Option Care Health, Inc. (a) | 51 |  | 1648 |
| PACS Group, Inc. (a) | 37 |  | 356 |
| Pediatrix Medical Group, Inc. (a) | 26 |  | 335 |
| Pennant Group, Inc. (a) | 14 |  | 359 |
| Premier, Inc., Class A | 19 |  | 387 |
| Privia Health Group, Inc. (a) | 14 |  | 329 |
| Progyny, Inc. (a) | 16 |  | 365 |
| Quest Diagnostics, Inc. | 29 |  | 5168 |
| RadNet, Inc. (a) | 7 |  | 367 |
| Select Medical Holdings Corp. | 21 |  | 383 |
| Surgery Partners, Inc. (a) | 16 |  | 351 |
| Tenet Healthcare Corp. (a) | 22 |  | 3145 |
| U.S. Physical Therapy, Inc. | 5 |  | 356 |
| UnitedHealth Group, Inc. | 212 |  | 87225 |
| Universal Health Services, Inc., Class B | 11 |  | 1948 |
|  |  |  | 266960 |
| Health Care REITs (0.3%) | Health Care REITs (0.3%) | Health Care REITs (0.3%) | Health Care REITs (0.3%) |
| Alexandria Real Estate Equities, Inc. REIT | 31 |  | 2252 |
| American Healthcare REIT, Inc. REIT | 68 |  | 2195 |
| CareTrust REIT, Inc. REIT | 12 |  | 351 |
| Healthcare Realty Trust, Inc. REIT | 23 |  | 357 |
| Healthpeak Properties, Inc. REIT | 209 |  | 3729 |
| LTC Properties, Inc. REIT | 10 |  | 359 |
| Medical Properties Trust, Inc. REIT | 66 |  | 364 |
| National Health Investors, Inc. REIT | 5 |  | 378 |
| Omega Healthcare Investors, Inc. REIT | 52 |  | 2031 |
| Sabra Health Care REIT, Inc. REIT | 20 |  | 357 |
| Sila Realty Trust, Inc. REIT | 14 |  | 361 |
| Ventas, Inc. REIT | 101 |  | 7078 |
| Welltower, Inc. REIT | 144 |  | 21973 |
|  |  |  | 41785 |
| Health Care Technology (0.1%) | Health Care Technology (0.1%) | Health Care Technology (0.1%) | Health Care Technology (0.1%) |
| Certara, Inc. (a) | 33 |  | 457 |
| Doximity, Inc., Class A (a) | 24 |  | 1365 |
| Evolent Health, Inc., Class A (a) | 34 |  | 335 |
| GoodRx Holdings, Inc., Class A (a) | 80 |  | 370 |
| HealthStream, Inc. | 11 |  | 370 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Health Care Technology (cont'd) | Health Care Technology (cont'd) | Health Care Technology (cont'd) | Health Care Technology (cont'd) |
| Phreesia, Inc. (a) | 15 | $| 375 |
| Schrodinger, Inc. (a) | 18 |  | 461 |
| Teladoc Health, Inc. (a) | 47 |  | 338 |
| Veeva Systems, Inc., Class A (a) | 34 |  | 7946 |
| Waystar Holding Corp. (a) | 9 |  | 335 |
|  |  |  | 12352 |
| Hotel & Resort REITs (0.1%) | Hotel & Resort REITs (0.1%) | Hotel & Resort REITs (0.1%) | Hotel & Resort REITs (0.1%) |
| Apple Hospitality REIT, Inc. REIT | 31 |  | 365 |
| DiamondRock Hospitality Co. REIT | 50 |  | 367 |
| Host Hotels & Resorts, Inc. REIT | 228 |  | 3219 |
| Park Hotels & Resorts, Inc. REIT | 36 |  | 358 |
| Pebblebrook Hotel Trust REIT | 41 |  | 371 |
| RLJ Lodging Trust REIT | 51 |  | 357 |
| Ryman Hospitality Properties, Inc. REIT | 27 |  | 2375 |
| Sunstone Hotel Investors, Inc. REIT | 42 |  | 350 |
| Xenia Hotels & Resorts, Inc. REIT | 35 |  | 374 |
|  |  |  | 8136 |
| Hotels, Restaurants & Leisure (2.1%) | Hotels, Restaurants & Leisure (2.1%) | Hotels, Restaurants & Leisure (2.1%) | Hotels, Restaurants & Leisure (2.1%) |
| Accel Entertainment, Inc. (a) | 32 |  | 330 |
| Airbnb, Inc., Class A (a) | 98 |  | 11948 |
| Aramark | 49 |  | 1638 |
| Biglari Holdings, Inc., Class B (a) | 1 |  | 233 |
| BJ's Restaurants, Inc. (a) | 11 |  | 366 |
| Bloomin' Brands, Inc. | 50 |  | 401 |
| Booking Holdings, Inc. | 6 |  | 30596 |
| Boyd Gaming Corp. | 30 |  | 2074 |
| Brinker International, Inc. (a) | 9 |  | 1209 |
| Caesars Entertainment, Inc. (a) | 39 |  | 1055 |
| Carnival Corp. (a) | 270 |  | 4952 |
| Cava Group, Inc. (a) | 20 |  | 1849 |
| Cheesecake Factory, Inc. | 8 |  | 403 |
| Chipotle Mexican Grill, Inc. (a) | 313 |  | 15813 |
| Choice Hotels International, Inc. | 3 |  | 378 |
| Churchill Downs, Inc. | 14 |  | 1266 |
| Cracker Barrel Old Country Store, Inc. | 9 |  | 384 |
| Darden Restaurants, Inc. | 31 |  | 6220 |
| Domino's Pizza, Inc. | 7 |  | 3433 |
| DoorDash, Inc., Class A (a) | 76 |  | 14660 |
| DraftKings, Inc., Class A (a) | 107 |  | 3562 |
| Dutch Bros, Inc., Class A (a) | 22 |  | 1314 |
| Everi Holdings, Inc. (a) | 26 |  | 365 |
| Expedia Group, Inc. | 31 |  | 4865 |
| First Watch Restaurant Group, Inc. (a) | 20 |  | 353 |
| Flutter Entertainment PLC (a) | 40 |  | 9640 |
| Genius Sports Ltd. (United Kingdom) (a) | 36 |  | 388 |
| Global Business Travel Group I (a) | 52 |  | 349 |
| Golden Entertainment, Inc. | 14 |  | 360 |
| Hilton Grand Vacations, Inc. (a) | 11 |  | 370 |
| Hilton Worldwide Holdings, Inc. | 53 |  | 11950 |
| Hyatt Hotels Corp., Class A | 8 |  | 901 |
| Krispy Kreme, Inc. | 81 |  | 332 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Kura Sushi USA, Inc., Class A (a) | 7 | $| 412 |
| Las Vegas Sands Corp. | 67 |  | 2457 |
| Life Time Group Holdings, Inc. (a) | 11 |  | 337 |
| Lucky Strike Entertainment Corp. | 39 |  | 367 |
| Marriott International, Inc., Class A | 52 |  | 12406 |
| Marriott Vacations Worldwide Corp. | 6 |  | 329 |
| McDonald's Corp. | 165 |  | 52742 |
| MGM Resorts International (a) | 84 |  | 2643 |
| Monarch Casino & Resort, Inc. | 5 |  | 391 |
| Norwegian Cruise Line Holdings Ltd. (a) | 85 |  | 1363 |
| Papa John's International, Inc. | 11 |  | 380 |
| Penn Entertainment, Inc. (a) | 24 |  | 365 |
| Planet Fitness, Inc., Class A (a) | 17 |  | 1608 |
| Portillo's, Inc., Class A (a) | 30 |  | 310 |
| Red Rock Resorts, Inc., Class A | 8 |  | 342 |
| Royal Caribbean Cruises Ltd. | 56 |  | 12035 |
| Sabre Corp. (a) | 152 |  | 360 |
| Shake Shack, Inc., Class A (a) | 15 |  | 1316 |
| Six Flags Entertainment Corp. | 11 |  | 379 |
| Starbucks Corp. | 263 |  | 21053 |
| Sweetgreen, Inc., Class A (a) | 16 |  | 312 |
| Target Hospitality Corp. (a) | 51 |  | 347 |
| Texas Roadhouse, Inc. | 18 |  | 2987 |
| Travel & Leisure Co. | 9 |  | 395 |
| United Parks & Resorts, Inc. (a) | 9 |  | 393 |
| Vail Resorts, Inc. | 16 |  | 2227 |
| Viking Holdings Ltd. (a) | 45 |  | 1846 |
| Wendy's Co. | 27 |  | 338 |
| Wingstop, Inc. | 6 |  | 1583 |
| Wyndham Hotels & Resorts, Inc. | 15 |  | 1279 |
| Wynn Resorts Ltd. | 19 |  | 1526 |
| Yum! Brands, Inc. | 71 |  | 10681 |
|  |  |  | 269466 |
| Household Durables (0.4%) | Household Durables (0.4%) | Household Durables (0.4%) | Household Durables (0.4%) |
| Beazer Homes USA, Inc. (a) | 19 |  | 372 |
| Cavco Industries, Inc. (a) | 1 |  | 494 |
| Century Communities, Inc. | 6 |  | 327 |
| Champion Homes, Inc. (a) | 26 |  | 2249 |
| Cricut, Inc., Class A | 71 |  | 354 |
| DR Horton, Inc. | 68 |  | 8591 |
| Dream Finders Homes, Inc., Class A (a) | 17 |  | 385 |
| Ethan Allen Interiors, Inc. | 13 |  | 370 |
| Green Brick Partners, Inc. (a) | 6 |  | 354 |
| Helen of Troy Ltd. (a) | 10 |  | 279 |
| Hovnanian Enterprises, Inc., Class A (a) | 4 |  | 387 |
| Installed Building Products, Inc. | 8 |  | 1327 |
| KB Home | 35 |  | 1891 |
| La-Z-Boy, Inc. | 9 |  | 355 |
| Legacy Housing Corp. (a) | 15 |  | 365 |
| Leggett & Platt, Inc. | 49 |  | 471 |
| Lennar Corp., Class A | 62 |  | 6734 |
| LGI Homes, Inc. (a) | 6 |  | 328 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Household Durables (cont'd) | Household Durables (cont'd) | Household Durables (cont'd) | Household Durables (cont'd) |
| M/I Homes, Inc. (a) | 4 | $| 427 |
| Mohawk Industries, Inc. (a) | 11 |  | 1170 |
| Newell Brands, Inc. | 76 |  | 363 |
| PulteGroup, Inc. | 52 |  | 5334 |
| SharkNinja, Inc. (a) | 10 |  | 805 |
| Somnigroup International, Inc. | 53 |  | 3236 |
| Sonos, Inc. (a) | 42 |  | 387 |
| Taylor Morrison Home Corp. (a) | 38 |  | 2179 |
| Toll Brothers, Inc. | 32 |  | 3228 |
| TopBuild Corp. (a) | 6 |  | 1774 |
| Tri Pointe Homes, Inc. (a) | 12 |  | 369 |
| Whirlpool Corp. | 25 |  | 1907 |
|  |  |  | 46812 |
| Household Products (1.0%) | Household Products (1.0%) | Household Products (1.0%) | Household Products (1.0%) |
| Central Garden & Pet Co. (a) | 10 |  | 336 |
| Central Garden & Pet Co., Class A (a) | 11 |  | 325 |
| Church & Dwight Co., Inc. | 61 |  | 6060 |
| Clorox Co. | 35 |  | 4980 |
| Colgate-Palmolive Co. | 194 |  | 17885 |
| Energizer Holdings, Inc. | 13 |  | 352 |
| Kimberly-Clark Corp. | 73 |  | 9620 |
| Oil-Dri Corp. of America | 8 |  | 337 |
| Procter & Gamble Co. | 536 |  | 87137 |
| Reynolds Consumer Products, Inc. | 15 |  | 345 |
| Spectrum Brands Holdings, Inc. | 5 |  | 315 |
| WD-40 Co. | 2 |  | 457 |
|  |  |  | 128149 |
| Independent Power & Renewable Electricity Producers (0.1%) | Independent Power & Renewable Electricity Producers (0.1%) | Independent Power & Renewable Electricity Producers (0.1%) | Independent Power & Renewable Electricity Producers (0.1%) |
| AES Corp. | 138 |  | 1380 |
| Brookfield Renewable Corp. (Canada) | 13 |  | 370 |
| Clearway Energy, Inc., Class A | 14 |  | 383 |
| Clearway Energy, Inc., Class C | 13 |  | 381 |
| Ormat Technologies, Inc. | 5 |  | 363 |
| Talen Energy Corp. (a) | 9 |  | 1936 |
| Vistra Corp. | 81 |  | 10500 |
| XPLR Infrastructure LP | 41 |  | 338 |
|  |  |  | 15651 |
| Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) | Industrial Conglomerates (0.4%) |
| 3M Co. | 125 |  | 17364 |
| Honeywell International, Inc. | 150 |  | 31575 |
|  |  |  | 48939 |
| Industrial REITs (0.2%) | Industrial REITs (0.2%) | Industrial REITs (0.2%) | Industrial REITs (0.2%) |
| Americold Realty Trust, Inc. REIT | 19 |  | 367 |
| EastGroup Properties, Inc. REIT | 9 |  | 1471 |
| First Industrial Realty Trust, Inc. REIT | 55 |  | 2617 |
| Innovative Industrial Properties, Inc. REIT | 7 |  | 380 |
| Lineage, Inc. REIT | 14 |  | 675 |
| LXP Industrial Trust REIT | 46 |  | 363 |
| Plymouth Industrial REIT, Inc. REIT | 26 |  | 387 |
| Prologis, Inc. REIT | 203 |  | 20747 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| STAG Industrial, Inc. REIT | 11 | $| 363 |
| Terreno Realty Corp. REIT | 44 |  | 2479 |
|  |  |  | 29849 |
| Information Technology Services (1.3%) | Information Technology Services (1.3%) | Information Technology Services (1.3%) | Information Technology Services (1.3%) |
| Accenture PLC, Class A | 141 |  | 42180 |
| Akamai Technologies, Inc. (a) | 29 |  | 2337 |
| Amdocs Ltd. | 22 |  | 1949 |
| Applied Digital Corp. (a) | 67 |  | 304 |
| ASGN, Inc. (a) | 5 |  | 252 |
| Cloudflare, Inc., Class A (a) | 66 |  | 7972 |
| Cognizant Technology Solutions Corp., Class A | 111 |  | 8166 |
| Couchbase, Inc. (a) | 23 |  | 406 |
| DigitalOcean Holdings, Inc. (a) | 12 |  | 371 |
| DXC Technology Co. (a) | 25 |  | 388 |
| EPAM Systems, Inc. (a) | 11 |  | 1726 |
| Fastly, Inc., Class A (a) | 64 |  | 368 |
| Gartner, Inc. (a) | 18 |  | 7579 |
| Globant SA (Argentina) (a) | 4 |  | 470 |
| GoDaddy, Inc., Class A (a) | 31 |  | 5838 |
| Grid Dynamics Holdings, Inc. (a) | 26 |  | 368 |
| Hackett Group, Inc. | 14 |  | 358 |
| International Business Machines Corp. | 217 |  | 52475 |
| Kyndryl Holdings, Inc. (a) | 45 |  | 1459 |
| MongoDB, Inc. (a) | 14 |  | 2410 |
| Okta, Inc. (a) | 44 |  | 4935 |
| Snowflake, Inc., Class A (a) | 79 |  | 12600 |
| Twilio, Inc., Class A (a) | 36 |  | 3482 |
| VeriSign, Inc. (a) | 19 |  | 5360 |
|  |  |  | 163753 |
| Insurance (2.1%) | Insurance (2.1%) | Insurance (2.1%) | Insurance (2.1%) |
| Aflac, Inc. | 118 |  | 12824 |
| Allstate Corp. | 59 |  | 11705 |
| American Financial Group, Inc. | 15 |  | 1900 |
| American International Group, Inc. | 151 |  | 12309 |
| AMERISAFE, Inc. | 7 |  | 325 |
| Aon PLC, Class A | 44 |  | 15611 |
| Arch Capital Group Ltd. | 85 |  | 7708 |
| Arthur J Gallagher & Co. | 55 |  | 17638 |
| Assurant, Inc. | 10 |  | 1927 |
| Assured Guaranty Ltd. | 4 |  | 351 |
| Axis Capital Holdings Ltd. | 15 |  | 1445 |
| Baldwin Insurance Group, Inc. (a) | 9 |  | 375 |
| Bowhead Specialty Holdings, Inc. (a) | 9 |  | 362 |
| Brighthouse Financial, Inc. (a) | 7 |  | 408 |
| Brown & Brown, Inc. | 59 |  | 6525 |
| Cincinnati Financial Corp. | 30 |  | 4176 |
| CNA Financial Corp. | 7 |  | 337 |
| CNO Financial Group, Inc. | 35 |  | 1328 |
| Donegal Group, Inc., Class A | 19 |  | 368 |
| Employers Holdings, Inc. | 7 |  | 340 |
| Enstar Group Ltd. (a) | 1 |  | 334 |
| Erie Indemnity Co., Class A | 5 |  | 1793 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Insurance (cont'd) | Insurance (cont'd) | Insurance (cont'd) |
| Everest Group Ltd. | 6 | $2153 |
| F&G Annuities & Life, Inc. | 11 | 383 |
| Fidelity National Financial, Inc. | 50 | 3202 |
| First American Financial Corp. | 6 | 365 |
| Genworth Financial, Inc. (a) | 53 | 364 |
| Globe Life, Inc. | 17 | 2097 |
| Goosehead Insurance, Inc., Class A | 3 | 292 |
| Hamilton Insurance Group Ltd., Class B (Bermuda) (a) | 20 | 370 |
| Hanover Insurance Group, Inc. | 8 | 1329 |
| Hartford Insurance Group, Inc. | 69 | 8464 |
| HCI Group, Inc. | 2 | 293 |
| Heritage Insurance Holdings, Inc. (a) | 22 | 416 |
| Horace Mann Educators Corp. | 9 | 374 |
| Kemper Corp. | 6 | 355 |
| Kinsale Capital Group, Inc. | 4 | 1741 |
| Lemonade, Inc. (a) | 14 | 409 |
| Lincoln National Corp. | 11 | 351 |
| Loews Corp. | 52 | 4515 |
| Markel Group, Inc. (a) | 2 | 3637 |
| Marsh & McLennan Cos., Inc. | 108 | 24351 |
| Mercury General Corp. | 7 | 388 |
| MetLife, Inc. | 146 | 11004 |
| Old Republic International Corp. | 78 | 2933 |
| Oscar Health, Inc., Class A (a) | 28 | 364 |
| Palomar Holdings, Inc. (a) | 9 | 1305 |
| Primerica, Inc. | 7 | 1834 |
| Principal Financial Group, Inc. | 64 | 4746 |
| ProAssurance Corp. (a) | 15 | 348 |
| Progressive Corp. | 133 | 37471 |
| Prudential Financial, Inc. | 84 | 8628 |
| Reinsurance Group of America, Inc. | 19 | 3559 |
| RenaissanceRe Holdings Ltd. | 10 | 2419 |
| RLI Corp. | 30 | 2220 |
| Root, Inc., Class A (a) | 3 | 419 |
| Ryan Specialty Holdings, Inc. | 21 | 1376 |
| Safety Insurance Group, Inc. | 5 | 382 |
| Selective Insurance Group, Inc. | 4 | 349 |
| SiriusPoint Ltd. (Sweden) (a) | 23 | 386 |
| Skyward Specialty Insurance Group, Inc. (a) | 7 | 372 |
| Stewart Information Services Corp. | 5 | 327 |
| Tiptree, Inc. | 16 | 357 |
| Travelers Cos., Inc. | 52 | 13735 |
| Trupanion, Inc. (a) | 10 | 366 |
| United Fire Group, Inc. | 13 | 360 |
| Universal Insurance Holdings, Inc. | 16 | 388 |
| Unum Group | 48 | 3728 |
| W.R. Berkley Corp. | 58 | 4158 |
| White Mountains Insurance Group Ltd. | 1 | 1767 |
| Willis Towers Watson PLC | 25 | 7695 |
|  |  | 268934 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Interactive Media & Services (5.5%) | Interactive Media & Services (5.5%) | Interactive Media & Services (5.5%) |
| Alphabet, Inc., Class A | 1348 | $214062 |
| Alphabet, Inc., Class C | 1188 | 191137 |
| Angi, Inc. (a) | 28 | 321 |
| Cargurus, Inc. (a) | 13 | 363 |
| Cars.com, Inc. (a) | 31 | 361 |
| EverQuote, Inc., Class A (a) | 17 | 404 |
| fuboTV, Inc. (a) | 125 | 375 |
| Grindr, Inc. (Singapore) (a) | 20 | 439 |
| IAC, Inc. (a) | 10 | 349 |
| Match Group, Inc. | 45 | 1335 |
| Meta Platforms, Inc., Class A | 503 | 276147 |
| Pinterest, Inc., Class A (a) | 162 | 4102 |
| QuinStreet, Inc. (a) | 23 | 403 |
| Reddit, Inc., Class A (a) | 25 | 2914 |
| Shutterstock, Inc. | 23 | 367 |
| Snap, Inc., Class A (a) | 204 | 1624 |
| TripAdvisor, Inc. (a) | 31 | 386 |
| Trump Media & Technology Group Corp. (a) | 18 | 442 |
| Vimeo, Inc. (a) | 71 | 358 |
| Webtoon Entertainment, Inc. (Korea, Republic of) (a) | 45 | 405 |
| Yelp, Inc. (a) | 11 | 386 |
| Ziff Davis, Inc. (a) | 11 | 325 |
| ZoomInfo Technologies, Inc. (a) | 44 | 377 |
|  |  | 697382 |
| Leisure Products (0.0%)‡ | Leisure Products (0.0%)‡ | Leisure Products (0.0%)‡ |
| Acushnet Holdings Corp. | 6 | 397 |
| Brunswick Corp. | 8 | 368 |
| Hasbro, Inc. | 26 | 1609 |
| Malibu Boats, Inc., Class A (a) | 14 | 400 |
| Mattel, Inc. (a) | 24 | 381 |
| Peloton Interactive, Inc., Class A (a) | 63 | 434 |
| Polaris, Inc. | 11 | 374 |
| Sturm Ruger & Co., Inc. | 10 | 407 |
| Topgolf Callaway Brands Corp. (a) | 54 | 357 |
| YETI Holdings, Inc. (a) | 12 | 343 |
|  |  | 5070 |
| Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) | Life Sciences Tools & Services (0.9%) |
| 10X Genomics, Inc., Class A (a) | 44 | 364 |
| Adaptive Biotechnologies Corp. (a) | 44 | 324 |
| Agilent Technologies, Inc. | 71 | 7640 |
| Avantor, Inc. (a) | 127 | 1650 |
| Azenta, Inc. (a) | 13 | 342 |
| BioLife Solutions, Inc. (a) | 16 | 386 |
| Bio-Rad Laboratories, Inc., Class A (a) | 4 | 976 |
| Bio-Techne Corp. | 31 | 1561 |
| Bruker Corp. | 34 | 1362 |
| Charles River Laboratories International, Inc. (a) | 14 | 1661 |
| Danaher Corp. | 144 | 28704 |
| ICON PLC ADR (a) | 16 | 2423 |
| Illumina, Inc. (a) | 31 | 2406 |
| IQVIA Holdings, Inc. (a) | 44 | 6823 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Life Sciences Tools & Services (cont'd) | Life Sciences Tools & Services (cont'd) | Life Sciences Tools & Services (cont'd) | Life Sciences Tools & Services (cont'd) |
| Medpace Holdings, Inc. (a) | 5 | $| 1542 |
| Mesa Laboratories, Inc. | 3 |  | 346 |
| Mettler-Toledo International, Inc. (a) | 4 |  | 4282 |
| Repligen Corp. (a) | 10 |  | 1380 |
| Revvity, Inc. | 37 |  | 3457 |
| Sotera Health Co. (a) | 33 |  | 379 |
| Tempus AI, Inc. (a) | 38 |  | 1963 |
| Thermo Fisher Scientific, Inc. | 86 |  | 36894 |
| Waters Corp. (a) | 17 |  | 5911 |
| West Pharmaceutical Services, Inc. | 15 |  | 3169 |
|  |  |  | 115945 |
| Machinery (1.8%) | Machinery (1.8%) | Machinery (1.8%) | Machinery (1.8%) |
| AGCO Corp. | 26 |  | 2206 |
| Alamo Group, Inc. | 2 |  | 334 |
| Albany International Corp., Class A | 5 |  | 329 |
| Allison Transmission Holdings, Inc. | 17 |  | 1568 |
| Astec Industries, Inc. | 10 |  | 362 |
| Atmus Filtration Technologies, Inc. | 11 |  | 381 |
| Blue Bird Corp. (a) | 10 |  | 349 |
| Caterpillar, Inc. | 111 |  | 34329 |
| Chart Industries, Inc. (a) | 9 |  | 1215 |
| CNH Industrial NV | 150 |  | 1735 |
| Crane Co. | 10 |  | 1610 |
| Cummins, Inc. | 34 |  | 9991 |
| Deere & Co. | 58 |  | 26886 |
| Donaldson Co., Inc. | 44 |  | 2892 |
| Douglas Dynamics, Inc. | 16 |  | 384 |
| Dover Corp. | 35 |  | 5973 |
| Energy Recovery, Inc. (a) | 24 |  | 371 |
| Enerpac Tool Group Corp. | 9 |  | 363 |
| Enpro, Inc. | 3 |  | 448 |
| Esab Corp. | 20 |  | 2402 |
| ESCO Technologies, Inc. | 2 |  | 313 |
| Federal Signal Corp. | 28 |  | 2280 |
| Flowserve Corp. | 9 |  | 407 |
| Fortive Corp. | 90 |  | 6272 |
| Franklin Electric Co., Inc. | 4 |  | 340 |
| Gates Industrial Corp. PLC (a) | 21 |  | 397 |
| Gorman-Rupp Co. | 11 |  | 394 |
| Graco, Inc. | 51 |  | 4162 |
| Greenbrier Cos., Inc. | 9 |  | 382 |
| Helios Technologies, Inc. | 13 |  | 354 |
| Hillenbrand, Inc. | 16 |  | 324 |
| Hillman Solutions Corp. (a) | 45 |  | 315 |
| Hyster-Yale, Inc. | 9 |  | 346 |
| IDEX Corp. | 23 |  | 4001 |
| Illinois Tool Works, Inc. | 67 |  | 16074 |
| Ingersoll Rand, Inc. | 99 |  | 7468 |
| ITT, Inc. | 16 |  | 2192 |
| JBT Marel Corp. | 22 |  | 2316 |
| Kadant, Inc. | 1 |  | 295 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Kennametal, Inc. | 19 | $| 370 |
| Lincoln Electric Holdings, Inc. | 18 |  | 3172 |
| Lindsay Corp. | 3 |  | 387 |
| Middleby Corp. (a) | 10 |  | 1334 |
| Mueller Industries, Inc. | 22 |  | 1618 |
| Mueller Water Products, Inc., Class A | 14 |  | 367 |
| Nordson Corp. | 11 |  | 2085 |
| Oshkosh Corp. | 27 |  | 2262 |
| Otis Worldwide Corp. | 89 |  | 8568 |
| PACCAR, Inc. | 118 |  | 10645 |
| Parker-Hannifin Corp. | 28 |  | 16942 |
| Pentair PLC | 47 |  | 4264 |
| Proto Labs, Inc. (a) | 11 |  | 387 |
| RBC Bearings, Inc. (a) | 6 |  | 1971 |
| REV Group, Inc. | 11 |  | 360 |
| Snap-on, Inc. | 15 |  | 4707 |
| SPX Technologies, Inc. (a) | 3 |  | 402 |
| Standex International Corp. | 2 |  | 283 |
| Stanley Black & Decker, Inc. | 30 |  | 1801 |
| Tennant Co. | 5 |  | 361 |
| Terex Corp. | 10 |  | 352 |
| Timken Co. | 5 |  | 321 |
| Toro Co. | 20 |  | 1366 |
| Trinity Industries, Inc. | 14 |  | 351 |
| Watts Water Technologies, Inc., Class A | 11 |  | 2285 |
| Westinghouse Air Brake Technologies Corp. | 42 |  | 7759 |
| Worthington Enterprises, Inc. | 8 |  | 405 |
| Xylem, Inc. | 58 |  | 6993 |
|  |  |  | 224878 |
| Marine Transportation (0.0%)‡ | Marine Transportation (0.0%)‡ | Marine Transportation (0.0%)‡ | Marine Transportation (0.0%)‡ |
| Costamare, Inc. (Monaco) | 40 |  | 373 |
| Genco Shipping & Trading Ltd. | 30 |  | 389 |
| Global Ship Lease, Inc., Class A (United Kingdom) | 19 |  | 409 |
| Golden Ocean Group Ltd. (Norway) | 50 |  | 386 |
| Kirby Corp. (a) | 14 |  | 1349 |
| Matson, Inc. | 4 |  | 437 |
| Star Bulk Carriers Corp. (Greece) | 26 |  | 383 |
|  |  |  | 3726 |
| Media (0.5%) | Media (0.5%) | Media (0.5%) | Media (0.5%) |
| Altice USA, Inc., Class A (a) | 156 |  | 387 |
| Cable One, Inc. | 2 |  | 535 |
| Charter Communications, Inc., Class A (a) | 24 |  | 9405 |
| Comcast Corp., Class A | 847 |  | 28967 |
| EchoStar Corp., Class A (a) | 16 |  | 360 |
| Emerald Holding, Inc. | 98 |  | 385 |
| Fox Corp., Class A | 64 |  | 3187 |
| Fox Corp., Class B | 25 |  | 1156 |
| Ibotta, Inc., Class A (a) | 8 |  | 390 |
| Integral Ad Science Holding Corp. (a) | 51 |  | 361 |
| Interpublic Group of Cos., Inc. | 124 |  | 3115 |
| John Wiley & Sons, Inc., Class A | 8 |  | 349 |
| Liberty Broadband Corp., Class A (a) | 5 |  | 445 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Media (cont'd) | Media (cont'd) | Media (cont'd) | Media (cont'd) |
| Liberty Broadband Corp., Class C (a) | 23 | $| 2079 |
| Magnite, Inc. (a) | 35 |  | 416 |
| New York Times Co., Class A | 30 |  | 1562 |
| News Corp., Class A | 119 |  | 3227 |
| News Corp., Class B | 20 |  | 628 |
| Nexstar Media Group, Inc. | 2 |  | 299 |
| Omnicom Group, Inc. | 56 |  | 4265 |
| Sinclair, Inc. | 26 |  | 374 |
| Sirius XM Holdings, Inc. | 37 |  | 793 |
| Stagwell, Inc. (a) | 67 |  | 374 |
| TEGNA, Inc. | 22 |  | 357 |
| Trade Desk, Inc., Class A (a) | 103 |  | 5524 |
|  |  |  | 68940 |
| Metals & Mining (0.5%) | Metals & Mining (0.5%) | Metals & Mining (0.5%) | Metals & Mining (0.5%) |
| Alcoa Corp. | 49 |  | 1202 |
| Alpha Metallurgical Resources, Inc. (a) | 3 |  | 364 |
| ATI, Inc. (a) | 47 |  | 2556 |
| Carpenter Technology Corp. | 10 |  | 1956 |
| Century Aluminum Co. (a) | 24 |  | 394 |
| Cleveland-Cliffs, Inc. (a) | 254 |  | 2093 |
| Coeur Mining, Inc. (a) | 63 |  | 350 |
| Commercial Metals Co. | 8 |  | 356 |
| Freeport-McMoRan, Inc. | 323 |  | 11638 |
| Hecla Mining Co. | 63 |  | 360 |
| Ivanhoe Electric, Inc. (a) | 69 |  | 435 |
| Kaiser Aluminum Corp. | 6 |  | 387 |
| Materion Corp. | 4 |  | 332 |
| MP Materials Corp. (a) | 15 |  | 367 |
| Newmont Corp. | 275 |  | 14487 |
| Nucor Corp. | 57 |  | 6804 |
| Perpetua Resources Corp. (a) | 32 |  | 471 |
| Radius Recycling, Inc. | 12 |  | 352 |
| Reliance, Inc. | 11 |  | 3170 |
| Royal Gold, Inc. | 19 |  | 3471 |
| Ryerson Holding Corp. | 16 |  | 374 |
| Southern Copper Corp. (Peru) | 17 |  | 1522 |
| Steel Dynamics, Inc. | 41 |  | 5318 |
| SunCoke Energy, Inc. | 40 |  | 362 |
| U.S. Steel Corp. | 43 |  | 1880 |
| Warrior Met Coal, Inc. | 8 |  | 383 |
| Worthington Steel, Inc. | 15 |  | 385 |
|  |  |  | 61769 |
| Mortgage Real Estate Investment (0.1%) | Mortgage Real Estate Investment (0.1%) | Mortgage Real Estate Investment (0.1%) | Mortgage Real Estate Investment (0.1%) |
| AGNC Investment Corp. REIT | 173 |  | 1528 |
| Annaly Capital Management, Inc. REIT | 179 |  | 3508 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 41 |  | 384 |
| Arbor Realty Trust, Inc. REIT | 33 |  | 380 |
| ARMOUR Residential REIT, Inc. REIT | 25 |  | 412 |
| Blackstone Mortgage Trust, Inc., Class A REIT | 20 |  | 381 |
| BrightSpire Capital, Inc. REIT | 77 |  | 386 |
| Chimera Investment Corp. REIT | 33 |  | 407 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Dynex Capital, Inc. REIT | 31 | $| 382 |
| Ellington Financial, Inc. REIT | 30 |  | 391 |
| Franklin BSP Realty Trust, Inc. REIT | 33 |  | 376 |
| KKR Real Estate Finance Trust, Inc. REIT | 40 |  | 370 |
| Ladder Capital Corp. REIT | 34 |  | 355 |
| MFA Financial, Inc. REIT | 42 |  | 412 |
| Orchid Island Capital, Inc. REIT | 57 |  | 408 |
| PennyMac Mortgage Investment Trust REIT | 28 |  | 360 |
| Ready Capital Corp. REIT | 77 |  | 343 |
| Redwood Trust, Inc. REIT | 68 |  | 422 |
| Rithm Capital Corp. REIT | 36 |  | 402 |
| Starwood Property Trust, Inc. REIT | 133 |  | 2552 |
| TPG RE Finance Trust, Inc. REIT | 50 |  | 382 |
| Two Harbors Investment Corp. REIT | 32 |  | 380 |
|  |  |  | 14921 |
| Multi-Utilities (0.7%) | Multi-Utilities (0.7%) | Multi-Utilities (0.7%) | Multi-Utilities (0.7%) |
| Ameren Corp. | 71 |  | 7046 |
| Avista Corp. | 9 |  | 373 |
| Black Hills Corp. | 6 |  | 365 |
| CenterPoint Energy, Inc. | 154 |  | 5972 |
| CMS Energy Corp. | 78 |  | 5745 |
| Consolidated Edison, Inc. | 84 |  | 9471 |
| Dominion Energy, Inc. | 209 |  | 11365 |
| DTE Energy Co. | 51 |  | 6987 |
| NiSource, Inc. | 128 |  | 5006 |
| Northwestern Energy Group, Inc. | 7 |  | 408 |
| Public Service Enterprise Group, Inc. | 117 |  | 9352 |
| Sempra | 156 |  | 11586 |
| Unitil Corp. | 7 |  | 411 |
| WEC Energy Group, Inc. | 76 |  | 8324 |
|  |  |  | 82411 |
| Office REITs (0.1%) | Office REITs (0.1%) | Office REITs (0.1%) | Office REITs (0.1%) |
| Brandywine Realty Trust REIT | 99 |  | 392 |
| BXP, Inc. REIT | 29 |  | 1848 |
| COPT Defense Properties REIT | 14 |  | 365 |
| Cousins Properties, Inc. REIT | 13 |  | 358 |
| Douglas Emmett, Inc. REIT | 26 |  | 359 |
| Easterly Government Properties, Inc. REIT | 16 |  | 323 |
| Highwoods Properties, Inc. REIT | 13 |  | 370 |
| Kilroy Realty Corp. REIT | 12 |  | 378 |
| Paramount Group, Inc. REIT | 85 |  | 365 |
| Piedmont Office Realty Trust, Inc., Class A REIT | 56 |  | 331 |
| SL Green Realty Corp. REIT | 7 |  | 368 |
| Vornado Realty Trust REIT | 45 |  | 1588 |
|  |  |  | 7045 |
| Oil, Gas & Consumable Fuels (2.9%) | Oil, Gas & Consumable Fuels (2.9%) | Oil, Gas & Consumable Fuels (2.9%) | Oil, Gas & Consumable Fuels (2.9%) |
| Antero Midstream Corp. | 138 |  | 2284 |
| Antero Resources Corp. (a) | 56 |  | 1950 |
| APA Corp. | 85 |  | 1321 |
| BKV Corp. (Thailand) (a) | 22 |  | 399 |
| California Resources Corp. | 11 |  | 380 |
| Centrus Energy Corp., Class A (a) | 6 |  | 416 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Oil, Gas & Consumable Fuels (cont'd) | Oil, Gas & Consumable Fuels (cont'd) | Oil, Gas & Consumable Fuels (cont'd) |
| Cheniere Energy, Inc. | 52 | $12018 |
| Chevron Corp. | 382 | 51975 |
| Chord Energy Corp. | 4 | 361 |
| Civitas Resources, Inc. | 13 | 354 |
| CNX Resources Corp. (a) | 46 | 1354 |
| Comstock Resources, Inc. (a) | 20 | 365 |
| ConocoPhillips | 299 | 26647 |
| Core Natural Resources, Inc. | 5 | 361 |
| Coterra Energy, Inc. | 185 | 4544 |
| Crescent Energy Co., Class A | 46 | 381 |
| CVR Energy, Inc. | 21 | 396 |
| Delek U.S. Holdings, Inc. | 29 | 378 |
| Devon Energy Corp. | 178 | 5413 |
| DHT Holdings, Inc. | 34 | 363 |
| Diamondback Energy, Inc. | 44 | 5808 |
| Dorian LPG Ltd. | 20 | 428 |
| DT Midstream, Inc. | 20 | 1944 |
| EOG Resources, Inc. | 138 | 15226 |
| EQT Corp. | 131 | 6477 |
| Excelerate Energy, Inc., Class A | 13 | 333 |
| Expand Energy Corp. | 50 | 5195 |
| Exxon Mobil Corp. | 999 | 105524 |
| FLEX LNG Ltd. (Norway) | 17 | 401 |
| Frontline PLC (Norway) | 25 | 420 |
| Golar LNG Ltd. (Cameroon) | 11 | 468 |
| Granite Ridge Resources, Inc. | 72 | 346 |
| Gulfport Energy Corp. (a) | 2 | 345 |
| Hess Corp. | 65 | 8388 |
| HF Sinclair Corp. | 64 | 1924 |
| HighPeak Energy, Inc. | 40 | 320 |
| International Seaways, Inc. | 12 | 408 |
| Kinder Morgan, Inc. | 458 | 12045 |
| Kosmos Energy Ltd. (Ghana) (a) | 216 | 333 |
| Magnolia Oil & Gas Corp., Class A | 18 | 370 |
| Marathon Petroleum Corp. | 74 | 10168 |
| Matador Resources Co. | 9 | 356 |
| Murphy Oil Corp. | 17 | 349 |
| Navigator Holdings Ltd. | 30 | 381 |
| New Fortress Energy, Inc. | 59 | 320 |
| NextDecade Corp. (a) | 50 | 374 |
| Northern Oil & Gas, Inc. | 17 | 413 |
| Occidental Petroleum Corp. | 150 | 5912 |
| ONEOK, Inc. | 144 | 11831 |
| Ovintiv, Inc. | 50 | 1679 |
| Par Pacific Holdings, Inc. (a) | 25 | 358 |
| PBF Energy, Inc., Class A | 24 | 412 |
| Peabody Energy Corp. | 31 | 383 |
| Permian Resources Corp. | 230 | 2714 |
| Phillips 66 | 99 | 10302 |
| Range Resources Corp. | 89 | 3020 |
| REX American Resources Corp. (a) | 10 | 397 |
| Sable Offshore Corp. (a) | 20 | 373 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Scorpio Tankers, Inc. (Monaco) | 10 | $| 377 |
| SFL Corp. Ltd. (Norway) | 47 |  | 386 |
| Sitio Royalties Corp., Class A | 23 |  | 390 |
| SM Energy Co. | 17 |  | 387 |
| Talos Energy, Inc. (a) | 50 |  | 344 |
| Targa Resources Corp. | 50 |  | 8545 |
| Teekay Corp. Ltd. (Bermuda) | 57 |  | 411 |
| Teekay Tankers Ltd., Class A (Canada) | 9 |  | 383 |
| Texas Pacific Land Corp. | 4 |  | 5155 |
| Uranium Energy Corp. (a) | 79 |  | 415 |
| Valero Energy Corp. | 77 |  | 8939 |
| Viper Energy, Inc. | 26 |  | 1049 |
| Vitesse Energy, Inc. | 18 |  | 368 |
| Williams Cos., Inc. | 263 |  | 15404 |
| World Kinect Corp. | 15 |  | 376 |
|  |  |  | 371034 |
| Paper & Forest Products (0.0%)‡ | Paper & Forest Products (0.0%)‡ | Paper & Forest Products (0.0%)‡ | Paper & Forest Products (0.0%)‡ |
| Louisiana-Pacific Corp. | 28 |  | 2416 |
| Sylvamo Corp. | 6 |  | 358 |
|  |  |  | 2774 |
| Passenger Airlines (0.2%) | Passenger Airlines (0.2%) | Passenger Airlines (0.2%) | Passenger Airlines (0.2%) |
| Alaska Air Group, Inc. (a) | 54 |  | 2390 |
| Allegiant Travel Co. | 7 |  | 328 |
| Copa Holdings SA, Class A (Panama) | 4 |  | 367 |
| Delta Air Lines, Inc. | 155 |  | 6453 |
| Frontier Group Holdings, Inc. (a) | 97 |  | 289 |
| JetBlue Airways Corp. (a) | 94 |  | 410 |
| Joby Aviation, Inc. (a) | 229 |  | 1443 |
| SkyWest, Inc. (a) | 4 |  | 357 |
| Southwest Airlines Co. | 170 |  | 4753 |
| Sun Country Airlines Holdings, Inc. (a) | 33 |  | 323 |
| United Airlines Holdings, Inc. (a) | 85 |  | 5850 |
|  |  |  | 22963 |
| Personal Care Products (0.2%) | Personal Care Products (0.2%) | Personal Care Products (0.2%) | Personal Care Products (0.2%) |
| BellRing Brands, Inc. (a) | 43 |  | 3317 |
| Coty, Inc., Class A (a) | 68 |  | 343 |
| Edgewell Personal Care Co. | 12 |  | 367 |
| elf Beauty, Inc. (a) | 7 |  | 433 |
| Estee Lauder Cos., Inc., Class A | 67 |  | 4017 |
| Herbalife Ltd. (a) | 51 |  | 367 |
| Interparfums, Inc. | 3 |  | 328 |
| Kenvue, Inc. | 439 |  | 10360 |
| Olaplex Holdings, Inc. (a) | 280 |  | 367 |
|  |  |  | 19899 |
| Pharmaceuticals (3.2%) | Pharmaceuticals (3.2%) | Pharmaceuticals (3.2%) | Pharmaceuticals (3.2%) |
| Amneal Pharmaceuticals, Inc. (a) | 49 |  | 375 |
| Amphastar Pharmaceuticals, Inc. (a) | 15 |  | 366 |
| ANI Pharmaceuticals, Inc. (a) | 5 |  | 354 |
| Axsome Therapeutics, Inc. (a) | 3 |  | 337 |
| Bristol-Myers Squibb Co. | 457 |  | 22941 |
| Collegium Pharmaceutical, Inc. (a) | 14 |  | 378 |
| Corcept Therapeutics, Inc. (a) | 18 |  | 1294 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Pharmaceuticals (cont'd) | Pharmaceuticals (cont'd) | Pharmaceuticals (cont'd) | Pharmaceuticals (cont'd) |
| Edgewise Therapeutics, Inc. (a) | 30 | $| 492 |
| Elanco Animal Health, Inc. (a) | 39 |  | 370 |
| Eli Lilly & Co. | 194 |  | 174396 |
| Enliven Therapeutics, Inc. (a) | 23 |  | 436 |
| Evolus, Inc. (a) | 37 |  | 422 |
| Harmony Biosciences Holdings, Inc. (a) | 12 |  | 354 |
| Harrow, Inc. (a) | 15 |  | 372 |
| Innoviva, Inc. (a) | 20 |  | 374 |
| Jazz Pharmaceuticals PLC (a) | 11 |  | 1287 |
| Johnson & Johnson | 547 |  | 85502 |
| Ligand Pharmaceuticals, Inc. (a) | 4 |  | 439 |
| Liquidia Corp. (a) | 28 |  | 391 |
| Merck & Co., Inc. | 576 |  | 49075 |
| Nuvation Bio, Inc. (a) | 197 |  | 443 |
| Ocular Therapeutix, Inc. (a) | 54 |  | 448 |
| Organon & Co. | 31 |  | 401 |
| Pacira BioSciences, Inc. (a) | 15 |  | 403 |
| Perrigo Co. PLC | 14 |  | 360 |
| Pfizer, Inc. | 1305 |  | 31855 |
| Phibro Animal Health Corp., Class A | 19 |  | 354 |
| Prestige Consumer Healthcare, Inc. (a) | 4 |  | 325 |
| Royalty Pharma PLC, Class A | 114 |  | 3741 |
| Supernus Pharmaceuticals, Inc. (a) | 11 |  | 357 |
| Tarsus Pharmaceuticals, Inc. (a) | 8 |  | 415 |
| Viatris, Inc. | 389 |  | 3275 |
| Xeris Biopharma Holdings, Inc. (a) | 87 |  | 398 |
| Zoetis, Inc. | 104 |  | 16266 |
|  |  |  | 398996 |
| Professional Services (0.9%) | Professional Services (0.9%) | Professional Services (0.9%) | Professional Services (0.9%) |
| Alight, Inc., Class A | 69 |  | 353 |
| Amentum Holdings, Inc. (a) | 21 |  | 458 |
| Automatic Data Processing, Inc. | 92 |  | 27655 |
| Barrett Business Services, Inc. | 9 |  | 365 |
| Booz Allen Hamilton Holding Corp. | 34 |  | 4081 |
| Broadridge Financial Solutions, Inc. | 29 |  | 7030 |
| CACI International, Inc., Class A (a) | 5 |  | 2289 |
| CBIZ, Inc. (a) | 5 |  | 340 |
| Clarivate PLC (a) | 107 |  | 461 |
| Concentrix Corp. | 7 |  | 357 |
| CRA International, Inc. | 2 |  | 324 |
| CSG Systems International, Inc. | 6 |  | 361 |
| Dayforce, Inc. (a) | 30 |  | 1736 |
| Dun & Bradstreet Holdings, Inc. | 40 |  | 359 |
| Equifax, Inc. | 32 |  | 8324 |
| ExlService Holdings, Inc. (a) | 30 |  | 1454 |
| Exponent, Inc. | 4 |  | 315 |
| First Advantage Corp. (a) | 25 |  | 352 |
| FTI Consulting, Inc. (a) | 14 |  | 2328 |
| Heidrick & Struggles International, Inc. | 8 |  | 312 |
| Huron Consulting Group, Inc. (a) | 3 |  | 404 |
| ICF International, Inc. | 4 |  | 340 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Innodata, Inc. (a) | 9 | $| 340 |
| Insperity, Inc. | 4 |  | 260 |
| Jacobs Solutions, Inc. | 35 |  | 4333 |
| KBR, Inc. | 26 |  | 1373 |
| Kforce, Inc. | 7 |  | 267 |
| Korn Ferry | 6 |  | 370 |
| Legalzoom.com, Inc. (a) | 46 |  | 337 |
| Leidos Holdings, Inc. | 26 |  | 3827 |
| ManpowerGroup, Inc. | 7 |  | 301 |
| Maximus, Inc. | 6 |  | 402 |
| NV5 Global, Inc. (a) | 21 |  | 390 |
| Parsons Corp. (a) | 5 |  | 334 |
| Paychex, Inc. | 72 |  | 10593 |
| Paycom Software, Inc. | 9 |  | 2038 |
| Paylocity Holding Corp. (a) | 8 |  | 1537 |
| Planet Labs PBC (a) | 102 |  | 336 |
| Robert Half, Inc. | 7 |  | 310 |
| Science Applications International Corp. | 3 |  | 363 |
| SS&C Technologies Holdings, Inc. | 61 |  | 4612 |
| TaskUS, Inc., Class A (Philippines) (a) | 29 |  | 405 |
| TransUnion | 53 |  | 4397 |
| TriNet Group, Inc. | 5 |  | 392 |
| UL Solutions, Inc., Class A | 12 |  | 686 |
| Upwork, Inc. (a) | 28 |  | 368 |
| Verisk Analytics, Inc. | 33 |  | 9782 |
| Verra Mobility Corp. (a) | 16 |  | 349 |
| Willdan Group, Inc. (a) | 9 |  | 353 |
|  |  |  | 109053 |
| Real Estate Management & Development (0.2%) | Real Estate Management & Development (0.2%) | Real Estate Management & Development (0.2%) | Real Estate Management & Development (0.2%) |
| CBRE Group, Inc., Class A (a) | 71 |  | 8675 |
| Compass, Inc., Class A (a) | 46 |  | 355 |
| CoStar Group, Inc. (a) | 98 |  | 7269 |
| eXp World Holdings, Inc. | 37 |  | 339 |
| Forestar Group, Inc. (a) | 18 |  | 347 |
| Howard Hughes Holdings, Inc. (a) | 6 |  | 399 |
| Jones Lang LaSalle, Inc. (a) | 9 |  | 2047 |
| Kennedy-Wilson Holdings, Inc. | 51 |  | 326 |
| Landbridge Co. LLC, Class A | 5 |  | 362 |
| Marcus & Millichap, Inc. | 11 |  | 334 |
| Newmark Group, Inc., Class A | 33 |  | 363 |
| Opendoor Technologies, Inc. (a) | 350 |  | 265 |
| Redfin Corp. (a) | 42 |  | 399 |
| St. Joe Co. | 8 |  | 339 |
| Zillow Group, Inc., Class A Class A (a) | 9 |  | 594 |
| Zillow Group, Inc., Class C (a) | 40 |  | 2693 |
|  |  |  | 25106 |
| Residential REITs (0.4%) | Residential REITs (0.4%) | Residential REITs (0.4%) | Residential REITs (0.4%) |
| American Homes 4 Rent, Class A REIT | 103 |  | 3851 |
| Apartment Investment & Management Co., Class A REIT | 45 |  | 356 |
| AvalonBay Communities, Inc. REIT | 34 |  | 7139 |
| Camden Property Trust REIT | 32 |  | 3642 |
| Centerspace REIT | 6 |  | 362 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Residential REITs (cont'd) | Residential REITs (cont'd) | Residential REITs (cont'd) | Residential REITs (cont'd) |
| Elme Communities REIT | 24 | $| 374 |
| Equity LifeStyle Properties, Inc. REIT | 35 |  | 2267 |
| Equity Residential REIT | 89 |  | 6253 |
| Essex Property Trust, Inc. REIT | 17 |  | 4745 |
| Independence Realty Trust, Inc. REIT | 19 |  | 369 |
| Invitation Homes, Inc. REIT | 157 |  | 5368 |
| Mid-America Apartment Communities, Inc. REIT | 27 |  | 4311 |
| NexPoint Residential Trust, Inc. REIT | 10 |  | 373 |
| Sun Communities, Inc. REIT | 25 |  | 3111 |
| UDR, Inc. REIT | 96 |  | 4020 |
| UMH Properties, Inc. REIT | 21 |  | 371 |
| Veris Residential, Inc. REIT | 23 |  | 357 |
|  |  |  | 47269 |
| Retail REITs (0.3%) | Retail REITs (0.3%) | Retail REITs (0.3%) | Retail REITs (0.3%) |
| Acadia Realty Trust REIT | 19 |  | 363 |
| Agree Realty Corp. REIT | 20 |  | 1552 |
| Alexander's, Inc. REIT | 2 |  | 413 |
| Brixmor Property Group, Inc. REIT | 58 |  | 1445 |
| CBL & Associates Properties, Inc. REIT | 16 |  | 376 |
| Curbline Properties Corp. REIT | 16 |  | 366 |
| Federal Realty Investment Trust REIT | 15 |  | 1410 |
| Getty Realty Corp. REIT | 13 |  | 364 |
| InvenTrust Properties Corp. REIT | 13 |  | 362 |
| Kimco Realty Corp. REIT | 196 |  | 3916 |
| Kite Realty Group Trust REIT | 18 |  | 390 |
| Macerich Co. REIT | 25 |  | 367 |
| NETSTREIT Corp. REIT | 23 |  | 374 |
| NNN REIT, Inc. REIT | 21 |  | 863 |
| Phillips Edison & Co., Inc. REIT | 10 |  | 347 |
| Realty Income Corp. REIT | 207 |  | 11977 |
| Regency Centers Corp. REIT | 52 |  | 3753 |
| Saul Centers, Inc. REIT | 11 |  | 360 |
| Simon Property Group, Inc. REIT | 76 |  | 11961 |
| SITE Centers Corp. REIT | 31 |  | 367 |
| Tanger, Inc. REIT | 12 |  | 378 |
| Urban Edge Properties REIT | 21 |  | 379 |
| Whitestone REIT REIT | 28 |  | 365 |
|  |  |  | 42448 |
| Semiconductors & Semiconductor Equipment (8.7%) | Semiconductors & Semiconductor Equipment (8.7%) | Semiconductors & Semiconductor Equipment (8.7%) | Semiconductors & Semiconductor Equipment (8.7%) |
| ACM Research, Inc., Class A (a) | 19 |  | 370 |
| Advanced Micro Devices, Inc. (a) | 371 |  | 36117 |
| Allegro MicroSystems, Inc. (Japan) (a) | 16 |  | 305 |
| Alpha & Omega Semiconductor Ltd. (a) | 18 |  | 339 |
| Ambarella, Inc. (a) | 8 |  | 384 |
| Amkor Technology, Inc. | 22 |  | 384 |
| Analog Devices, Inc. | 120 |  | 23390 |
| Applied Materials, Inc. | 181 |  | 27279 |
| Astera Labs, Inc. (a) | 21 |  | 1372 |
| Axcelis Technologies, Inc. (a) | 8 |  | 392 |
| Broadcom, Inc. | 1059 |  | 203826 |
| CEVA, Inc. (a) | 16 |  | 419 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Cirrus Logic, Inc. (a) | 25 | $| 2401 |
| Cohu, Inc. (a) | 24 |  | 384 |
| Diodes, Inc. (a) | 10 |  | 384 |
| Enphase Energy, Inc. (a) | 25 |  | 1115 |
| Entegris, Inc. | 29 |  | 2294 |
| First Solar, Inc. (a) | 20 |  | 2516 |
| FormFactor, Inc. (a) | 14 |  | 394 |
| Global Foundries, Inc. (a) | 15 |  | 526 |
| Ichor Holdings Ltd. (a) | 19 |  | 376 |
| Impinj, Inc. (a) | 5 |  | 461 |
| Intel Corp. | 995 |  | 19999 |
| KLA Corp. | 31 |  | 21783 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 12 |  | 387 |
| Lam Research Corp. | 290 |  | 20784 |
| Lattice Semiconductor Corp. (a) | 27 |  | 1321 |
| MACOM Technology Solutions Holdings, Inc. (a) | 12 |  | 1245 |
| Marvell Technology, Inc. | 204 |  | 11907 |
| MaxLinear, Inc. (a) | 34 |  | 340 |
| Microchip Technology, Inc. | 128 |  | 5898 |
| Micron Technology, Inc. | 252 |  | 19391 |
| MKS Instruments, Inc. | 6 |  | 421 |
| Monolithic Power Systems, Inc. | 9 |  | 5338 |
| NVIDIA Corp. | 5419 |  | 590237 |
| ON Semiconductor Corp. (a) | 115 |  | 4566 |
| Onto Innovation, Inc. (a) | 10 |  | 1220 |
| PDF Solutions, Inc. (a) | 20 |  | 367 |
| Penguin Solutions, Inc. (a) | 22 |  | 376 |
| Photronics, Inc. (a) | 19 |  | 347 |
| Power Integrations, Inc. | 8 |  | 393 |
| Qorvo, Inc. (a) | 19 |  | 1362 |
| QUALCOMM, Inc. | 253 |  | 37560 |
| Rambus, Inc. (a) | 21 |  | 1025 |
| Rigetti Computing, Inc. (a) | 37 |  | 328 |
| Semtech Corp. (a) | 13 |  | 406 |
| Silicon Laboratories, Inc. (a) | 4 |  | 407 |
| SiTime Corp. (a) | 2 |  | 294 |
| Skyworks Solutions, Inc. | 32 |  | 2057 |
| SolarEdge Technologies, Inc. (a) | 30 |  | 367 |
| Synaptics, Inc. (a) | 7 |  | 390 |
| Teradyne, Inc. | 32 |  | 2375 |
| Texas Instruments, Inc. | 209 |  | 33450 |
| Ultra Clean Holdings, Inc. (a) | 18 |  | 337 |
| Universal Display Corp. | 8 |  | 1005 |
| Veeco Instruments, Inc. (a) | 19 |  | 355 |
|  |  |  | 1093466 |
| Software (10.0%) | Software (10.0%) | Software (10.0%) | Software (10.0%) |
| A10 Networks, Inc. | 22 |  | 363 |
| ACI Worldwide, Inc. (a) | 7 |  | 374 |
| Adeia, Inc. | 30 |  | 369 |
| Adobe, Inc. (a) | 100 |  | 37498 |
| Agilysys, Inc. (a) | 5 |  | 372 |
| Alarm.com Holdings, Inc. (a) | 7 |  | 375 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Software (cont'd) | Software (cont'd) | Software (cont'd) |
| Alkami Technology, Inc. (a) | 14 | $374 |
| Amplitude, Inc., Class A (a) | 38 | 349 |
| ANSYS, Inc. (a) | 22 | 7081 |
| Appfolio, Inc., Class A (a) | 9 | 1859 |
| Appian Corp., Class A (a) | 13 | 404 |
| AppLovin Corp., Class A (a) | 54 | 14543 |
| Asana, Inc., Class A Class A (a) | 23 | 371 |
| Atlassian Corp., Class A (a) | 38 | 8676 |
| Aurora Innovation, Inc. (a) | 275 | 1991 |
| Autodesk, Inc. (a) | 51 | 13987 |
| AvePoint, Inc. (a) | 25 | 409 |
| Bentley Systems, Inc., Class B | 32 | 1376 |
| Bill Holdings, Inc. (a) | 9 | 410 |
| Blackbaud, Inc. (a) | 6 | 363 |
| BlackLine, Inc. (a) | 7 | 331 |
| Blend Labs, Inc., Class A (a) | 111 | 372 |
| Box, Inc., Class A (a) | 68 | 2123 |
| Braze, Inc., Class A (a) | 11 | 342 |
| C3.ai, Inc., Class A Class A (a) | 18 | 396 |
| Cadence Design Systems, Inc. (a) | 64 | 19055 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 39 | 361 |
| Cipher Mining, Inc. (a) | 155 | 442 |
| Cleanspark, Inc. (a) | 48 | 392 |
| Clear Secure, Inc., Class A | 14 | 346 |
| Clearwater Analytics Holdings, Inc., Class A (a) | 41 | 932 |
| Commvault Systems, Inc. (a) | 9 | 1504 |
| Confluent, Inc., Class A (a) | 47 | 1119 |
| Core Scientific, Inc. (a) | 50 | 405 |
| Crowdstrike Holdings, Inc., Class A (a) | 55 | 23588 |
| Datadog, Inc., Class A (a) | 70 | 7151 |
| Docusign, Inc. (a) | 54 | 4415 |
| Dolby Laboratories, Inc., Class A | 7 | 538 |
| DoubleVerify Holdings, Inc. (a) | 27 | 358 |
| Dropbox, Inc., Class A (a) | 43 | 1228 |
| D-Wave Quantum, Inc. (Canada) (a) | 48 | 332 |
| Dynatrace, Inc. (a) | 84 | 3945 |
| E2open Parent Holdings, Inc. (a) | 172 | 339 |
| Elastic NV (a) | 17 | 1465 |
| EverCommerce, Inc. (a) | 34 | 332 |
| Fair Isaac Corp. (a) | 5 | 9948 |
| Five9, Inc. (a) | 15 | 377 |
| Fortinet, Inc. (a) | 148 | 15356 |
| Freshworks, Inc., Class A (a) | 28 | 414 |
| Gen Digital, Inc. | 105 | 2716 |
| Gitlab, Inc., Class A (a) | 24 | 1120 |
| Guidewire Software, Inc. (a) | 23 | 4710 |
| HubSpot, Inc. (a) | 10 | 6115 |
| I3 Verticals, Inc., Class A (a) | 14 | 352 |
| Informatica, Inc., Class A (a) | 20 | 377 |
| Intapp, Inc. (a) | 6 | 326 |
| InterDigital, Inc. | 5 | 1005 |
| Intuit, Inc. | 63 | 39531 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jamf Holding Corp. (a) | 32 | $370 |
| JFrog Ltd. (a) | 12 | 405 |
| Klaviyo, Inc., Class A (a) | 13 | 396 |
| Life360, Inc. (a) | 11 | 472 |
| LiveRamp Holdings, Inc. (a) | 14 | 366 |
| Manhattan Associates, Inc. (a) | 12 | 2129 |
| MARA Holdings, Inc. (a) | 65 | 869 |
| Meridianlink, Inc. (a) | 21 | 355 |
| Microsoft Corp. | 1689 | 667594 |
| MicroStrategy, Inc., Class A (a) | 55 | 20906 |
| N-able, Inc. (a) | 51 | 360 |
| nCino, Inc. (a) | 15 | 348 |
| NCR Voyix Corp. (a) | 42 | 360 |
| NextNav, Inc. (a) | 29 | 360 |
| Nutanix, Inc., Class A (a) | 67 | 4603 |
| Olo, Inc., Class A (a) | 56 | 347 |
| OneSpan, Inc. | 24 | 357 |
| Onestream, Inc. (a) | 55 | 1177 |
| Oracle Corp. | 370 | 52066 |
| Pagaya Technologies Ltd., Class A (a) | 36 | 395 |
| PagerDuty, Inc. (a) | 23 | 357 |
| Palantir Technologies, Inc., Class A (a) | 457 | 54127 |
| Palo Alto Networks, Inc. (a) | 151 | 28226 |
| Pegasystems, Inc. | 5 | 460 |
| Procore Technologies, Inc. (a) | 16 | 1025 |
| Progress Software Corp. | 6 | 360 |
| PROS Holdings, Inc. (a) | 21 | 359 |
| PTC, Inc. (a) | 33 | 5114 |
| Q2 Holdings, Inc. (a) | 5 | 396 |
| Qualys, Inc. (a) | 3 | 377 |
| QXO, Inc. | 76 | 1014 |
| Rapid7, Inc. (a) | 15 | 354 |
| RingCentral, Inc., Class A (a) | 15 | 383 |
| Riot Platforms, Inc. (a) | 50 | 362 |
| Roper Technologies, Inc. | 24 | 13442 |
| Rubrik, Inc., Class A (a) | 16 | 1128 |
| Salesforce, Inc. | 211 | 56698 |
| Samsara, Inc., Class A (a) | 49 | 1943 |
| Sapiens International Corp. NV (Israel) | 13 | 356 |
| SEMrush Holdings, Inc., Class A (a) | 39 | 401 |
| SentinelOne, Inc., Class A (a) | 55 | 1018 |
| ServiceNow, Inc. (a) | 44 | 42020 |
| SoundHound AI, Inc., Class A (a) | 69 | 641 |
| Sprinklr, Inc., Class A (a) | 45 | 346 |
| Sprout Social, Inc., Class A (a) | 18 | 376 |
| SPS Commerce, Inc. (a) | 16 | 2296 |
| Synopsys, Inc. (a) | 35 | 16065 |
| Tenable Holdings, Inc. (a) | 11 | 336 |
| Teradata Corp. (a) | 17 | 366 |
| Terawulf, Inc. (a) | 154 | 428 |
| Tyler Technologies, Inc. (a) | 8 | 4346 |
| UiPath, Inc., Class A (a) | 33 | 394 |
| Unity Software, Inc. (a) | 59 | 1243 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Software (cont'd) | Software (cont'd) | Software (cont'd) | Software (cont'd) |
| Varonis Systems, Inc. (a) | 52 | $| 2228 |
| Verint Systems, Inc. (a) | 22 |  | 388 |
| Vertex, Inc., Class A (a) | 9 |  | 360 |
| Weave Communications, Inc. (a) | 35 |  | 371 |
| Workday, Inc., Class A (a) | 46 |  | 11270 |
| Workiva, Inc. (a) | 5 |  | 376 |
| Yext, Inc. (a) | 58 |  | 394 |
| Zeta Global Holdings Corp., Class A (a) | 30 |  | 392 |
| Zoom Communications, Inc. (a) | 51 |  | 3955 |
| Zscaler, Inc. (a) | 26 |  | 5880 |
|  |  |  | 1262308 |
| Specialized REITs (0.9%) | Specialized REITs (0.9%) | Specialized REITs (0.9%) | Specialized REITs (0.9%) |
| American Tower Corp. REIT | 106 |  | 23893 |
| Crown Castle, Inc. REIT | 96 |  | 10153 |
| CubeSmart REIT | 43 |  | 1749 |
| Digital Realty Trust, Inc. REIT | 74 |  | 11880 |
| EPR Properties REIT | 8 |  | 396 |
| Equinix, Inc. REIT | 19 |  | 16354 |
| Extra Space Storage, Inc. REIT | 50 |  | 7326 |
| Four Corners Property Trust, Inc. REIT | 13 |  | 363 |
| Gaming & Leisure Properties, Inc. REIT | 82 |  | 3925 |
| Iron Mountain, Inc. REIT | 72 |  | 6456 |
| Lamar Advertising Co., Class A REIT | 17 |  | 1935 |
| National Storage Affiliates Trust REIT | 11 |  | 409 |
| Outfront Media, Inc. REIT | 24 |  | 363 |
| PotlatchDeltic Corp. REIT | 9 |  | 345 |
| Public Storage REIT | 39 |  | 11717 |
| Rayonier, Inc. REIT | 15 |  | 367 |
| Safehold, Inc. REIT | 24 |  | 378 |
| SBA Communications Corp. REIT | 27 |  | 6572 |
| Uniti Group, Inc. REIT | 81 |  | 399 |
| VICI Properties, Inc. REIT | 252 |  | 8069 |
| Weyerhaeuser Co. REIT | 213 |  | 5519 |
|  |  |  | 118568 |
| Specialty Retail (2.0%) | Specialty Retail (2.0%) | Specialty Retail (2.0%) | Specialty Retail (2.0%) |
| Abercrombie & Fitch Co., Class A (a) | 5 |  | 347 |
| Academy Sports & Outdoors, Inc. | 10 |  | 377 |
| Advance Auto Parts, Inc. | 11 |  | 360 |
| American Eagle Outfitters, Inc. | 33 |  | 347 |
| Arhaus, Inc. (a) | 43 |  | 338 |
| Asbury Automotive Group, Inc. (a) | 6 |  | 1309 |
| AutoNation, Inc. (a) | 11 |  | 1916 |
| AutoZone, Inc. (a) | 3 |  | 11288 |
| Bath & Body Works, Inc. | 39 |  | 1190 |
| Best Buy Co., Inc. | 55 |  | 3668 |
| Boot Barn Holdings, Inc. (a) | 4 |  | 417 |
| Buckle, Inc. | 10 |  | 348 |
| Burlington Stores, Inc. (a) | 18 |  | 4051 |
| Caleres, Inc. | 22 |  | 335 |
| Camping World Holdings, Inc., Class A | 27 |  | 326 |
| CarMax, Inc. (a) | 50 |  | 3233 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Carvana Co. (a) | 28 | $| 6842 |
| Chewy, Inc., Class A (a) | 29 |  | 1087 |
| Dick's Sporting Goods, Inc. | 16 |  | 3004 |
| Five Below, Inc. (a) | 27 |  | 2049 |
| Floor & Decor Holdings, Inc., Class A (a) | 38 |  | 2715 |
| Foot Locker, Inc. (a) | 28 |  | 343 |
| GameStop Corp., Class A (a) | 80 |  | 2229 |
| Gap, Inc. | 39 |  | 854 |
| Group 1 Automotive, Inc. | 3 |  | 1211 |
| Home Depot, Inc. | 231 |  | 83273 |
| Lithia Motors, Inc. | 5 |  | 1464 |
| Lowe's Cos., Inc. | 130 |  | 29063 |
| Murphy USA, Inc. | 4 |  | 1994 |
| National Vision Holdings, Inc. (a) | 30 |  | 370 |
| O'Reilly Automotive, Inc. (a) | 11 |  | 15567 |
| Penske Automotive Group, Inc. | 10 |  | 1557 |
| Petco Health & Wellness Co., Inc. (a) | 105 |  | 310 |
| Revolve Group, Inc. (a) | 17 |  | 338 |
| RH (a) | 2 |  | 368 |
| Ross Stores, Inc. | 77 |  | 10703 |
| Sally Beauty Holdings, Inc. (a) | 41 |  | 334 |
| Shoe Carnival, Inc. | 18 |  | 313 |
| Signet Jewelers Ltd. | 6 |  | 356 |
| Sonic Automotive, Inc., Class A | 6 |  | 364 |
| TJX Cos., Inc. | 259 |  | 33328 |
| Tractor Supply Co. | 123 |  | 6226 |
| Ulta Beauty, Inc. (a) | 9 |  | 3561 |
| Upbound Group, Inc. | 16 |  | 318 |
| Urban Outfitters, Inc. (a) | 7 |  | 369 |
| Valvoline, Inc. (a) | 10 |  | 343 |
| Victoria's Secret & Co. (a) | 20 |  | 376 |
| Warby Parker, Inc., Class A (a) | 23 |  | 380 |
| Wayfair, Inc., Class A (a) | 14 |  | 422 |
| Williams-Sonoma, Inc. | 31 |  | 4789 |
| Winmark Corp. | 1 |  | 360 |
|  |  |  | 247030 |
| Tech Hardware, Storage & Peripherals (6.0%) | Tech Hardware, Storage & Peripherals (6.0%) | Tech Hardware, Storage & Peripherals (6.0%) | Tech Hardware, Storage & Peripherals (6.0%) |
| Apple, Inc. | 3368 |  | 715700 |
| CompoSecure, Inc., Class A | 33 |  | 363 |
| Corsair Gaming, Inc. (a) | 56 |  | 396 |
| Dell Technologies, Inc., Class C | 72 |  | 6607 |
| Diebold Nixdorf, Inc. (a) | 8 |  | 355 |
| Hewlett Packard Enterprise Co. | 305 |  | 4947 |
| HP, Inc. | 221 |  | 5651 |
| IonQ, Inc. (a) | 39 |  | 1071 |
| NetApp, Inc. | 53 |  | 4757 |
| Pure Storage, Inc., Class A (a) | 87 |  | 3946 |
| Sandisk Corp. (a) | 42 |  | 1349 |
| Seagate Technology Holdings PLC | 50 |  | 4551 |
| Super Micro Computer, Inc. (a) | 127 |  | 4046 |
| Western Digital Corp. (a) | 109 |  | 4781 |
|  |  |  | 758520 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) |
| Amer Sports, Inc. (Finland) (a) | 19 | $461 |
| Birkenstock Holding PLC (Germany) (a) | 7 | 360 |
| Capri Holdings Ltd. (Virgin Islands, British) (a) | 24 | 361 |
| Carter's, Inc. | 10 | 330 |
| Columbia Sportswear Co. | 5 | 311 |
| Crocs, Inc. (a) | 11 | 1061 |
| Deckers Outdoor Corp. (a) | 38 | 4212 |
| Figs, Inc., Class A (a) | 87 | 351 |
| G-III Apparel Group Ltd. (a) | 14 | 353 |
| Hanesbrands, Inc. (a) | 78 | 358 |
| Kontoor Brands, Inc. | 6 | 361 |
| Levi Strauss & Co., Class A | 24 | 384 |
| Lululemon Athletica, Inc. (a) | 21 | 5686 |
| NIKE, Inc., Class B | 258 | 14551 |
| Oxford Industries, Inc. | 7 | 340 |
| PVH Corp. | 5 | 345 |
| Ralph Lauren Corp. | 8 | 1800 |
| Skechers USA, Inc., Class A (a) | 26 | 1248 |
| Steven Madden Ltd. | 17 | 357 |
| Tapestry, Inc. | 63 | 4451 |
| Under Armour, Inc., Class A (a) | 66 | 377 |
| Under Armour, Inc., Class C (a) | 69 | 375 |
| VF Corp. | 30 | 356 |
| Wolverine World Wide, Inc. | 32 | 418 |
|  |  | 39207 |
| Tobacco (0.7%) | Tobacco (0.7%) | Tobacco (0.7%) |
| Altria Group, Inc. | 382 | 22595 |
| Philip Morris International, Inc. | 352 | 60319 |
| Turning Point Brands, Inc. | 6 | 368 |
| Universal Corp. | 7 | 408 |
|  |  | 83690 |
| Trading Companies & Distributors (0.5%) | Trading Companies & Distributors (0.5%) | Trading Companies & Distributors (0.5%) |
| Air Lease Corp. | 32 | 1496 |
| Applied Industrial Technologies, Inc. | 8 | 1946 |
| BlueLinx Holdings, Inc. (a) | 5 | 326 |
| Boise Cascade Co. | 4 | 373 |
| Core & Main, Inc., Class A (a) | 21 | 1106 |
| Custom Truck One Source, Inc. (a) | 98 | 395 |
| Distribution Solutions Group, Inc. (a) | 14 | 365 |
| DNOW, Inc. (a) | 23 | 365 |
| DXP Enterprises, Inc. (a) | 4 | 354 |
| Fastenal Co. | 145 | 11741 |
| Ferguson Enterprises, Inc. | 49 | 8313 |
| FTAI Aviation Ltd. | 20 | 2142 |
| GATX Corp. | 3 | 438 |
| Global Industrial Co. | 16 | 411 |
| GMS, Inc. (a) | 5 | 366 |
| Herc Holdings, Inc. | 3 | 328 |
| McGrath RentCorp | 4 | 427 |
| MRC Global, Inc. (a) | 34 | 396 |
| MSC Industrial Direct Co., Inc., Class A | 5 | 382 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rush Enterprises, Inc., Class A | 7 | $357 |
| SiteOne Landscape Supply, Inc. (a) | 12 | 1378 |
| Transcat, Inc. (a) | 4 | 317 |
| United Rentals, Inc. | 13 | 8209 |
| Watsco, Inc. | 7 | 3219 |
| WESCO International, Inc. | 9 | 1467 |
| Willis Lease Finance Corp. | 3 | 464 |
| WW Grainger, Inc. | 10 | 10243 |
| Xometry, Inc., Class A (a) | 17 | 436 |
|  |  | 57760 |
| Water Utilities (0.1%) | Water Utilities (0.1%) | Water Utilities (0.1%) |
| American States Water Co. | 4 | 324 |
| American Water Works Co., Inc. | 47 | 6910 |
| California Water Service Group | 8 | 405 |
| Essential Utilities, Inc. | 81 | 3332 |
| Middlesex Water Co. | 6 | 379 |
| SJW Group | 6 | 340 |
|  |  | 11690 |
| Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) |
| Gogo, Inc. (a) | 49 | 371 |
| Telephone & Data Systems, Inc. | 10 | 375 |
| T-Mobile U.S., Inc. | 111 | 27412 |
| U.S. Cellular Corp. (a) | 5 | 343 |
|  |  | 28501 |
| **Total Common Stocks (Cost $11,733,973)** | **Total Common Stocks (Cost $11,733,973)** | 12173156 |
| **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** |
| Contra Moneylion, Inc., expires 4/17/27 (a) | 4 | 21 |
| Contra Paragon 28, Inc., expires 5/16/25 (a) | 26 | 3 |
| **Total Rights (Cost $18)** | **Total Rights (Cost $18)** | 24 |
| **Short-Term Investment (1.5%)** | **Short-Term Investment (1.5%)** | **Short-Term Investment (1.5%)** |
| Investment Company (1.5%) | Investment Company (1.5%) | Investment Company (1.5%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.26% (See Note E) <br>**(Cost $191,337)** | 191337 | 191337 |
| **Total Investments (98.2%) (Cost $11,925,328) (b)** | **Total Investments (98.2%) (Cost $11,925,328) (b)** | 12364517 |
| Other Assets in Excess of Liabilities (1.8%) | Other Assets in Excess of Liabilities (1.8%) | 230384 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $12594901 |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $517,224 and the aggregate gross unrealized depreciation is $78,035, resulting in net unrealized appreciation of $439,189.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 69.3% |
| Software | 10.2 |
| Semiconductors & Semiconductor Equipment | 8.8 |
| Tech Hardware, Storage & Peripherals | 6.1 |
| Interactive Media & Services | 5.6 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** |
| Australia (6.2%) | Australia (6.2%) | Australia (6.2%) |
| AGL Energy Ltd. | 316 | $2154 |
| Ampol Ltd. | 518 | 7865 |
| ANZ Group Holdings Ltd. | 1842 | 35223 |
| APA Group (a) | 681 | 3583 |
| Aristocrat Leisure Ltd. | 298 | 12727 |
| ASX Ltd. | 101 | 4573 |
| Atlas Arteria Ltd. (a) | 556 | 1842 |
| Aurizon Holdings Ltd. | 3655 | 7155 |
| BHP Group Ltd. | 2949 | 70285 |
| BlueScope Steel Ltd. | 230 | 3523 |
| Brambles Ltd. | 1265 | 16624 |
| CAR Group Ltd. | 178 | 3799 |
| Charter Hall Group REIT | 245 | 2649 |
| Cochlear Ltd. | 35 | 6130 |
| Coles Group Ltd. | 683 | 9275 |
| Commonwealth Bank of Australia | 999 | 106482 |
| Computershare Ltd. | 275 | 7186 |
| CSL Ltd. | 309 | 49599 |
| Dexus REIT | 559 | 2691 |
| EBOS Group Ltd. | 84 | 1828 |
| Endeavour Group Ltd. | 762 | 1949 |
| Evolution Mining Ltd. | 1037 | 5201 |
| Fortescue Ltd. | 831 | 8582 |
| Goodman Group REIT | 1140 | 21824 |
| GPT Group REIT | 1007 | 2985 |
| Insurance Australia Group Ltd. | 1245 | 6539 |
| James Hardie Industries PLC (b) | 226 | 5305 |
| JB Hi-Fi Ltd. | 57 | 3777 |
| Lottery Corp. Ltd. | 1172 | 3906 |
| Lynas Rare Earths Ltd. (b) | 488 | 2668 |
| Macquarie Group Ltd. | 218 | 26939 |
| Medibank Pvt Ltd. | 1449 | 4310 |
| Mineral Resources Ltd. (b) | 89 | 1170 |
| Mirvac Group REIT | 2072 | 3022 |
| National Australia Bank Ltd. | 1891 | 43665 |
| NEXTDC Ltd. (b) | 336 | 2551 |
| Northern Star Resources Ltd. | 588 | 7223 |
| Orica Ltd. | 257 | 2668 |
| Origin Energy Ltd. | 899 | 6128 |
| Pilbara Minerals Ltd. (b) | 1447 | 1394 |
| Pro Medicus Ltd. | 26 | 3812 |
| Qantas Airways Ltd. | 1628 | 9205 |
| QBE Insurance Group Ltd. | 791 | 10932 |
| Ramsay Health Care Ltd. | 96 | 2044 |
| REA Group Ltd. | 26 | 4131 |
| Reece Ltd. | 155 | 1563 |
| Rio Tinto Ltd. | 290 | 21697 |
| Santos Ltd. | 1708 | 6566 |
| Scentre Group REIT | 2737 | 6341 |
| SEEK Ltd. | 181 | 2464 |
| SGH Ltd. | 102 | 3336 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Sonic Healthcare Ltd. | 244 | $| 4074 |
| South32 Ltd. | 2365 |  | 4076 |
| Stockland REIT | 2518 |  | 8849 |
| Suncorp Group Ltd. | 569 |  | 7399 |
| Technology One Ltd. | 469 |  | 9053 |
| Telstra Group Ltd. | 6073 |  | 17527 |
| TPG Telecom Ltd. | 174 |  | 563 |
| Transurban Group (Units) (a) | 1632 |  | 14707 |
| Treasury Wine Estates Ltd. | 426 |  | 2435 |
| Vicinity Ltd. REIT | 2021 |  | 3056 |
| Washington H Soul Pattinson & Co. Ltd. | 124 |  | 2952 |
| Wesfarmers Ltd. | 709 |  | 35518 |
| Westpac Banking Corp. | 2113 |  | 44342 |
| Whitehaven Coal Ltd. | 431 |  | 1379 |
| WiseTech Global Ltd. | 95 |  | 5402 |
| Woodside Energy Group Ltd. | 998 |  | 13009 |
| Woolworths Group Ltd. | 637 |  | 12856 |
| Worley Ltd. | 197 |  | 1570 |
| Xero Ltd. (b) | 96 |  | 10110 |
|  |  |  | 787967 |
| Austria (0.3%) | Austria (0.3%) | Austria (0.3%) | Austria (0.3%) |
| ANDRITZ AG | 37 |  | 2659 |
| BAWAG Group AG | 97 |  | 10632 |
| CA Immobilien Anlagen AG | 22 |  | 596 |
| CPI Europe AG (b) | 28 |  | 554 |
| Erste Group Bank AG | 160 |  | 10835 |
| EVN AG | 22 |  | 576 |
| OMV AG | 74 |  | 3826 |
| Raiffeisen Bank International AG | 78 |  | 2083 |
| Verbund AG | 17 |  | 1306 |
| Vienna Insurance Group AG Wiener Versicherung <br>Gruppe | 19 |  | 904 |
| voestalpine AG | 59 |  | 1555 |
| Wienerberger AG | 71 |  | 2493 |
|  |  |  | 38019 |
| Belgium (1.0%) | Belgium (1.0%) | Belgium (1.0%) | Belgium (1.0%) |
| Ackermans & van Haaren NV | 11 |  | 2690 |
| Ageas SA | 79 |  | 4955 |
| Anheuser-Busch InBev SA | 603 |  | 39743 |
| Argenx SE ADR (b) | 38 |  | 24515 |
| Azelis Group NV | 60 |  | 930 |
| Colruyt Group NV | 17 |  | 818 |
| D'ieteren Group | 11 |  | 2197 |
| Financiere de Tubize SA | 15 |  | 2152 |
| Groupe Bruxelles Lambert NV | 43 |  | 3547 |
| KBC Group NV | 132 |  | 12172 |
| Sofina SA | 8 |  | 2235 |
| Solvay SA | 38 |  | 1438 |
| Syensqo SA | 38 |  | 2718 |
| UCB SA | 82 |  | 15034 |
| Warehouses De Pauw CVA REIT (b) | 272 |  | 6947 |
|  |  |  | 122091 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Canada (10.6%) | Canada (10.6%) | Canada (10.6%) |
| Agnico Eagle Mines Ltd. | 317 | $37258 |
| Air Canada (b) | 289 | 2929 |
| Alimentation Couche-Tard, Inc. | 513 | 26777 |
| AltaGas Ltd. | 156 | 4617 |
| ARC Resources Ltd. | 311 | 5755 |
| Bank of Montreal | 476 | 45608 |
| Bank of Nova Scotia | 765 | 38278 |
| Barrick Gold Corp. | 1052 | 20062 |
| BCE, Inc. | 480 | 10668 |
| Brookfield Asset Management Ltd., Class A | 200 | 10672 |
| Brookfield Corp., Class A | 855 | 45932 |
| CAE, Inc. (b) | 168 | 4203 |
| Cameco Corp. | 301 | 13587 |
| Canadian Apartment Properties REIT | 87 | 2657 |
| Canadian Imperial Bank of Commerce | 584 | 36834 |
| Canadian National Railway Co. | 348 | 33702 |
| Canadian Natural Resources Ltd. | 1253 | 35956 |
| Canadian Pacific Kansas City Ltd. | 602 | 43724 |
| Canadian Tire Corp. Ltd., Class A | 28 | 3064 |
| Canadian Utilities Ltd., Class A | 266 | 7446 |
| CCL Industries, Inc., Class B | 76 | 3971 |
| Celestica, Inc. (b) | 68 | 5802 |
| Cenovus Energy, Inc. | 680 | 8005 |
| CGI, Inc. | 174 | 18450 |
| Choice Properties REIT | 146 | 1546 |
| Constellation Software, Inc. | 12 | 43247 |
| Dollarama, Inc. | 144 | 17768 |
| Emera, Inc. | 154 | 6931 |
| Empire Co. Ltd., Class A | 69 | 2563 |
| Enbridge, Inc. | 1331 | 62244 |
| Fairfax Financial Holdings Ltd. | 17 | 26541 |
| First Quantum Minerals Ltd. (b) | 355 | 4766 |
| FirstService Corp. | 45 | 7898 |
| Fortis, Inc. | 384 | 19016 |
| Franco-Nevada Corp. | 101 | 17357 |
| George Weston Ltd. | 28 | 5455 |
| GFL Environmental, Inc. | 116 | 5788 |
| Gildan Activewear, Inc. | 72 | 3318 |
| Great-West Lifeco, Inc. | 144 | 5600 |
| Hydro One Ltd. | 166 | 6387 |
| iA Financial Corp., Inc. | 49 | 4760 |
| IGM Financial, Inc. | 47 | 1494 |
| Imperial Oil Ltd. | 87 | 5868 |
| Intact Financial Corp. | 117 | 25984 |
| Ivanhoe Mines Ltd., Class A (b) | 376 | 3338 |
| Keyera Corp. | 120 | 3725 |
| Kinross Gold Corp. | 850 | 12547 |
| Loblaw Cos. Ltd. | 72 | 11688 |
| Lundin Mining Corp. | 346 | 2831 |
| Magna International, Inc. | 141 | 4899 |
| Manulife Financial Corp. | 1080 | 33099 |
| Metro, Inc. | 205 | 15798 |
| National Bank of Canada | 179 | 15721 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Nutrien Ltd. | 301 | $| 17183 |
| Onex Corp. | 31 |  | 2195 |
| Open Text Corp. | 137 |  | 3709 |
| Pan American Silver Corp. | 191 |  | 4809 |
| Pembina Pipeline Corp. | 305 |  | 11659 |
| Power Corp. of Canada | 269 |  | 10182 |
| Quebecor, Inc., Class B | 82 |  | 2249 |
| RB Global, Inc. | 97 |  | 9775 |
| Restaurant Brands International, Inc. | 156 |  | 10052 |
| Rogers Communications, Inc., Class B | 198 |  | 5162 |
| Royal Bank of Canada | 851 |  | 102143 |
| Saputo, Inc. | 129 |  | 2517 |
| Shopify, Inc., Class A (b) | 701 |  | 66673 |
| Stantec, Inc. | 60 |  | 5266 |
| Sun Life Financial, Inc. | 303 |  | 18056 |
| Suncor Energy, Inc. | 768 |  | 27124 |
| TC Energy Corp. | 634 |  | 32031 |
| Teck Resources Ltd., Class B | 325 |  | 11045 |
| TELUS Corp. | 789 |  | 12145 |
| TFI International, Inc. | 40 |  | 3252 |
| Thomson Reuters Corp. | 74 |  | 13770 |
| Toronto-Dominion Bank | 1054 |  | 67349 |
| Tourmaline Oil Corp. | 183 |  | 8084 |
| West Fraser Timber Co. Ltd. | 27 |  | 1999 |
| Wheaton Precious Metals Corp. | 328 |  | 27387 |
| WSP Global, Inc. | 68 |  | 12053 |
|  |  |  | 1332003 |
| China (0.2%) | China (0.2%) | China (0.2%) | China (0.2%) |
| Alibaba Health Information Technology Ltd. (b)(c) | 2000 |  | 1294 |
| Budweiser Brewing Co. APAC Ltd. (c) | 800 |  | 845 |
| BYD Electronic International Co. Ltd. (c) | 500 |  | 2075 |
| China Gas Holdings Ltd. (c) | 5400 |  | 4882 |
| China Mengniu Dairy Co. Ltd. (c) | 1000 |  | 2491 |
| Chow Tai Fook Jewellery Group Ltd. (c) | 1800 |  | 2406 |
| Fosun International Ltd. (c) | 1000 |  | 519 |
| Geely Automobile Holdings Ltd. (c) | 3000 |  | 6298 |
| Qingdao Port International Co. Ltd., Class H (c) | 1000 |  | 723 |
| Xinyi Glass Holdings Ltd. (c) | 1000 |  | 936 |
|  |  |  | 22469 |
| Denmark (1.9%) | Denmark (1.9%) | Denmark (1.9%) | Denmark (1.9%) |
| AP Moller - Maersk AS, Class A | 3 |  | 5153 |
| Carlsberg AS, Class B | 49 |  | 6676 |
| Coloplast AS, Class B | 68 |  | 7695 |
| Danske Bank AS | 353 |  | 12386 |
| DSV AS | 122 |  | 25859 |
| Genmab AS (b) | 34 |  | 7209 |
| Novo Nordisk AS, Class B | 1914 |  | 127973 |
| Novonesis Novozymes B, Class B | 191 |  | 12407 |
| Orsted AS (b) | 100 |  | 3979 |
| Pandora AS | 84 |  | 12505 |
| Tryg AS | 177 |  | 4222 |
| Vestas Wind Systems AS | 530 |  | 7066 |
|  |  |  | 233130 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Faroe Islands (0.0%)‡ | Faroe Islands (0.0%)‡ | Faroe Islands (0.0%)‡ |
| Bakkafrost P/F | 36 | $1815 |
| Finland (0.9%) | Finland (0.9%) | Finland (0.9%) |
| Elisa OYJ | 153 | 8162 |
| Fortum OYJ | 613 | 10278 |
| Huhtamaki OYJ | 55 | 2025 |
| Kesko OYJ, Class B | 142 | 3260 |
| Kone OYJ, Class B | 175 | 10838 |
| Metso OYJ | 366 | 3977 |
| Neste OYJ | 285 | 2957 |
| Nokia OYJ | 2658 | 13288 |
| Nordea Bank Abp | 2025 | 28044 |
| Orion OYJ, Class B | 56 | 3506 |
| Sampo OYJ, Class A | 1228 | 12303 |
| Stora Enso OYJ, Class R | 299 | 2777 |
| UPM-Kymmene OYJ | 278 | 7363 |
| Wartsila OYJ Abp | 256 | 4730 |
|  |  | 113508 |
| France (8.7%) | France (8.7%) | France (8.7%) |
| Air Liquide SA | 359 | 73767 |
| Airbus SE | 362 | 61428 |
| ArcelorMittal SA | 241 | 7127 |
| AXA SA | 1053 | 49803 |
| BNP Paribas SA | 610 | 51685 |
| Bollore SE | 368 | 2276 |
| Bouygues SA | 102 | 4483 |
| Capgemini SE | 106 | 16923 |
| Cie de Saint-Gobain SA | 298 | 32398 |
| Cie Generale des Etablissements Michelin SCA | 349 | 12761 |
| Credit Agricole SA | 519 | 9735 |
| Danone SA | 409 | 35193 |
| Dassault Systemes SE | 454 | 17014 |
| Engie SA | 1070 | 22115 |
| EssilorLuxottica SA | 179 | 51579 |
| Hermes International SCA | 19 | 52253 |
| Kering SA | 38 | 7731 |
| Legrand SA | 154 | 16925 |
| L'Oreal SA (b) | 137 | 60536 |
| LVMH Moet Hennessy Louis Vuitton SE | 158 | 87521 |
| Orange SA | 983 | 14261 |
| Pernod Ricard SA | 101 | 10948 |
| Publicis Groupe SA | 188 | 19128 |
| Safran SA | 223 | 59345 |
| Sanofi SA | 676 | 73949 |
| Sartorius Stedim Biotech | 15 | 3540 |
| Schneider Electric SE | 327 | 76402 |
| Societe Generale SA | 436 | 22733 |
| STMicroelectronics NV | 339 | 7707 |
| Thales SA | 53 | 14847 |
| TotalEnergies SE | 1356 | 77231 |
| Vinci SA | 296 | 41578 |
|  |  | 1094922 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Germany (8.1%) | Germany (8.1%) | Germany (8.1%) |
| adidas AG | 102 | $23469 |
| Allianz SE (Registered) | 232 | 95950 |
| BASF SE (b) | 634 | 32378 |
| Bayer AG (Registered) | 600 | 15724 |
| Bayerische Motoren Werke AG | 155 | 13147 |
| Bayerische Motoren Werke AG (Preference) | 31 | 2502 |
| Beiersdorf AG | 87 | 12258 |
| BioNTech SE ADR (b) | 49 | 5112 |
| Continental AG | 57 | 4456 |
| Daimler Truck Holding AG | 262 | 10526 |
| Deutsche Bank AG (Registered) | 1109 | 29078 |
| Deutsche Boerse AG | 117 | 37685 |
| Deutsche Post AG (Registered) | 614 | 26235 |
| Deutsche Telekom AG (Registered) | 1913 | 68710 |
| Dr. Ing hc F Porsche AG | 58 | 2916 |
| E.ON SE | 1438 | 25150 |
| Fresenius Medical Care AG | 104 | 5291 |
| Fresenius SE & Co. KGaA (b) | 217 | 10307 |
| Hannover Rueck SE (Registered) | 31 | 9951 |
| Hapag-Lloyd AG | 4 | 630 |
| Heidelberg Materials AG | 79 | 15793 |
| Henkel AG & Co. KGaA | 82 | 5788 |
| Henkel AG & Co. KGaA (Preference) | 87 | 6757 |
| Infineon Technologies AG | 793 | 26267 |
| Knorr-Bremse AG | 35 | 3471 |
| Mercedes-Benz Group AG (Registered) | 495 | 29595 |
| Merck KGaA | 68 | 9467 |
| MTU Aero Engines AG | 28 | 9691 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen (Registered) (b) | 81 | 55453 |
| Porsche Automobil Holding SE (Preference) | 80 | 3298 |
| Rheinmetall AG | 27 | 45982 |
| RWE AG | 455 | 17669 |
| SAP SE | 626 | 183161 |
| Sartorius AG (Preference) | 13 | 3375 |
| Siemens AG (Registered) | 448 | 103157 |
| Siemens Energy AG (b) | 361 | 27863 |
| Siemens Healthineers AG | 141 | 7601 |
| Symrise AG, Class A | 96 | 11072 |
| Talanx AG | 32 | 3673 |
| Volkswagen AG | 15 | 1675 |
| Volkswagen AG (Preference) | 96 | 10446 |
| Vonovia SE | 428 | 14197 |
|  |  | 1026926 |
| Hong Kong (1.6%) | Hong Kong (1.6%) | Hong Kong (1.6%) |
| AIA Group Ltd. | 6600 | 49453 |
| CK Asset Holdings Ltd. | 500 | 2043 |
| CK Hutchison Holdings Ltd. | 1500 | 8459 |
| CK Infrastructure Holdings Ltd. | 500 | 3370 |
| CLP Holdings Ltd. | 1000 | 8527 |
| CSPC Pharmaceutical Group Ltd. | 4000 | 3151 |
| Futu Holdings Ltd. ADR | 43 | 3969 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Hong Kong (cont'd) | Hong Kong (cont'd) | Hong Kong (cont'd) | Hong Kong (cont'd) |
| Galaxy Entertainment Group Ltd. | 1000 | $| 3612 |
| Hang Lung Properties Ltd. | 1000 |  | 820 |
| Hang Seng Bank Ltd. | 800 |  | 11167 |
| HK Electric Investments & HK Electric <br>Investments Ltd. (a) | 1000 |  | 696 |
| HKT Trust & HKT Ltd. (a) | 2000 |  | 2846 |
| Hong Kong & China Gas Co. Ltd. | 5000 |  | 4499 |
| Hong Kong Exchanges & Clearing Ltd. | 800 |  | 34952 |
| Hongkong Land Holdings Ltd. | 600 |  | 2936 |
| Jardine Matheson Holdings Ltd. | 100 |  | 4443 |
| Link REIT | 2100 |  | 9832 |
| MTR Corp. Ltd. | 1000 |  | 3452 |
| Power Assets Holdings Ltd. | 1000 |  | 6613 |
| Sands China Ltd. (b) | 1200 |  | 2149 |
| Sino Biopharmaceutical Ltd. | 10000 |  | 5022 |
| Sino Land Co. Ltd. | 2000 |  | 2055 |
| Sun Hung Kai Properties Ltd. | 1000 |  | 9486 |
| Swire Pacific Ltd., Class A | 500 |  | 4324 |
| Swire Properties Ltd. | 600 |  | 1326 |
| Techtronic Industries Co. Ltd. | 1000 |  | 10064 |
| WH Group Ltd. | 4000 |  | 3577 |
| Wharf Real Estate Investment Co. Ltd. | 1000 |  | 2392 |
|  |  |  | 205235 |
| Ireland (0.3%) | Ireland (0.3%) | Ireland (0.3%) | Ireland (0.3%) |
| AIB Group PLC | 1801 |  | 12105 |
| Bank of Ireland Group PLC | 729 |  | 8560 |
| Kerry Group PLC, Class A | 91 |  | 9633 |
| Kingspan Group PLC | 112 |  | 9451 |
|  |  |  | 39749 |
| Israel (1.0%) | Israel (1.0%) | Israel (1.0%) | Israel (1.0%) |
| Airport City Ltd. (b) | 36 |  | 535 |
| Amot Investments Ltd. | 114 |  | 603 |
| Azrieli Group Ltd. | 19 |  | 1383 |
| Bank Hapoalim BM | 699 |  | 10253 |
| Bank Leumi Le-Israel BM | 790 |  | 11219 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 1049 |  | 1595 |
| Big Shopping Centers Ltd. (b) | 9 |  | 1314 |
| Camtek Ltd. (b) | 15 |  | 996 |
| Check Point Software Technologies Ltd. (b) | 52 |  | 11417 |
| CyberArk Software Ltd. (b) | 25 |  | 8804 |
| Delek Group Ltd. | 4 |  | 638 |
| Elbit Systems Ltd. | 13 |  | 4998 |
| Enlight Renewable Energy Ltd. (b) | 43 |  | 696 |
| Fattal Holdings 1998 Ltd. (b) | 4 |  | 522 |
| First International Bank of Israel Ltd. | 27 |  | 1483 |
| Global-e Online Ltd. (b) | 51 |  | 1831 |
| Harel Insurance Investments & Financial Services Ltd. | 56 |  | 931 |
| ICL Group Ltd. | 367 |  | 2450 |
| Israel Corp. Ltd. | 2 |  | 630 |
| Israel Discount Bank Ltd., Class A | 649 |  | 4848 |
| Melisron Ltd. | 13 |  | 1106 |
| Menora Mivtachim Holdings Ltd. | 11 |  | 583 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Mivne Real Estate KD Ltd. | 305 | $| 890 |
| Mizrahi Tefahot Bank Ltd. | 79 |  | 4000 |
| Monday.com Ltd. (b) | 18 |  | 5058 |
| Nice Ltd. (b) | 50 |  | 7811 |
| Nova Ltd. (b) | 15 |  | 2896 |
| OPC Energy Ltd. (b) | 61 |  | 576 |
| Phoenix Financial Ltd. | 121 |  | 2383 |
| Plus500 Ltd. | 37 |  | 1517 |
| Shapir Engineering & Industry Ltd. | 82 |  | 572 |
| Shufersal Ltd. | 140 |  | 1311 |
| Strauss Group Ltd. | 267 |  | 6043 |
| Teva Pharmaceutical Industries Ltd. (b) | 703 |  | 10901 |
| Tower Semiconductor Ltd. (b) | 58 |  | 2120 |
| Wix.com Ltd. (b) | 28 |  | 4749 |
| ZIM Integrated Shipping Services Ltd. | 50 |  | 768 |
|  |  |  | 120430 |
| Italy (2.7%) | Italy (2.7%) | Italy (2.7%) | Italy (2.7%) |
| A2A SpA | 819 |  | 2083 |
| Amplifon SpA | 69 |  | 1321 |
| Banca Mediolanum SpA | 453 |  | 6772 |
| Banco BPM SpA | 717 |  | 8004 |
| Davide Campari-Milano NV | 300 |  | 2013 |
| Enel SpA | 4909 |  | 42556 |
| Eni SpA | 1409 |  | 20179 |
| Ferrari NV | 86 |  | 39369 |
| FinecoBank Banca Fineco SpA | 322 |  | 6444 |
| Generali | 632 |  | 23098 |
| Infrastrutture Wireless Italiane SpA | 181 |  | 2162 |
| Intesa Sanpaolo SpA | 9220 |  | 49219 |
| Leonardo SpA | 354 |  | 18404 |
| Mediobanca Banca di Credito Finanziario SpA | 310 |  | 6341 |
| Moncler SpA | 112 |  | 6913 |
| Nexi SpA (b) | 273 |  | 1595 |
| Pirelli & C SpA | 198 |  | 1224 |
| Poste Italiane SpA | 240 |  | 4871 |
| PRADA SpA (b) | 300 |  | 1873 |
| Prysmian SpA | 148 |  | 8130 |
| Recordati Industria Chimica e Farmaceutica SpA | 52 |  | 3068 |
| Snam SpA | 1078 |  | 6187 |
| Stellantis NV | 1036 |  | 9640 |
| Telecom Italia SpA (b) | 8845 |  | 3657 |
| Tenaris SA | 243 |  | 4052 |
| Terna - Rete Elettrica Nazionale | 739 |  | 7348 |
| UniCredit SpA | 917 |  | 53352 |
|  |  |  | 339875 |
| Japan (21.4%) | Japan (21.4%) | Japan (21.4%) | Japan (21.4%) |
| ABC-Mart, Inc. | 100 |  | 1860 |
| Acom Co. Ltd. | 200 |  | 560 |
| Advantest Corp. | 400 |  | 16734 |
| Aeon Co. Ltd. | 400 |  | 11828 |
| AGC, Inc. | 100 |  | 3122 |
| Air Water, Inc. | 100 |  | 1364 |
| Aisin Corp. | 300 |  | 3810 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Japan (cont'd) | Japan (cont'd) | Japan (cont'd) |
| Ajinomoto Co., Inc. | 600 | $12272 |
| Alfresa Holdings Corp. | 100 | 1510 |
| Amada Co. Ltd. | 200 | 2003 |
| ANA Holdings, Inc. | 500 | 9605 |
| Asahi Group Holdings Ltd. | 1300 | 17969 |
| Asahi Intecc Co. Ltd. | 100 | 1537 |
| Asahi Kasei Corp. | 1500 | 10453 |
| Asics Corp. | 300 | 6448 |
| Astellas Pharma, Inc. | 1400 | 14020 |
| Azbil Corp. | 500 | 4306 |
| Bandai Namco Holdings, Inc. | 300 | 10426 |
| BayCurrent, Inc. | 100 | 5388 |
| Bridgestone Corp. | 300 | 12545 |
| Brother Industries Ltd. | 100 | 1757 |
| Canon, Inc. | 400 | 12344 |
| Capcom Co. Ltd. | 100 | 2895 |
| Central Japan Railway Co. | 500 | 10522 |
| Chiba Bank Ltd. | 400 | 3557 |
| Chubu Electric Power Co., Inc. | 400 | 5194 |
| Chugai Pharmaceutical Co. Ltd. | 400 | 23044 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 100 | 1879 |
| Concordia Financial Group Ltd. | 600 | 3881 |
| CyberAgent, Inc. | 900 | 7704 |
| Dai Nippon Printing Co. Ltd. | 200 | 2788 |
| Daifuku Co. Ltd. | 200 | 5291 |
| Dai-ichi Life Holdings, Inc. | 2400 | 17329 |
| Daiichi Sankyo Co. Ltd. | 1200 | 30697 |
| Daikin Industries Ltd. | 200 | 22785 |
| Daiwa House Industry Co. Ltd. | 400 | 14473 |
| Daiwa House Investment Corp. REIT | 1 | 1675 |
| Daiwa Securities Group, Inc. | 700 | 4603 |
| Denso Corp. | 1300 | 16786 |
| Dentsu Group, Inc. | 100 | 2097 |
| Disco Corp. | 100 | 19348 |
| East Japan Railway Co. | 600 | 13006 |
| Ebara Corp. | 300 | 4507 |
| Eisai Co. Ltd. | 100 | 2890 |
| Electric Power Development Co. Ltd. | 100 | 1756 |
| ENEOS Holdings, Inc. | 1500 | 7221 |
| FANUC Corp. | 500 | 12690 |
| Fast Retailing Co. Ltd. | 100 | 32894 |
| Fuji Electric Co. Ltd. | 100 | 4459 |
| FUJIFILM Holdings Corp. | 500 | 10241 |
| Fujikura Ltd. | 100 | 3721 |
| Fujitsu Ltd. | 1000 | 22215 |
| Fukuoka Financial Group, Inc. | 100 | 2642 |
| GLP J-Reit REIT | 3 | 2588 |
| GMO Payment Gateway, Inc. | 100 | 6263 |
| Hakuhodo DY Holdings, Inc. | 600 | 4511 |
| Hamamatsu Photonics KK | 200 | 1849 |
| Hankyu Hanshin Holdings, Inc. | 100 | 2852 |
| Haseko Corp. | 100 | 1428 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hitachi Ltd. | 2800 | $69203 |
| Honda Motor Co. Ltd. | 3200 | 32559 |
| Hoshizaki Corp. | 100 | 4252 |
| Hoya Corp. | 200 | 23533 |
| Hulic Co. Ltd. | 300 | 3137 |
| Ibiden Co. Ltd. | 100 | 2772 |
| Idemitsu Kosan Co. Ltd. | 500 | 3099 |
| IHI Corp. | 100 | 7833 |
| Iida Group Holdings Co. Ltd. | 100 | 1583 |
| Inpex Corp. | 900 | 11259 |
| Isetan Mitsukoshi Holdings Ltd. | 200 | 2571 |
| Isuzu Motors Ltd. | 400 | 5379 |
| ITOCHU Corp. | 800 | 40914 |
| J Front Retailing Co. Ltd. | 100 | 1224 |
| Japan Airlines Co. Ltd. | 400 | 7247 |
| Japan Exchange Group, Inc. | 1100 | 12238 |
| Japan Metropolitan Fund Invest REIT | 4 | 2665 |
| Japan Post Bank Co. Ltd. | 200 | 2056 |
| Japan Post Holdings Co. Ltd. | 1600 | 15552 |
| Japan Post Insurance Co. Ltd. | 100 | 2010 |
| Japan Real Estate Investment Corp. REIT | 4 | 3174 |
| Japan Tobacco, Inc. | 500 | 15404 |
| JFE Holdings, Inc. | 800 | 9317 |
| Kajima Corp. | 200 | 4776 |
| Kansai Electric Power Co., Inc. | 500 | 6160 |
| Kansai Paint Co. Ltd. | 100 | 1507 |
| Kao Corp. | 200 | 8564 |
| Kawasaki Heavy Industries Ltd. | 100 | 5965 |
| Kawasaki Kisen Kaisha Ltd. | 200 | 2743 |
| KDDI Corp. | 2100 | 37220 |
| Keio Corp. | 100 | 2720 |
| Keisei Electric Railway Co. Ltd. | 200 | 2072 |
| Kewpie Corp. | 100 | 2275 |
| Keyence Corp. | 100 | 41809 |
| Kikkoman Corp. | 900 | 8810 |
| Kintetsu Group Holdings Co. Ltd. | 100 | 2153 |
| Kirin Holdings Co. Ltd. | 400 | 6051 |
| Kobe Bussan Co. Ltd. | 100 | 3056 |
| Koito Manufacturing Co. Ltd. | 100 | 1211 |
| Kokusai Electric Corp. | 100 | 1847 |
| Komatsu Ltd. | 400 | 11568 |
| Konami Group Corp. | 100 | 14282 |
| Kubota Corp. | 900 | 10458 |
| Kuraray Co. Ltd. | 200 | 2336 |
| Kurita Water Industries Ltd. | 100 | 3311 |
| Kyocera Corp. | 700 | 8296 |
| Kyowa Kirin Co. Ltd. | 200 | 3123 |
| Kyushu Electric Power Co., Inc. | 200 | 1783 |
| Kyushu Railway Co. | 100 | 2588 |
| Lixil Corp. | 600 | 7070 |
| LY Corp. | 1900 | 7186 |
| M3, Inc. | 200 | 2507 |
| Makita Corp. | 100 | 2924 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Japan (cont'd) | Japan (cont'd) | Japan (cont'd) |
| Marubeni Corp. | 900 | $15956 |
| Marui Group Co. Ltd. | 100 | 1991 |
| MatsukiyoCocokara & Co. | 100 | 1836 |
| Mazda Motor Corp. | 300 | 1794 |
| McDonald's Holdings Co. Japan Ltd. | 100 | 4228 |
| Mebuki Financial Group, Inc. | 1700 | 8306 |
| Medipal Holdings Corp. | 100 | 1695 |
| MEIJI Holdings Co. Ltd. | 200 | 4917 |
| Minebea Mitsumi, Inc. | 200 | 2931 |
| MISUMI Group, Inc. | 100 | 1401 |
| Mitsubishi Chemical Group Corp. | 800 | 3889 |
| Mitsubishi Corp. | 2200 | 41770 |
| Mitsubishi Electric Corp. | 1000 | 19345 |
| Mitsubishi Estate Co. Ltd. | 600 | 10540 |
| Mitsubishi Gas Chemical Co., Inc. | 100 | 1524 |
| Mitsubishi HC Capital, Inc. | 500 | 3537 |
| Mitsubishi Heavy Industries Ltd. | 2200 | 43368 |
| Mitsubishi Motors Corp. | 300 | 831 |
| Mitsubishi UFJ Financial Group, Inc. | 6800 | 85674 |
| Mitsui & Co. Ltd. | 1800 | 36398 |
| Mitsui Chemicals, Inc. | 100 | 2197 |
| Mitsui Fudosan Co. Ltd. | 2000 | 19821 |
| Mitsui OSK Lines Ltd. | 200 | 6661 |
| Mizuho Financial Group, Inc. | 1500 | 37504 |
| MonotaRO Co. Ltd. | 100 | 1923 |
| MS&AD Insurance Group Holdings, Inc. | 700 | 15911 |
| Murata Manufacturing Co. Ltd. | 1400 | 19945 |
| NEC Corp. | 700 | 17040 |
| Nexon Co. Ltd. | 300 | 4707 |
| NGK Insulators Ltd. | 600 | 7404 |
| Nichirei Corp. | 100 | 1372 |
| NIDEC Corp. | 500 | 8886 |
| Nikon Corp. | 200 | 1923 |
| Nintendo Co. Ltd. | 700 | 58114 |
| Nippon Building Fund, Inc. REIT | 9 | 8354 |
| Nippon Express Holdings, Inc. | 100 | 1786 |
| Nippon Paint Holdings Co. Ltd. | 500 | 3809 |
| Nippon Prologis, Inc. REIT | 1 | 1654 |
| Nippon Sanso Holdings Corp. | 100 | 3200 |
| Nippon Steel Corp. | 600 | 12629 |
| Nippon Telegraph & Telephone Corp. | 35300 | 36898 |
| Nippon Television Holdings, Inc. | 100 | 2316 |
| Nippon Yusen KK | 300 | 9802 |
| Nissan Chemical Corp. | 100 | 2925 |
| Nissan Motor Co. Ltd. (b) | 1100 | 2619 |
| Nisshin Seifun Group, Inc. | 200 | 2580 |
| Nissin Foods Holdings Co. Ltd. | 100 | 2205 |
| Niterra Co. Ltd. | 100 | 3114 |
| Nitori Holdings Co. Ltd. | 100 | 11898 |
| Nitto Denko Corp. | 400 | 7031 |
| Nomura Holdings, Inc. | 2100 | 11704 |
| Nomura Real Estate Holdings, Inc. | 300 | 1784 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nomura Real Estate Master Fund, Inc. REIT | 2 | $1991 |
| Nomura Research Institute Ltd. | 200 | 7574 |
| NTT Data Group Corp. | 300 | 5958 |
| Obayashi Corp. | 300 | 4655 |
| Obic Co. Ltd. | 200 | 7002 |
| Odakyu Electric Railway Co. Ltd. | 200 | 2208 |
| Oji Holdings Corp. | 1200 | 5665 |
| Olympus Corp. | 1100 | 14413 |
| Omron Corp. | 100 | 2969 |
| Ono Pharmaceutical Co. Ltd. | 200 | 2302 |
| Open House Group Co. Ltd. | 100 | 4434 |
| Oriental Land Co. Ltd. | 500 | 10590 |
| ORIX Corp. | 600 | 12036 |
| Orix J-Reit, Inc. REIT | 2 | 2519 |
| Osaka Gas Co. Ltd. | 300 | 7607 |
| Otsuka Corp. | 100 | 2218 |
| Otsuka Holdings Co. Ltd. | 200 | 9750 |
| Pan Pacific International Holdings Corp. | 200 | 6158 |
| Panasonic Holdings Corp. | 1200 | 13759 |
| Persol Holdings Co. Ltd. | 900 | 1630 |
| Rakuten Group, Inc. (b) | 800 | 4717 |
| Recruit Holdings Co. Ltd. | 900 | 49874 |
| Renesas Electronics Corp. | 900 | 10562 |
| Resona Holdings, Inc. | 1200 | 9626 |
| Resonac Holdings Corp. | 100 | 1819 |
| Ricoh Co. Ltd. | 300 | 3155 |
| Rohm Co. Ltd. | 200 | 1821 |
| Rohto Pharmaceutical Co. Ltd. | 100 | 1673 |
| Ryohin Keikaku Co. Ltd. | 100 | 3380 |
| Sanrio Co. Ltd. | 100 | 3985 |
| Santen Pharmaceutical Co. Ltd. | 200 | 2026 |
| Sanwa Holdings Corp. | 100 | 3282 |
| SBI Holdings, Inc. | 100 | 2629 |
| SCREEN Holdings Co. Ltd. | 100 | 6650 |
| SCSK Corp. | 100 | 2616 |
| Secom Co. Ltd. | 200 | 7354 |
| Sega Sammy Holdings, Inc. | 100 | 2099 |
| Seibu Holdings, Inc. | 100 | 2417 |
| Seiko Epson Corp. | 100 | 1387 |
| Sekisui Chemical Co. Ltd. | 200 | 3495 |
| Sekisui House Ltd. | 400 | 9196 |
| Seven & i Holdings Co. Ltd. | 1700 | 25025 |
| SG Holdings Co. Ltd. | 200 | 2106 |
| Sharp Corp. (b) | 200 | 1186 |
| Shimadzu Corp. | 200 | 5119 |
| Shimamura Co. Ltd. | 100 | 6654 |
| Shimano, Inc. | 100 | 14089 |
| Shimizu Corp. | 300 | 3205 |
| Shin-Etsu Chemical Co. Ltd. | 1000 | 30431 |
| Shionogi & Co. Ltd. | 400 | 6720 |
| Shiseido Co. Ltd. | 200 | 3288 |
| Shizuoka Financial Group, Inc. | 200 | 2223 |
| SMC Corp. | 28 | 9062 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Japan (cont'd) | Japan (cont'd) | Japan (cont'd) |
| SoftBank Corp. | 16600 | $25120 |
| SoftBank Group Corp. | 600 | 30342 |
| Sohgo Security Services Co. Ltd. | 200 | 1581 |
| Sojitz Corp. | 100 | 2366 |
| Sompo Holdings, Inc. | 500 | 16386 |
| Sony Group Corp. | 3700 | 97616 |
| Square Enix Holdings Co. Ltd. | 100 | 5782 |
| Stanley Electric Co. Ltd. | 100 | 1874 |
| Subaru Corp. | 300 | 5432 |
| Sugi Holdings Co. Ltd. | 100 | 2101 |
| SUMCO Corp. | 200 | 1379 |
| Sumitomo Chemical Co. Ltd. | 800 | 1934 |
| Sumitomo Corp. | 600 | 14650 |
| Sumitomo Electric Industries Ltd. | 400 | 6429 |
| Sumitomo Forestry Co. Ltd. | 100 | 2879 |
| Sumitomo Heavy Industries Ltd. | 100 | 2082 |
| Sumitomo Metal Mining Co. Ltd. | 200 | 4437 |
| Sumitomo Mitsui Financial Group, Inc. | 2400 | 57257 |
| Sumitomo Mitsui Trust Group, Inc. | 400 | 9896 |
| Sumitomo Realty & Development Co. Ltd. | 300 | 11174 |
| Sumitomo Rubber Industries Ltd. | 100 | 1259 |
| Suntory Beverage & Food Ltd. | 100 | 3494 |
| Suzuki Motor Corp. | 900 | 10785 |
| Sysmex Corp. | 200 | 3713 |
| T&D Holdings, Inc. | 300 | 6384 |
| Taisei Corp. | 100 | 5422 |
| Takeda Pharmaceutical Co. Ltd. | 900 | 27224 |
| TDK Corp. | 1600 | 17074 |
| Terumo Corp. | 800 | 15313 |
| TIS, Inc. | 100 | 2886 |
| Tobu Railway Co. Ltd. | 100 | 1825 |
| Toho Co. Ltd. | 100 | 5709 |
| Tohoku Electric Power Co., Inc. | 200 | 1437 |
| Tokio Marine Holdings, Inc. | 1200 | 48099 |
| Tokyo Century Corp. | 100 | 1053 |
| Tokyo Electric Power Co. Holdings, Inc. (b) | 800 | 2447 |
| Tokyo Electron Ltd. | 246 | 36629 |
| Tokyo Gas Co. Ltd. | 200 | 6645 |
| Tokyo Metro Co. Ltd. | 500 | 6336 |
| Tokyu Corp. | 300 | 3638 |
| Tokyu Fudosan Holdings Corp. | 300 | 2101 |
| TOPPAN Holdings, Inc. | 200 | 5615 |
| Toray Industries, Inc. | 1300 | 8302 |
| Tosoh Corp. | 200 | 2819 |
| TOTO Ltd. | 100 | 2637 |
| Toyota Industries Corp. | 90 | 10555 |
| Toyota Motor Corp. | 6900 | 131786 |
| Toyota Tsusho Corp. | 400 | 7949 |
| Trend Micro, Inc. | 46 | 3301 |
| Unicharm Corp. | 1200 | 11142 |
| United Urban Investment Corp. REIT | 1 | 1052 |
| USS Co. Ltd. | 200 | 1994 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| West Japan Railway Co. | 200 | $| 4207 |
| Yakult Honsha Co. Ltd. | 200 |  | 4108 |
| Yamada Holdings Co. Ltd. | 400 |  | 1289 |
| Yamaha Corp. | 200 |  | 1462 |
| Yamaha Motor Co. Ltd. | 400 |  | 3142 |
| Yamato Holdings Co. Ltd. | 200 |  | 2840 |
| Yaskawa Electric Corp. | 100 |  | 2107 |
| Yokogawa Electric Corp. | 100 |  | 2164 |
| Yokohama Rubber Co. Ltd. | 100 |  | 2186 |
| ZOZO, Inc. | 200 |  | 2031 |
|  |  |  | 2704328 |
| Luxembourg (0.0%)‡ | Luxembourg (0.0%)‡ | Luxembourg (0.0%)‡ | Luxembourg (0.0%)‡ |
| Zabka Group SA (b) | 396 |  | 2260 |
| Mexico (0.0%)‡ | Mexico (0.0%)‡ | Mexico (0.0%)‡ | Mexico (0.0%)‡ |
| Fresnillo PLC | 94 |  | 1260 |
| Netherlands (3.5%) | Netherlands (3.5%) | Netherlands (3.5%) | Netherlands (3.5%) |
| Adyen NV (b) | 18 |  | 29128 |
| AerCap Holdings NV | 99 |  | 10494 |
| ASM International NV | 37 |  | 18085 |
| ASML Holding NV | 235 |  | 157319 |
| Coca-Cola Europacific Partners PLC | 156 |  | 14155 |
| CVC Capital Partners PLC (b) | 340 |  | 6067 |
| DSM-Firmenich AG | 138 |  | 14991 |
| EXOR NV | 50 |  | 4721 |
| Heineken Holding NV | 131 |  | 10243 |
| Heineken NV | 151 |  | 13517 |
| ING Groep NV | 1930 |  | 37479 |
| InPost SA (b) | 126 |  | 2128 |
| Koninklijke Ahold Delhaize NV | 570 |  | 23404 |
| Koninklijke KPN NV | 1717 |  | 7987 |
| Koninklijke Philips NV | 420 |  | 10660 |
| Prosus NV | 890 |  | 41727 |
| Universal Music Group NV | 525 |  | 15438 |
| Wolters Kluwer NV | 144 |  | 25424 |
|  |  |  | 442967 |
| New Zealand (0.2%) | New Zealand (0.2%) | New Zealand (0.2%) | New Zealand (0.2%) |
| a2 Milk Co. Ltd. | 357 |  | 1858 |
| Auckland International Airport Ltd. | 798 |  | 3565 |
| Contact Energy Ltd. | 415 |  | 2186 |
| Fisher & Paykel Healthcare Corp. Ltd. | 292 |  | 5891 |
| Infratil Ltd. | 484 |  | 3034 |
| Mainfreight Ltd. | 44 |  | 1452 |
| Mercury NZ Ltd. | 347 |  | 1151 |
| Meridian Energy Ltd. | 672 |  | 2188 |
| Spark New Zealand Ltd. | 441 |  | 546 |
|  |  |  | 21871 |
| Norway (0.6%) | Norway (0.6%) | Norway (0.6%) | Norway (0.6%) |
| Aker ASA, Class A | 12 |  | 696 |
| Aker BP ASA | 161 |  | 3456 |
| AutoStore Holdings Ltd. (b) | 741 |  | 334 |
| DNB Bank ASA | 431 |  | 10774 |
| Equinor ASA | 458 |  | 10367 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Norway (cont'd) | Norway (cont'd) | Norway (cont'd) | Norway (cont'd) |
| Frontline PLC | 180 | $| 3035 |
| Gjensidige Forsikring ASA | 95 |  | 2223 |
| Kongsberg Gruppen ASA | 44 |  | 7089 |
| Leroy Seafood Group ASA | 141 |  | 618 |
| Mowi ASA | 233 |  | 4272 |
| Nordic Semiconductor ASA (b) | 86 |  | 862 |
| Norsk Hydro ASA | 1238 |  | 6567 |
| Opera Ltd. ADR | 47 |  | 802 |
| Orkla ASA | 501 |  | 5587 |
| Salmar ASA | 45 |  | 2224 |
| Schibsted ASA, Class A | 52 |  | 1583 |
| Schibsted ASA, Class B Class B | 48 |  | 1386 |
| SpareBank 1 Sor-Norge ASA | 109 |  | 1739 |
| Storebrand ASA | 214 |  | 2584 |
| Telenor ASA | 508 |  | 7630 |
| TOMRA Systems ASA (b) | 158 |  | 2493 |
| Var Energi ASA | 461 |  | 1268 |
| Wallenius Wilhelmsen ASA | 84 |  | 609 |
| Yara International ASA | 81 |  | 2629 |
|  |  |  | 80827 |
| Poland (0.4%) | Poland (0.4%) | Poland (0.4%) | Poland (0.4%) |
| Allegro.eu SA (b) | 329 |  | 2887 |
| Bank Polska Kasa Opieki SA (b) | 146 |  | 7318 |
| Budimex SA | 6 |  | 1008 |
| CCC SA (b) | 24 |  | 1388 |
| CD Projekt SA | 37 |  | 2291 |
| Dino Polska SA (b) | 25 |  | 3505 |
| KGHM Polska Miedz SA | 72 |  | 2298 |
| mBank SA (b) | 7 |  | 1525 |
| ORLEN SA | 306 |  | 5526 |
| PGE Polska Grupa Energetyczna SA (b) | 462 |  | 1009 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 452 |  | 8690 |
| Powszechny Zaklad Ubezpieczen SA | 299 |  | 4665 |
| Santander Bank Polska SA | 46 |  | 7075 |
|  |  |  | 49185 |
| Portugal (0.2%) | Portugal (0.2%) | Portugal (0.2%) | Portugal (0.2%) |
| Banco Comercial Portugues SA, Class R | 3857 |  | 2467 |
| EDP Renovaveis SA | 157 |  | 1470 |
| EDP SA | 3190 |  | 12574 |
| Galp Energia SGPS SA | 220 |  | 3409 |
| Jeronimo Martins SGPS SA | 144 |  | 3485 |
| Navigator Co. SA | 146 |  | 554 |
|  |  |  | 23959 |
| Singapore (1.5%) | Singapore (1.5%) | Singapore (1.5%) | Singapore (1.5%) |
| CapitaLand Ascendas REIT | 1900 |  | 3871 |
| CapitaLand Integrated Commercial Trust REIT | 2600 |  | 4279 |
| CapitaLand Investment Ltd. | 1200 |  | 2529 |
| DBS Group Holdings Ltd. | 1200 |  | 38987 |
| Genting Singapore Ltd. | 3000 |  | 1701 |
| Grab Holdings Ltd., Class A (b) | 1224 |  | 5973 |
| Keppel Ltd. | 800 |  | 4022 |
| Mapletree Industrial Trust REIT | 1100 |  | 1702 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Mapletree Logistics Trust REIT | 1200 | $| 1033 |
| Mapletree Pan Asia Commercial Trust REIT | 600 |  | 562 |
| Oversea-Chinese Banking Corp. Ltd. | 1700 |  | 21039 |
| SATS Ltd. | 300 |  | 647 |
| Sea Ltd. ADR (b) | 233 |  | 31234 |
| Seatrium Ltd. (b) | 2900 |  | 4259 |
| Sembcorp Industries Ltd. | 500 |  | 2529 |
| Singapore Airlines Ltd. | 1200 |  | 6158 |
| Singapore Exchange Ltd. | 400 |  | 4400 |
| Singapore Technologies Engineering Ltd. | 800 |  | 4543 |
| Singapore Telecommunications Ltd. | 6000 |  | 17359 |
| United Overseas Bank Ltd. | 800 |  | 21247 |
| UOL Group Ltd. | 200 |  | 885 |
| Venture Corp. Ltd. | 200 |  | 1775 |
| Wilmar International Ltd. | 1300 |  | 3049 |
| Yangzijiang Shipbuilding Holdings Ltd. (b) | 1400 |  | 2398 |
|  |  |  | 186181 |
| Spain (2.6%) | Spain (2.6%) | Spain (2.6%) | Spain (2.6%) |
| ACS Actividades de Construccion y Servicios SA | 134 |  | 8396 |
| Aena SME SA | 38 |  | 9546 |
| Amadeus IT Group SA | 304 |  | 23929 |
| Banco Bilbao Vizcaya Argentaria SA | 3383 |  | 46429 |
| Banco Santander SA | 8918 |  | 62790 |
| CaixaBank SA | 1840 |  | 14102 |
| Cellnex Telecom SA | 300 |  | 12141 |
| Endesa SA | 166 |  | 4985 |
| Ferrovial SE | 405 |  | 19757 |
| Iberdrola SA | 3476 |  | 62658 |
| Industria de Diseno Textil SA | 687 |  | 36943 |
| Naturgy Energy Group SA | 56 |  | 1668 |
| Redeia Corp. SA | 213 |  | 4467 |
| Repsol SA | 619 |  | 7567 |
| Telefonica SA | 2677 |  | 13752 |
|  |  |  | 329130 |
| Sweden (2.9%) | Sweden (2.9%) | Sweden (2.9%) | Sweden (2.9%) |
| AAK AB | 92 |  | 2406 |
| AddTech AB, Class B | 126 |  | 4239 |
| Alfa Laval AB | 149 |  | 6180 |
| Assa Abloy AB, Class B | 644 |  | 19548 |
| Atlas Copco AB, Class A | 2414 |  | 36105 |
| Avanza Bank Holding AB | 62 |  | 2060 |
| Axfood AB | 57 |  | 1594 |
| Beijer Ref AB, Class B | 216 |  | 3295 |
| Boliden AB (b) | 141 |  | 4320 |
| Castellum AB (b) | 214 |  | 2604 |
| Epiroc AB, Class A | 526 |  | 10978 |
| EQT AB | 263 |  | 7600 |
| Essity AB, Class B | 317 |  | 9167 |
| Evolution AB (b) | 127 |  | 8798 |
| Fastighets AB Balder, Class B (b) | 351 |  | 2523 |
| Getinge AB, Class B | 115 |  | 2223 |
| H & M Hennes & Mauritz AB, Class B | 290 |  | 4202 |
| Hexagon AB, Class B | 1698 |  | 16526 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Sweden (cont'd) | Sweden (cont'd) | Sweden (cont'd) | Sweden (cont'd) |
| Holmen AB, Class B | 47 | $| 1858 |
| Husqvarna AB, Class B | 203 |  | 944 |
| Industrivarden AB, Class A | 127 |  | 4461 |
| Indutrade AB | 140 |  | 3788 |
| Investment AB Latour, Class B | 71 |  | 1916 |
| Investor AB, Class A | 1453 |  | 43089 |
| L E Lundbergforetagen AB, Class B | 24 |  | 1266 |
| Lifco AB, Class B | 235 |  | 9098 |
| Nibe Industrier AB, Class B | 776 |  | 3309 |
| Saab AB, Class B | 162 |  | 7544 |
| Sagax AB, Class B | 112 |  | 2546 |
| Sandvik AB | 551 |  | 11375 |
| Securitas AB, Class B | 265 |  | 4199 |
| Skandinaviska Enskilda Banken AB, Class A | 1259 |  | 19977 |
| Skanska AB, Class B | 430 |  | 9992 |
| SKF AB, Class B | 196 |  | 3842 |
| SSAB AB, Class A | 416 |  | 2597 |
| Svenska Cellulosa AB SCA, Class B | 315 |  | 4073 |
| Svenska Handelsbanken AB, Class A | 770 |  | 10302 |
| Sweco AB, Class B | 95 |  | 1671 |
| Swedbank AB, Class A | 697 |  | 17400 |
| Swedish Orphan Biovitrum AB (b) | 121 |  | 3680 |
| Tele2 AB, Class B | 284 |  | 4190 |
| Telefonaktiebolaget LM Ericsson, Class B | 1781 |  | 15045 |
| Telia Co. AB | 1187 |  | 4459 |
| Thule Group AB | 57 |  | 1299 |
| Trelleborg AB, Class B | 110 |  | 3793 |
| Volvo AB, Class A | 1009 |  | 27438 |
| Volvo Car AB, Class B (b) | 305 |  | 520 |
|  |  |  | 370039 |
| Switzerland (7.7%) | Switzerland (7.7%) | Switzerland (7.7%) | Switzerland (7.7%) |
| ABB Ltd. (Registered) | 934 |  | 49325 |
| Alcon AG | 310 |  | 30120 |
| Chocoladefabriken Lindt & Spruengli AG | 1 |  | 14574 |
| Cie Financiere Richemont SA, Class A (Registered) | 323 |  | 57076 |
| Galderma Group AG | 44 |  | 5110 |
| Geberit AG (Registered) | 17 |  | 11776 |
| Givaudan SA (Registered) | 5 |  | 24122 |
| Holcim AG | 319 |  | 35648 |
| Kuehne & Nagel International AG (Registered) | 27 |  | 6218 |
| Lonza Group AG (Registered) | 45 |  | 32333 |
| Nestle SA (Registered) | 1599 |  | 170193 |
| Novartis AG (Registered) | 1143 |  | 130367 |
| Partners Group Holding AG | 16 |  | 20964 |
| Roche Holding AG | 461 |  | 151409 |
| Schindler Holding AG | 22 |  | 8046 |
| Schindler Holding AG (Registered) | 10 |  | 3546 |
| SGS SA (Registered) | 79 |  | 7715 |
| Sika AG (Registered) | 80 |  | 19993 |
| Straumann Holding AG (Registered) (b) | 70 |  | 8536 |
| Swatch Group AG | 15 |  | 2603 |
| Swatch Group AG (Registered) | 28 |  | 973 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| Swiss Life Holding AG (Registered) | 15 | $| 14977 |
| Swiss Re AG | 197 |  | 35362 |
| Swisscom AG (Registered) | 13 |  | 8670 |
| UBS Group AG (Registered) | 1940 |  | 58889 |
| Zurich Insurance Group AG | 91 |  | 64544 |
|  |  |  | 973089 |
| United Kingdom (12.7%) | United Kingdom (12.7%) | United Kingdom (12.7%) | United Kingdom (12.7%) |
| 3i Group PLC | 555 |  | 31463 |
| Admiral Group PLC | 123 |  | 5350 |
| Anglo American PLC | 749 |  | 20446 |
| Antofagasta PLC | 182 |  | 3994 |
| Ashtead Group PLC | 347 |  | 18576 |
| Associated British Foods PLC | 159 |  | 4383 |
| AstraZeneca PLC | 915 |  | 131089 |
| Auto Trader Group PLC | 463 |  | 5202 |
| Aviva PLC | 1409 |  | 10557 |
| B&M European Value Retail SA | 491 |  | 2208 |
| BAE Systems PLC | 1862 |  | 43166 |
| Barclays PLC | 9687 |  | 38590 |
| Barratt Redrow PLC | 711 |  | 4432 |
| Berkeley Group Holdings PLC | 52 |  | 2899 |
| BP PLC | 9588 |  | 44272 |
| British American Tobacco PLC | 1209 |  | 52662 |
| BT Group PLC | 3162 |  | 7339 |
| Bunzl PLC | 174 |  | 5468 |
| Centrica PLC | 2676 |  | 5729 |
| Compass Group PLC | 1057 |  | 35637 |
| ConvaTec Group PLC | 870 |  | 3025 |
| Croda International PLC | 68 |  | 2684 |
| DCC PLC | 52 |  | 3399 |
| Diageo PLC | 1404 |  | 39425 |
| Entain PLC | 336 |  | 2872 |
| Experian PLC | 580 |  | 28856 |
| Glencore PLC (b) | 4837 |  | 15859 |
| GSK PLC | 2675 |  | 52919 |
| Haleon PLC | 5314 |  | 26739 |
| Halma PLC | 198 |  | 7308 |
| Hikma Pharmaceuticals PLC | 84 |  | 2226 |
| HSBC Holdings PLC | 11177 |  | 124594 |
| Imperial Brands PLC | 480 |  | 19696 |
| Informa PLC | 700 |  | 6838 |
| InterContinental Hotels Group PLC | 78 |  | 8323 |
| Intermediate Capital Group PLC | 152 |  | 3823 |
| International Consolidated Airlines Group SA | 2515 |  | 8738 |
| Intertek Group PLC | 85 |  | 5220 |
| J Sainsbury PLC | 922 |  | 3277 |
| JD Sports Fashion PLC | 1296 |  | 1364 |
| Kingfisher PLC | 954 |  | 3667 |
| Land Securities Group PLC REIT | 392 |  | 3106 |
| Legal & General Group PLC | 4471 |  | 14080 |
| Lloyds Banking Group PLC | 36897 |  | 36250 |
| London Stock Exchange Group PLC | 267 |  | 41575 |
| M&G PLC | 1266 |  | 3513 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| United Kingdom (cont'd) | United Kingdom (cont'd) | United Kingdom (cont'd) |
| Marks & Spencer Group PLC | 1062 | $5519 |
| Melrose Industries PLC | 671 | 3901 |
| Mondi PLC | 233 | 3537 |
| National Grid PLC | 3029 | 43721 |
| NatWest Group PLC | 4982 | 32046 |
| Next PLC | 61 | 10064 |
| Pearson PLC | 337 | 5403 |
| Phoenix Group Holdings PLC | 395 | 3160 |
| Prudential PLC | 1708 | 18161 |
| Reckitt Benckiser Group PLC | 434 | 28013 |
| RELX PLC | 1116 | 60906 |
| Rentokil Initial PLC | 1328 | 6084 |
| Rightmove PLC | 412 | 4069 |
| Rio Tinto PLC | 668 | 39806 |
| Rolls-Royce Holdings PLC | 5283 | 53477 |
| Sage Group PLC | 528 | 8754 |
| Schroders PLC | 418 | 1842 |
| Segro PLC REIT | 652 | 5931 |
| Severn Trent PLC | 139 | 5170 |
| Shell PLC | 3865 | 124730 |
| Smith & Nephew PLC | 460 | 6473 |
| Smiths Group PLC | 181 | 4510 |
| Spirax Group PLC | 38 | 2995 |
| SSE PLC | 580 | 13077 |
| Standard Chartered PLC | 1204 | 17341 |
| Taylor Wimpey PLC | 1862 | 2926 |
| Tesco PLC | 4844 | 23973 |
| Unilever PLC | 1470 | 93595 |
| United Utilities Group PLC | 359 | 5397 |
| Vodafone Group PLC | 10794 | 10607 |
| Weir Group PLC | 137 | 4130 |
| Whitbread PLC | 93 | 3230 |
| Wise PLC, Class A (b) | 356 | 4669 |
| WPP PLC | 567 | 4396 |
|  |  | 1604451 |
| United States (0.6%) | United States (0.6%) | United States (0.6%) |
| ICON PLC ADR (b) | 61 | 9238 |
| NXP Semiconductors NV | 167 | 30780 |
| Waste Connections, Inc. | 167 | 32982 |
|  |  | 73000 |
| **Total Common Stocks (Cost $11,503,366)** | **Total Common Stocks (Cost $11,503,366)** | 12340686 |
| **Short-Term Investment (5.2%)** | **Short-Term Investment (5.2%)** | **Short-Term Investment (5.2%)** |
| Investment Company (5.2%) | Investment Company (5.2%) | Investment Company (5.2%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.26% <br>(See Note E) <br>**(Cost $648,526)** | 648526 | 648526 |
| **Total Investments (103.0%) (Cost $12,151,892) (d)(e)** | **Total Investments (103.0%) (Cost $12,151,892) (d)(e)** | 12989212 |
| Liabilities in Excess of Other Assets (–3.0%) | Liabilities in Excess of Other Assets (–3.0%) | (375179) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $12614033 |

---

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.

‡ Amount is less than 0.05%.

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

(b) Non-income producing security.

(c) Security trades on the Hong Kong exchange.

(d) The fair value and percentage of net assets, $10,748,626 and 85.2%, 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.

(e) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $855,700 and the aggregate gross unrealized depreciation is $18,380, resulting in net unrealized appreciation of $837,320.

ADR American Depositary Receipt.

CPI Consumer Price Index.

CVA Certificaten Van Aandelen.

REIT Real Estate Investment Trust.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\* | 68.8% |
| Banks | 13.5 |
| Pharmaceuticals | 6.8 |
| Insurance | 5.9 |
| Short-Term Investments | 5.0 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments

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

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount** | **Value** |
| **Municipal Bonds (96.8%)** | **Municipal Bonds (96.8%)** | **Municipal Bonds (96.8%)** |
| Education (13.3%) | Education (13.3%) | Education (13.3%) |
| Board of Regents of the University of <br>Texas System <br>5.00%, 8/15/31 | $155000 | $171906 |
| Illinois Finance Authority 5.00%, 4/1/31 | 300000 | 326707 |
| Ohio Higher Educational Facility Commission <br>(Kenyon College 2023) <br>5.00%, 7/1/36 | 200000 | 214917 |
| University of Arkansas <br>5.00%, 9/1/28 | 240000 | 255084 |
| University of Houston, TX <br>5.00%, 2/15/32 | 210000 | 231180 |
| University of Maine System <br>5.00%, 3/1/28 | 200000 | 209679 |
|  |  | 1409473 |
| Electric Utilities (4.5%) | Electric Utilities (4.5%) | Electric Utilities (4.5%) |
| Lower Colorado River Authority, TX <br>5.00%, 5/15/31 | 145000 | 158612 |
| San Antonio Texas Electric and Gas <br>Systems Revenue <br>5.00%, 2/1/30 | 300000 | 322978 |
|  |  | 481590 |
| General Obligations (39.0%) | General Obligations (39.0%) | General Obligations (39.0%) |
| Abilene, TX (Taylor and Jones Counties) <br>5.00%, 2/15/32 | 115000 | 126451 |
| Angleton Independent School District, TX <br>(PSF Guaranteed) <br>5.00%, 2/15/38 | 250000 | 270854 |
| Baltimore, MD (Consolidated Public Improvement) <br>2.00%, 10/15/35 | 195000 | 153188 |
| Bethlehem Area School District, PA <br>(State Aid Withholding) <br>5.00%, 11/15/29 | 190000 | 203615 |
| Celina Independent School District, TX <br>(PSF Guaranteed) <br>5.00%, 2/15/38 | 165000 | 180988 |
| Commonwealth of Massachusetts, <br>(General Obligation Refunding Bonds) <br>5.00%, 3/1/39 | 220000 | 240954 |
| Commonwealth of Pennsylvania, (Bid Group A) <br>5.00%, 9/1/32 | 110000 | 122812 |
| Connecticut, (Sustainable Bonds) <br>5.00%, 7/15/30 | 245000 | 266823 |
| Cypress-Fairbanks Independent School District, <br>TX (PSF Guaranteed) <br>5.00%, 2/15/32 | 145000 | 161113 |
| Everett, WA (Lift Projects) <br>5.00%, 6/1/30 | 200000 | 216974 |
| Lake County School District No. 112 <br>North Shore, IL <br>5.00%, 12/1/33 | 115000 | 128081 |
| Maryland, (Bidding Group 3) <br>5.00%, 6/1/37 | 220000 | 245392 |
| Memphis, TN (Tennessee General <br>Improvement Bonds) <br>5.00%, 4/1/39 | 170000 | 183346 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount** | **Face<br>Amount** | **Value** | **Value** |
| New York City<br>5.00%, 3/1/33 | $| 135000 | $| 150206 |
| 4.00%, 3/1/41 |  | 250000 |  | 235911 |
| Oakland Park, FL<br>5.00%, 2/1/32 |  | 240000 |  | 258477 |
| Prosper Independent School District, TX <br>(PSF Guaranteed) <br>5.00%, 2/15/32 |  | 125000 |  | 137050 |
| 5.00%, 2/15/36 |  | 300000 |  | 332667 |
| Three Rivers Independent School District, TX <br>(PSF Guaranteed) <br>5.00%, 2/15/26 |  | 200000 |  | 202965 |
| Warren Consolidated Schools, MI (SBLF) <br>5.00%, 5/1/26 |  | 130000 |  | 132531 |
| Washington, (Various Purpose General <br>Obligation Refunding Bonds) <br>5.00%, 8/1/26 |  | 180000 |  | 184552 |
|  |  |  |  | 4134950 |
| Hospital (5.7%) | Hospital (5.7%) | Hospital (5.7%) | Hospital (5.7%) | Hospital (5.7%) |
| Maricopa County Industrial Development <br>Authority, AZ <br>5.00%, 9/1/28 |  | 110000 |  | 115841 |
| Michigan Finance Authority <br>5.00%, 12/1/29 |  | 225000 |  | 240558 |
| Oregon Health and Science University <br>5.00%, 7/1/27 |  | 235000 |  | 243864 |
|  |  |  |  | 600263 |
| Insured — General Obligations (1.7%) | Insured — General Obligations (1.7%) | Insured — General Obligations (1.7%) | Insured — General Obligations (1.7%) | Insured — General Obligations (1.7%) |
| North Olmsted City School District, OH (AGM) <br>5.00%, 10/15/27 |  | 170000 |  | 177417 |
| Lease Revenue/Certificates of Participation (7.3%) | Lease Revenue/Certificates of Participation (7.3%) | Lease Revenue/Certificates of Participation (7.3%) | Lease Revenue/Certificates of Participation (7.3%) | Lease Revenue/Certificates of Participation (7.3%) |
| California State Public Works Board <br>(Various Capital) <br>5.00%, 9/1/37 |  | 200000 |  | 221698 |
| Colorado, (Rural Colorado),<br>4.00%, 12/15/34 |  | 225000 |  | 225637 |
| 5.00%, 12/15/31 |  | 125000 |  | 138033 |
| Community College District of Central <br>Southwest Missouri <br>5.00%, 3/1/28 |  | 185000 |  | 193748 |
|  |  |  |  | 779116 |
| Special Tax Revenue (13.8%) | Special Tax Revenue (13.8%) | Special Tax Revenue (13.8%) | Special Tax Revenue (13.8%) | Special Tax Revenue (13.8%) |
| County of Clark, NV <br>5.00%, 7/1/33 |  | 285000 |  | 318409 |
| Empire State Development Corp., NY <br>5.00%, 3/15/38 |  | 200000 |  | 217918 |
| Grand Junction, CO <br>5.00%, 3/1/31 |  | 100000 |  | 109520 |
| Greater Texas Cultural Education Facilities <br>Finance Corp. <br>4.00%, 3/1/40 |  | 200000 |  | 188177 |
| New York City Transitional Finance Authority <br>5.00%, 5/1/40 |  | 215000 |  | 231111 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount** | **Value** |
| Special Tax Revenue (cont'd) | Special Tax Revenue (cont'd) | Special Tax Revenue (cont'd) |
| New York State Dormitory Authority,<br>4.00%, 3/15/38 - 3/15/41 | 285000 | $273742 |
| 5.00%, 3/15/31 | 120000 | 131353 |
|  |  | 1470230 |
| Transportation (5.1%) | Transportation (5.1%) | Transportation (5.1%) |
| Central Texas Turnpike System <br>5.00%, 8/15/33 | 165000 | 181595 |
| North Texas Tollway Authority <br>5.00%, 1/1/38 | 340000 | 364756 |
|  |  | 546351 |
| Water and Sewer (6.4%) | Water and Sewer (6.4%) | Water and Sewer (6.4%) |
| Illinois Finance Authority <br>5.00%, 7/1/38 | 250000 | 274517 |
| Ohio Water Development Authority <br>5.00%, 6/1/29 | 115000 | 123049 |
| Ohio Water Development Authority Water <br>Pollution Control Loan Fund <br>5.00%, 12/1/34 | 140000 | 158731 |
| Texas Water Development Board <br>5.00%, 10/15/33 | 105000 | 118342 |
|  |  | 674639 |
| **Total Municipal Bonds (Cost $10,087,254)** | **Total Municipal Bonds (Cost $10,087,254)** | 10274029 |
|  | **Shares** |  |
| **Short-Term Investment (2.0%)** | **Short-Term Investment (2.0%)** | **Short-Term Investment (2.0%)** |
| Investment Company (2.0%) | Investment Company (2.0%) | Investment Company (2.0%) |
| BlackRock Liquidity Funds — <br>MuniCash — Institutional <br>Shares 2.70% <br>**(Cost $216,423)** | 216423 | 216423 |
| **Total Investments (98.8%) (Cost $10,303,677) (a)** | **Total Investments (98.8%) (Cost $10,303,677) (a)** | 10490452 |
| Other Assets in Excess of Liabilities (1.2%) | Other Assets in Excess of Liabilities (1.2%) | 123735 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $10614187 |

---

(a) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $186,775 and the aggregate gross unrealized depreciation is $0, resulting in net unrealized appreciation of $186,775.

AGM Assured Guaranty Municipal Corporation.

AID Agency for International Development.

PSF Permanent School Fund.

SBLF Small Business Lending Fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| General Obligations | 39.4% |
| Special Tax Revenue | 14.0 |
| Education | 13.5 |
| Other\* | 8.4 |
| Lease Revenue/Certificates of Participation | 7.4 |
| Water and Sewer | 6.4 |
| Hospital | 5.7 |
| Transportation | 5.2 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments

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

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount** | **Value** |
| **Fixed Income Securities (93.8%)** | **Fixed Income Securities (93.8%)** | **Fixed Income Securities (93.8%)** |
| Corporate Bonds (32.8%) | Corporate Bonds (32.8%) | Corporate Bonds (32.8%) |
| Basic Materials (1.6%) | Basic Materials (1.6%) | Basic Materials (1.6%) |
| LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, |
| 5.50%, 3/1/34 | $67000 | $65180 |
| Nutrien Ltd., | Nutrien Ltd., | Nutrien Ltd., |
| 4.90%, 3/27/28 | 49000 | 49733 |
| Sherwin-Williams Co., | Sherwin-Williams Co., | Sherwin-Williams Co., |
| 2.95%, 8/15/29 | 65000 | 60849 |
|  |  | 175762 |
| Communications (2.7%) | Communications (2.7%) | Communications (2.7%) |
| AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| 3.10%, 2/1/43 | 114000 | 80509 |
| 3.30%, 2/1/52 | 122000 | 78972 |
| Cisco Systems, Inc., | Cisco Systems, Inc., | Cisco Systems, Inc., |
| 5.35%, 2/26/64 | 89000 | 84457 |
| Comcast Corp., | Comcast Corp., | Comcast Corp., |
| 3.90%, 3/1/38 | 67000 | 57440 |
|  |  | 301378 |
| Consumer, Cyclical (2.6%) | Consumer, Cyclical (2.6%) | Consumer, Cyclical (2.6%) |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| 3.35%, 4/1/27 | 101000 | 99253 |
| 3.65%, 4/5/29 | 101000 | 97973 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| 4.70%, 1/12/33 | 86000 | 85686 |
|  |  | 282912 |
| Consumer, Non-Cyclical (4.8%) | Consumer, Non-Cyclical (4.8%) | Consumer, Non-Cyclical (4.8%) |
| AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| 5.50%, 3/15/64 | 79000 | 76001 |
| Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| 2.77%, 9/1/53 | 132000 | 76118 |
| 4.20%, 3/1/33 | 132000 | 125062 |
| General Mills, Inc., | General Mills, Inc., | General Mills, Inc., |
| 5.25%, 1/30/35 | 110000 | 109956 |
| Stryker Corp., | Stryker Corp., | Stryker Corp., |
| 1.95%, 6/15/30 | 159000 | 140648 |
|  |  | 527785 |
| Energy (1.7%) | Energy (1.7%) | Energy (1.7%) |
| Equinor ASA, | Equinor ASA, | Equinor ASA, |
| 3.95%, 5/15/43 | 50000 | 40602 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| 5.20%, 3/1/48 | 121000 | 104853 |
| Williams Cos., Inc., | Williams Cos., Inc., | Williams Cos., Inc., |
| 5.65%, 3/15/33 | 44000 | 45014 |
|  |  | 190469 |
| Finance (11.0%) | Finance (11.0%) | Finance (11.0%) |
| Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| MTN | MTN | MTN |
| 2.55%, 2/4/28 | 90000 | 87097 |
| 4.95%, 7/22/28 | 85000 | 85922 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount** | **Value** |
| Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| 5.88%, 7/26/35 | 115000 | 116439 |
| Charles Schwab Corp., | Charles Schwab Corp., | Charles Schwab Corp., |
| 5.85%, 5/19/34 | 75000 | 78408 |
| Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| 2.57%, 6/3/31 | 94000 | 84205 |
| 2.67%, 1/29/31 | 92000 | 83587 |
| Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| 5.50%, 4/1/34 | 116000 | 116702 |
| Goldman Sachs Group, Inc., | Goldman Sachs Group, Inc., | Goldman Sachs Group, Inc., |
| 2.91%, 7/21/42 | 107000 | 74320 |
| 6.56%, 10/24/34 | 71000 | 77388 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| 5.04%, 1/23/28 | 85000 | 85845 |
| 6.07%, 10/22/27 | 83000 | 85104 |
| Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| MTN | MTN | MTN |
| 6.12%, 10/28/33 | 74000 | 77419 |
| Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| MTN | MTN | MTN |
| 2.57%, 2/11/31 | 93000 | 84297 |
| 4.61%, 4/25/53 | 87000 | 72106 |
|  |  | 1208839 |
| Industrials (2.2%) | Industrials (2.2%) | Industrials (2.2%) |
| CSX Corp., | CSX Corp., | CSX Corp., |
| 5.05%, 6/15/35 | 67000 | 66896 |
| General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., |
| 2.85%, 6/1/41 | 118000 | 85017 |
| RTX Corp., | RTX Corp., | RTX Corp., |
| 1.90%, 9/1/31 | 111000 | 94005 |
|  |  | 245918 |
| Technology (3.6%) | Technology (3.6%) | Technology (3.6%) |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |
| 6.02%, 6/15/26 | 119000 | 120409 |
| Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| 4.20%, 10/1/28 | 110000 | 109086 |
| Intel Corp., | Intel Corp., | Intel Corp., |
| 5.05%, 8/5/62 | 99000 | 77676 |
| 5.20%, 2/10/33 | 95000 | 93384 |
|  |  | 400555 |
| Utilities (2.6%) | Utilities (2.6%) | Utilities (2.6%) |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| 5.40%, 1/15/54 | 80000 | 76366 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| 5.40%, 4/1/53 | 82000 | 76625 |
| Southern Co., | Southern Co., | Southern Co., |
| 4.85%, 6/15/28 | 133000 | 135253 |
|  |  | 288244 |
|  |  | 3621862 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount** | **Value** |
| U.S. Agency Securities (4.8%) | U.S. Agency Securities (4.8%) | U.S. Agency Securities (4.8%) |
| Federal Home Loan Bank, | Federal Home Loan Bank, | Federal Home Loan Bank, |
| 4.00%, 3/10/27 | $160000 | $161166 |
| Federal National Mortgage Association, | Federal National Mortgage Association, | Federal National Mortgage Association, |
| 0.75%, 10/8/27 | 216000 | 201677 |
| 0.88%, 8/5/30 | 190000 | 162892 |
|  |  | 525735 |
| U.S. Treasury Securities (56.2%) | U.S. Treasury Securities (56.2%) | U.S. Treasury Securities (56.2%) |
| U.S. Treasury Bond, | U.S. Treasury Bond, | U.S. Treasury Bond, |
| 2.75%, 8/15/47 | 138000 | 99444 |
| 3.00%, 2/15/49 | 790000 | 588226 |
| 3.38%, 11/15/48 | 727000 | 580989 |
| U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, |
| 0.50%, 4/30/27 | 626000 | 588905 |
| 1.25%, 4/30/28 | 779000 | 727559 |
| 1.63%, 10/31/26 | 751000 | 728470 |
| 3.75%, 12/31/28 | 743000 | 745815 |
| 4.00%, 1/31/29 | 689000 | 697532 |
| 4.25%, 6/30/31 | 859000 | 877052 |
| 4.38%, 5/15/34 | 553000 | 563725 |
|  |  | 6197717 |
| **Total Fixed Income Securities (Cost $10,154,713)** | **Total Fixed Income Securities (Cost $10,154,713)** | 10345314 |
|  | **Shares** |  |
| **Short-Term Investments (4.6%)** | **Short-Term Investments (4.6%)** | **Short-Term Investments (4.6%)** |
| Investment Company (4.3%) | Investment Company (4.3%) | Investment Company (4.3%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 4.26% (See Note E) <br>**(Cost $480,125)** | 480125 | 480125 |
|  | **Face<br>Amount** |  |
| U.S. Treasury Security (0.3%) | U.S. Treasury Security (0.3%) | U.S. Treasury Security (0.3%) |
| U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, |
| 4.30%, 7/3/25 (a)<br>**(Cost $31,765)** | $32000 | 31765 |
| **Total Short-Term Investments (Cost $511,890)** | **Total Short-Term Investments (Cost $511,890)** | 511890 |
| **Total Investments (98.4%) (Cost $10,666,603) (b)** | **Total Investments (98.4%) (Cost $10,666,603) (b)** | 10857204 |
| Other Assets in Excess of Liabilities (1.6%) | Other Assets in Excess of Liabilities (1.6%) | 172613 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $11029817 |

---

(a) Rate shown is the yield to maturity at April 30, 2025.

(b) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $190,890 and the aggregate gross unrealized depreciation is $289, resulting in net unrealized appreciation of $190,601.

MTN Medium Term Note.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| U.S. Treasury Securities | 57.1% |
| Corporate Bonds | 33.4 |
| Other\* | 9.5 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| | **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>International<br>Index Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $7337215 | $11708256 | $11503366 |
| Investments in Securities of Affiliated Issuers, at Cost | 432041 | 217072 | 648526 |
| Total Investments in Securities, at Cost | 7769256 | 11925328 | 12151892 |
| Investments in Securities of Unaffiliated Issuers, at Value | 7583646 | 12145710 | 12340686 |
| Investments in Securities of Affiliated Issuers, at Value | 432992 | 218807 | 648526 |
| Total Investments in Securities, at Value | 8016638 | 12364517 | 12989212 |
| Foreign Currency, at Value (Cost of $—, $— and $13,317, respectively) |  |  | 13178 |
| Receivable for Fund Shares Sold | 96103 | 355479 | 82388 |
| Dividends Receivable | 1954 | 3508 | 12531 |
| Receivable from Affiliate | 494 | 430 | 1894 |
| Tax Reclaim Receivable |  |  | 1535 |
| **Total Assets** | 8115189 | 12723934 | 13100738 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 372707 | 128982 | 484674 |
| Payable for Fund Shares Redeemed | 50 | 51 | 2031 |
| **Total Liabilities** | 372757 | 129033 | 486705 |
| **Net Assets** | $7742432 | $12594901 | $12614033 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $7492498 | $12151487 | $11740922 |
| Total Distributable Earnings | 249934 | 443414 | 873111 |
| **Net Assets** | $7742432 | $12594901 | $12614033 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited number of shares authorized) | 744087 | 1209798 | 1164110 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.41 | $10.41 | $10.84 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | |
|:---|:---|:---|
| | **E\*TRADE<br>No Fee<br>Municipal Bond<br>Index Fund** | **E\*TRADE<br>No Fee<br>U.S. Bond<br>Index Fund** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $10303677 | $10186478 |
| Investments in Securities of Affiliated Issuers, at Cost |  | 480125 |
| Total Investments in Securities, at Cost | 10303677 | 10666603 |
| Investments in Securities of Unaffiliated Issuers, at Value | 10490452 | 10377079 |
| Investments in Securities of Affiliated Issuers, at Value |  | 480125 |
| Total Investments in Securities, at Value | 10490452 | 10857204 |
| Interest Receivable | 113853 | 94471 |
| Receivable for Fund Shares Sold | 10134 | 77958 |
| Receivable from Affiliate |  | 587 |
| **Total Assets** | 10614439 | 11030220 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 252 | 403 |
| **Total Liabilities** | 252 | 403 |
| **Net Assets** | $10614187 | $11029817 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $10427374 | $10839251 |
| Total Distributable Earnings | 186813 | 190566 |
| **Net Assets** | $10614187 | $11029817 |
| **Shares Outstanding** $0.001 par value shares of beneficial interest (unlimited number of shares authorized) | 1042169 | 1082545 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.18 | $10.19 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | **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>International<br>Index Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from Securities of Unaffiliated Issuers | $2058 | $3794 | $21651 |
| Dividends from Securities of Affiliated Issuers | 494 | 430 | 1894 |
| Less: Foreign Taxes Withheld |  |  | 4903 |
| Total Investment Income | 2552 | 4224 | 28448 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold |  | 1 | (334) |
| Foreign Currency Transaction |  |  | 7435 |
| Net Realized Gain |  | 1 | 7101 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 246431 | 437454 | 837320 |
| Investments in Affiliates | 951 | 1735 |  |
| Foreign Currency Translation |  |  | 242 |
| Net Change in Unrealized Appreciation (Depreciation) | 247382 | 439189 | 837562 |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 247382 | 439190 | 844663 |
| Net Increase in Net Assets Resulting from Operations | $249934 | $443414 | $873111 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Statements of Operations (cont'd)

---

| | | |
|:---|:---|:---|
| | **E\*TRADE<br>No Fee<br>Municipal Bond<br>Index Fund** | **E\*TRADE<br>No Fee<br>U.S. Bond<br>Index Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers | $22434 | $21690 |
| Dividends from Securities of Affiliated Issuers |  | 587 |
| Total Investment Income | 22434 | 22277 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | 186775 | 190601 |
| **Net Change in Unrealized Appreciation (Depreciation)** | 186775 | 190601 |
| Net Increase in Net Assets Resulting from Operations | $209209 | $212878 |

---

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **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>International<br>Index Fund** |
| | **Period from<br>April 11, 2025<sup>(2)</sup> to<br>April 30, 2025<br>(unaudited)** | **Period from<br>April 11, 2025<sup>(2)</sup> to<br>April 30, 2025<br>(unaudited)** | **Period from<br>April 11, 2025<sup>(2)</sup> to<br>April 30, 2025<br>(unaudited)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Investment Income | $2552 | $4224 | $28448 |
| Net Realized Gain |  | 1 | 7101 |
| Net Change in Unrealized Appreciation (Depreciation) | 247382 | 439189 | 837562 |
| Net Increase in Net Assets Resulting from Operations | 249934 | 443414 | 873111 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Subscribed | 7495049 | 12171757 | 11748600 |
| Redeemed | (2551) | (20270) | (7678) |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 7492498 | 12151487 | 11740922 |
| Total Increase in Net Assets | 7742432 | 12594901 | 12614033 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period |  |  |  |
| End of Period | $7742432 | $12594901 | $12614033 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| Shares Subscribed | 744343 | 1211747 | 1164841 |
| Shares Redeemed | (256) | (1949) | (731) |
| Net Increase in Share Outstanding | 744087 | 1209798 | 1164110 |

---

(2) Commencement of operations.

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | |
|:---|:---|:---|
| | **E\*TRADE<br>No Fee<br>Municipal Bond<br>Index Fund** | **E\*TRADE<br>No Fee<br>U.S. Bond<br>Index Fund** |
| | **Period from<br>April 11, 2025<sup>(2)</sup> to<br>April 30, 2025<br>(unaudited)** | **Period from<br>April 11, 2025<sup>(2)</sup> to<br>April 30, 2025<br>(unaudited)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Investment Income | $22434 | $22277 |
| Net Change in Unrealized Appreciation (Depreciation) | 186775 | 190601 |
| Net Increase in Net Assets Resulting from Operations | 209209 | 212878 |
| Dividends and Distributions to Shareholders | (22396) | (22312) |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| Subscribed | 10405735 | 10833054 |
| Distributions Reinvested | 22396 | 22312 |
| Redeemed | (757) | (16115) |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 10427374 | 10839251 |
| Total Increase in Net Assets | 10614187 | 11029817 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period |  |  |
| End of Period | $10614187 | $11029817 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| Shares Subscribed | 1040043 | 1081941 |
| Shares Issued on Distributions Reinvested | 2200 | 2190 |
| Shares Redeemed | (74) | (1586) |
| Net Increase in Share Outstanding | 1042169 | 1082545 |

---

(2) Commencement of operations.

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Financial Highlights

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

---

| | |
|:---|:---|
| **Selected Per Share Data and Ratios** | **Period from <br>April 11, 2025<sup>(1)</sup> to <br>April 30, 2025 (unaudited)** |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** |
| Investment Income<sup>(2)</sup> | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain | 0.41 |
| Total from Investment Operations | 0.41 |
| **Net Asset Value, End of Period** | $10.41 |
| **Total Return** | 4.00%<sup>(4)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $7742 |
| Ratio of Investment Income | 0.61%<sup>(5)</sup> |
| Portfolio Turnover Rate | 0%<sup>(4)</sup> |

---

(1) Commencement of operations.

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

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

(4) Not annualized.

(5) Annualized.

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Financial Highlights

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

---

| | |
|:---|:---|
| **Selected Per Share Data and Ratios** | **Period from <br>April 11, 2025<sup>(1)</sup> to <br>April 30, 2025 (unaudited)** |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** |
| Investment Income<sup>(2)</sup> | 0.00<br><sup>(3)</sup> |
| Net Realized and Unrealized Gain | 0.41 |
| Total from Investment Operations | 0.41 |
| **Net Asset Value, End of Period** | $10.41 |
| **Total Return** | 4.10%<sup>(4)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $12595 |
| Ratio of Investment Income | 0.63%<sup>(5)</sup> |
| Portfolio Turnover Rate | 0%<sup>(4)(6)</sup> |

---

(1) Commencement of operations.

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

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

(4) Not annualized.

(5) Annualized.

(6) Amount is less than 0.5%.

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Financial Highlights

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

---

| | |
|:---|:---|
| **Selected Per Share Data and Ratios** | **Period from <br>April 11, 2025<sup>(1)</sup> to <br>April 30, 2025 (unaudited)** |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** |
| Investment Income<sup>(2)</sup> | 0.03 |
| Net Realized and Unrealized Gain | 0.81 |
| Total from Investment Operations | 0.84 |
| **Net Asset Value, End of Period** | $10.84 |
| **Total Return** | 8.30%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $12614 |
| Ratio of Investment Income | 4.14%<sup>(4)</sup> |
| Portfolio Turnover Rate | 0%<sup>(3)</sup> |

---

(1) Commencement of operations.

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

(3) Not annualized.

(4) Annualized.

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Financial Highlights

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

---

| | |
|:---|:---|
| **Selected Per Share Data and Ratios** | **Period from <br>April 11, 2025<sup>(1)</sup> to <br>April 30, 2025 (unaudited)** |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** |
| Investment Income<sup>(2)</sup> | 0.02 |
| Net Realized and Unrealized Gain | 0.18 |
| Total from Investment Operations | 0.20 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Investment Income | (0.02) |
| **Net Asset Value, End of Period** | $10.18 |
| **Total Return** | 2.02%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10614 |
| Ratio of Investment Income | 3.87%<sup>(4)</sup> |
| Portfolio Turnover Rate | 0%<sup>(3)</sup> |

---

(1) Commencement of operations.

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

(3) Not annualized.

(4) Annualized.

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

------

**2025 Semi-Annual Report**

**April 30, 2025**

Financial Highlights

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

---

| | |
|:---|:---|
| **Selected Per Share Data and Ratios** | **Period from <br>April 11, 2025<sup>(1)</sup> to <br>April 30, 2025 (unaudited)** |
| **Net Asset Value, Beginning of Period** | $10.00 |
| **Income from Investment Operations:** | **Income from Investment Operations:** |
| Investment Income<sup>(2)</sup> | 0.02 |
| Net Realized and Unrealized Gain | 0.19 |
| Total from Investment Operations | 0.21 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Investment Income | (0.02) |
| **Net Asset Value, End of Period** | $10.19 |
| **Total Return** | 2.11%<sup>(3)</sup> |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $11030 |
| Ratio of Investment Income | 3.72%<sup>(4)</sup> |
| Portfolio Turnover Rate | 0%<sup>(3)</sup> |

---

(1) Commencement of operations.

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

(3) Not annualized.

(4) Annualized.

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

------

**2025 Semi-Annual Report**

**April 30, 2025 (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 total return of stocks of large capitalization U.S. companies. |
| E\*TRADE No Fee Total Market Index Fund | Seeks to provide investment results that, before fees and expenses, if any, correspond to the total return of a broad range of U.S. stocks. |
| E\*TRADE No Fee International Index Fund | Seeks to provide investment results that, before fees and expenses, if any, correspond to the total return of foreign developed stock markets. |
| E\*TRADE No Fee Municipal Bond Index Fund | Seeks to provide investment results that, before fees and expenses, if any, are similar to the underlying index. |
| 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 underlying index. |

---

**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.

**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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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 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.

**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.

**3. Organization and Offering Costs:** In accordance with the Agreement (as defined below), the Adviser has agreed to pay all the Trust's organizational and offering costs.

**4. 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:

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

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

• 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.

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

The following is a summary of the inputs used to value each Fund's investments as of April 30, 2025:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $158780 | $— | $— | $158780 |
| Air Freight & Logistics | 20057 |  |  | 20057 |
| Automobile Components | 1427 |  |  | 1427 |
| Automobiles | 139993 |  |  | 139993 |
| Banks | 258537 |  |  | 258537 |
| Beverages | 94354 |  |  | 94354 |
| Biotechnology | 148866 |  |  | 148866 |
| Broadline Retail | 304450 |  |  | 304450 |
| Building Products | 38073 |  |  | 38073 |
| Capital Markets | 259943 |  |  | 259943 |
| Chemicals | 94903 |  |  | 94903 |
| Commercial Services & Supplies | 49241 |  |  | 49241 |
| Communications Equipment | 62612 |  |  | 62612 |
| Construction & Engineering | 9645 |  |  | 9645 |
| Construction Materials | 19958 |  |  | 19958 |
| Consumer Finance | 43992 |  |  | 43992 |
| Consumer Staples Distribution & Retail | 163640 |  |  | 163640 |
| Containers & Packaging | 12340 |  |  | 12340 |
| Distributors | 2939 |  |  | 2939 |
| Diversified Telecommunication Services | 61944 |  |  | 61944 |
| Electric Utilities | 118978 |  |  | 118978 |
| Electrical Equipment | 62067 |  |  | 62067 |
| Electronic Equipment, Instruments & Components | 45521 |  |  | 45521 |
| Energy Equipment & Services | 15814 |  |  | 15814 |
| Entertainment | 141106 |  |  | 141106 |
| Financial Services | 338765 |  |  | 338765 |
| Food Products | 46182 |  |  | 46182 |
| Gas Utilities | 4498 |  |  | 4498 |
| Ground Transportation | 70640 |  |  | 70640 |
| Health Care Equipment & Supplies | 179910 |  |  | 179910 |
| Health Care Providers & Services | 160387 |  |  | 160387 |
| Health Care REITs | 23254 |  |  | 23254 |
| Health Care Technology | 4908 |  |  | 4908 |
| Hotels, Restaurants & Leisure | 159283 |  |  | 159283 |
| Household Durables | 18955 |  |  | 18955 |
| Household Products | 86890 |  |  | 86890 |
| Independent Power & Renewable Electricity Producers | 6741 |  |  | 6741 |
| Industrial Conglomerates | 34053 |  |  | 34053 |
| Industrial REITs | 15739 |  |  | 15739 |
| Information Technology Services | 106872 |  |  | 106872 |
| Insurance | 170805 |  |  | 170805 |
| Interactive Media & Services | 474805 |  |  | 474805 |
| Life Sciences Tools & Services | 68957 |  |  | 68957 |
| Machinery | 114595 |  |  | 114595 |
| Media | 34819 |  |  | 34819 |
| Metals & Mining | 27271 |  |  | 27271 |
| Multi-Utilities | 50867 |  |  | 50867 |
| Office REITs | 1020 |  |  | 1020 |
| Oil, Gas & Consumable Fuels | 231287 |  |  | 231287 |
| Passenger Airlines | 9929 |  |  | 9929 |
| Personal Care Products | 9284 |  |  | 9284 |
| Pharmaceuticals | 268551 |  |  | 268551 |
| Professional Services | 57797 |  |  | 57797 |
| Real Estate Management & Development | 12086 |  |  | 12086 |
| Residential REITs | 20123 |  |  | 20123 |
| Retail REITs | 15407 |  |  | 15407 |
| Semiconductors & Semiconductor Equipment | 747043 |  |  | 747043 |
| Software | 825396 |  |  | 825396 |

---

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Specialized REITs | $75651 | $676 | $— | $76327 |
| Specialty Retail | 149537 |  |  | 149537 |
| Tech Hardware, Storage & Peripherals | 524450 |  |  | 524450 |
| Textiles, Apparel & Luxury Goods | 17631 |  |  | 17631 |
| Tobacco | 58551 |  |  | 58551 |
| Trading Companies & Distributors | 28113 |  |  | 28113 |
| Water Utilities | 3822 |  |  | 3822 |
| Wireless Telecommunication Services | 18768 |  |  | 18768 |
| **Total Common Stocks** | **7602822** | **676** | **—** | **7603498** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 413140 |  |  | 413140 |
| **Total Assets** | $**8015962** | $**676** | $**—** | $**8016638** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $12173156<br><sup>(1)</sup> | $— | $— | $12173156 |
| **Rights** | 21 | 3 |  | 24 |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 191337 |  |  | 191337 |
| **Total Assets** | $**12364514** | $**3** | $**—** | $**12364517** |

---

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | $4203 | $334415 | $— | $338618 |
| Air Freight & Logistics |  | 62406 |  | 62406 |
| Automobile Components | 4899 | 67655 |  | 72554 |
| Automobiles |  | 313733 |  | 313733 |
| Banks | 314493 | 1369235 |  | 1683728 |
| Beverages | 14155 | 155238 |  | 169393 |
| Biotechnology | 24515 | 65600 |  | 90115 |
| Broadline Retail | 22663 | 110454 |  | 133117 |
| Building Products | 9451 | 106863 |  | 116314 |
| Capital Markets | 64262 | 344601 |  | 408863 |
| Chemicals | 17183 | 289487 |  | 306670 |
| Commercial Services & Supplies | 48545 | 44245 |  | 92790 |
| Communications Equipment |  | 30408 |  | 30408 |
| Construction & Engineering | 17319 | 109775 |  | 127094 |
| Construction Materials |  | 59239 |  | 59239 |
| Consumer Finance |  | 2551 |  | 2551 |
| Consumer Staples Distribution & Retail | 62281 | 141626 |  | 203907 |
| Containers & Packaging | 3971 | 2025 |  | 5996 |
| Distributors |  | 2197 |  | 2197 |
| Diversified Consumer Services |  | 5403 |  | 5403 |
| Diversified REITs |  | 25891 |  | 25891 |
| Diversified Telecommunication Services | 25062 | 236264 |  | 261326 |
| Electric Utilities | 32334 | 206526 |  | 238860 |
| Electrical Equipment | 4459 | 217663 |  | 222122 |
| Electronic Equipment, Instruments & Components | 5802 | 131912 |  | 137714 |
| Energy Equipment & Services |  | 4052 |  | 4052 |
| Entertainment | 36943 | 105785 |  | 142728 |

---

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Financial Services | $— | $133871 | $— | $133871 |
| Food Products | 26724 | 282248 |  | 308972 |
| Gas Utilities | 4617 | 35071 |  | 39688 |
| Ground Transportation | 86651 | 67151 |  | 153802 |
| Health Care Equipment & Supplies |  | 198442 |  | 198442 |
| Health Care Providers & Services |  | 28070 |  | 28070 |
| Health Care Technology |  | 6319 |  | 6319 |
| Hotels, Restaurants & Leisure | 10052 | 122224 |  | 132276 |
| Household Durables |  | 144261 |  | 144261 |
| Household Products |  | 60867 |  | 60867 |
| Independent Power & Renewable Electricity Producers |  | 28334 |  | 28334 |
| Industrial Conglomerates |  | 217241 |  | 217241 |
| Industrial REITs |  | 45550 |  | 45550 |
| Information Technology Services | 89872 | 86983 |  | 176855 |
| Insurance | 124222 | 645047 |  | 769269 |
| Interactive Media & Services |  | 26851 |  | 26851 |
| Leisure Products |  | 29375 |  | 29375 |
| Life Sciences Tools & Services | 9238 | 39248 |  | 48486 |
| Machinery | 4252 | 324369 |  | 328621 |
| Marine Transportation | 768 | 31816 |  | 32584 |
| Media |  | 49959 |  | 49959 |
| Metals & Mining | 141400 | 258031 |  | 399431 |
| Multi-Utilities | 7446 | 103481 |  | 110927 |
| Office REITs |  | 16738 |  | 16738 |
| Oil, Gas & Consumable Fuels | 214038 | 358859 |  | 572897 |
| Paper & Forest Products | 1999 | 25827 |  | 27826 |
| Passenger Airlines | 2929 | 40953 |  | 43882 |
| Personal Care Products |  | 179914 |  | 179914 |
| Pharmaceuticals |  | 891602 |  | 891602 |
| Professional Services | 13770 | 192199 |  | 205969 |
| Real Estate Management & Development | 7898 | 116353 |  | 124251 |
| Residential REITs | 2657 |  |  | 2657 |
| Retail REITs | 1546 | 26173 |  | 27719 |
| Semiconductors & Semiconductor Equipment | 37430 | 304572 |  | 342002 |
| Software | 73037 | 244606 |  | 317643 |
| Specialty Retail |  | 116352 |  | 116352 |
| Tech Hardware, Storage & Peripherals |  | 28884 |  | 28884 |
| Textiles, Apparel & Luxury Goods | 3318 | 259365 |  | 262683 |
| Tobacco |  | 87762 |  | 87762 |
| Trading Companies & Distributors | 10494 | 199333 |  | 209827 |
| Transportation Infrastructure |  | 31030 |  | 31030 |
| Water Utilities |  | 10567 |  | 10567 |
| Wireless Telecommunication Services | 5162 | 107479 |  | 112641 |
| **Total Common Stocks** | **1592060** | **10748626** | **—** | **12340686** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 648526 |  |  | 648526 |
| **Total Assets** | $**2240586** | $**10748626** | $**—** | $**12989212** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Municipal Bonds | $— | $10274029 | $— | $10274029 |
| Investment Company | 216423 |  |  | 216423 |
| **Total Assets** | $**216423** | $**10274029** | $**—** | $**10490452** |

---

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** |
| Corporate Bonds | $— | $3621862 | $— | $3621862 |
| U.S. Agency Securities |  | 525735 |  | 525735 |
| U.S. Treasury Securities |  | 6197717 |  | 6197717 |
| **Total Fixed Income Securities** | **—** | **10345314** | **—** | **10345314** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 480125 |  |  | 480125 |
| U.S. Treasury Security |  | 31765 |  | 31765 |
| **Total Short-Term Investments** | **480125** | **31765** | **—** | **511890** |
| **Total Assets** | $**480125** | $**10377079** | $**—** | $**10857204** |

---

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

**5. 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 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 Statement 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.

**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.

**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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

and paid monthly for E\*Trade No Fee Municipal Bond Index Fund and E\*Trade U.S. Bond Index Fund. Net realized capital gains, if any, are distributed at least annually.

**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.

**9. Segment Reporting:** During the reporting period, the Trust adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-*07), which requires incremental disclosures related to a public entity's reportable segments. 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. In connection with the adoption of ASU 2023-07, the Funds' President has been designated as the Trust'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 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:** 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

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

management purposes during the period. The 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** | **Value<br>October 31,<br>2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>April 30,<br>2025<br>(000)** |
| Liquidity Fund | $— | $1316 | $903 | $— | @ | $— | $— | $413 |
| Morgan Stanley |  | 19 |  |  |  |  | 1 | 20 |
| Total | $— | $1335 | $903 | $— | @ | $— | $1 | $433 |
| **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** | **E\*TRADE <br>No Fee <br>Total <br>Market <br>Index Fund** |
| Liquidity Fund | $— | $700 | $509 | $— | @ | $— | $— | $191 |
| Morgan Stanley |  | 26 |  |  |  |  | 2 | 28 |
| Total | $— | $726 | $509 | $— | @ | $— | $2 | $219 |
| **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>International <br>Index Fund** | **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>International <br>Index Fund** | **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>International <br>Index Fund** |
| Liquidity Fund | $— | $9619 | $8970 | $2 |  | $— | $— | $649 |
| **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** | **E\*TRADE <br>No Fee <br>U.S. Bond <br>Index Fund** |
| Liquidity Fund | $— | $1402 | $922 | $1 |  | $— | $— | $480 |

---

@ Amount is less than $500.

For the For the six months ended April 30, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
| | **Government<br>(000)** | **Non-Government<br>(000)** | **Government<br>(000)** | **Non-Government<br>(000)** |
| E\*TRADE No Fee Large Cap Index Fund | $— | $7356 | $— | $— |
| E\*TRADE No Fee Total Market Index Fund | $— | $11736 | $— | $1 |
| E\*TRADE No Fee International Index Fund | $— | $11470 | $— | $— |
| E\*TRADE No Fee Municipal Bond Index Fund | $— | $9884 | $— | $— |
| E\*TRADE No Fee U.S. Bond Index Fund | $6599 | $3551 | $— | $— |

---

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. The Funds' **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5.

For the period ended April 30, 2025, the Funds did not engage in any cross-trade transactions.

**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.

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

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.

**G. Other:** At April 30, 2025, 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** |
| E\*TRADE No Fee Large Cap Index Fund | 32.0% |
| E\*TRADE No Fee Total Market Index Fund | 14.9 |
| E\*TRADE No Fee International Index Fund | 13.5 |

---

**H. 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 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.

------

**2025 Semi-Annual Report**

**April 30, 2025 (unaudited)**

Notes to Financial Statements (cont'd)

**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 Risk.** The value of an investment in each Fund is based on the values of the Fund's investments, which change due to economic 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. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in each Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar 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). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of each Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of each Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Funds, which may impair the ability of the Funds to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**2025 Semi-Annual Report**

**April 30, 2025**

Investment Advisory Agreement Approval

**E\*TRADE No Fee Large Cap Index Fund E\*TRADE No Fee Total Market Index Fund E\*TRADE No Fee International Index Fund E\*TRADE No Fee Municipal Bond Index Fund E\*TRADE No Fee U.S. Bond Index Fund**

The Board considered the following factors at the time of approval of the contracts which occurred prior to commencement of operations.

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services to be provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and/or fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services to be provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits each Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers.

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who will provide the advisory and administrative services to each Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services to be provided were necessary and appropriate for the conduct of the business and investment activities of each Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of each of the Funds**

Performance

The Board considered that the Adviser plans to arrange for a public offering of shares of each Fund to raise assets for investment and that the offering had not yet begun.

Performance Conclusion

With respect to each of the Funds, the Board concluded that, because each Fund currently had no assets to invest (other than seed capital required under the Investment Company Act) and had no track record of performance, performance was not a material factor for the Board to consider at the present time and that the Board would evaluate the performance of each Fund periodically following the commencement of operations.

Fees and Expenses

The Board reviewed the advisory and administrative fee rates (the "management fee rates") proposed and considered that each Fund is not expected to pay the Adviser a management fee for its investment advisory and administrative services. The Board also noted that the Adviser or its affiliates will undertake to pay all expenses of each Fund, subject to limited exceptions. The Board considered that each Fund requires the Adviser to develop processes, invest in additional resources and incur additional risks to successfully manage the Fund.

Fees and Expenses Conclusion

With respect to each of the Funds, the Board concluded that the proposed management fee rate and anticipated total expense ratio were reasonable in light of the services that the Fund and its shareholders will receive and the other factors considered.

------

**2025 Semi-Annual Report**

**April 30, 2025**

Investment Advisory Agreement Approval (cont'd)

**Economies of Scale**

The Board considered that because each Fund pays no management fee and the Adviser bears all expenses of each Fund, subject to limited exceptions, economies of scale was not a material factor for the Board to consider in approving the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered that because each Fund pays no management fee to the Adviser, the Adviser bears all expenses of each Fund, subject to limited exceptions, and each Fund had not begun operations, the Board concluded that profitability was not a material factor for the Board to consider in approving the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates to be derived from their relationship with each Fund and other funds advised by the Adviser, including any potential direct and/or indirect benefits to the Adviser and/or its affiliates arising in connection with each Fund's fee and distribution structure. These benefits may include, among other things, fees for trading and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. Since each Fund had not begun operations and had not paid any fees to the Adviser, the Board concluded that these benefits were not a factor that needed to be considered at the present time.

**Resources of the Adviser and Historical Relationship Between Each Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing each Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for each Fund to enter into this relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by each Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of each Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of each Fund and its future shareholders to approve the Management Agreement, which will remain in effect for two years and thereafter must be approved annually by the Board of each Fund if it is to continue in effect. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25146722_za003.jpg)

E\*Trade-NCSR 4.30.25

------

**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 and Additional Information under Item 7 of this Form N-CSR.

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

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

**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)](tm2514672d1_ex99-cert.htm#a2i) | [Principal Financial Officer's Section 302 certification.](tm2514672d1_ex99-cert.htm#a2i) |

---

---

| | |
|:---|:---|
| [(a)(2)(ii)](tm2514672d1_ex99-cert.htm#a2ii) | [Principal Executive Officer's Section 302 certification.](tm2514672d1_ex99-cert.htm#a2ii) |

---

[(b)](tm2514672d1_ex99-906cert.htm) [Combined Section 906 certification.](tm2514672d1_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.

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

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | June 16, 2025 |

---

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/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |
| Date: | June 16, 2025 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | June 16, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**E\*TRADE Trust**

**FORM N-CSR**

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

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

I, Francis J. Smith, 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 16, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | 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.

---

| | |
|:---|:---|
| Date: June 16, 2025 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

## 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 that:

(a) the Semiannual Report of the **E\*TRADE Trust** on Form N-CSR
for the period ended April 30, 2025 (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations
of the **E\*TRADE Trust** for such period.

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

E\*TRADE Trust

Date: June 16, 2025

---

| |
|:---|
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |

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Date: June 16, 2025

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| |
|:---|
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

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