Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Curcio Michael John
 2. Date of Event Requiring Statement (Month/Day/Year)
11/03/2008		 3. Issuer Name and Ticker or Trading Symbol
E TRADE FINANCIAL CORP [ETFC]
(Last)
(First)
(Middle)
C/O E*TRADE FINANCIAL CORPORATION, 135 E. 57TH STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Managing Director, Americas
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10022		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 218,070 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option   (2) 10/04/2012 Common Stock 100,000 $ 4.07 D  
Stock Option   (2) 03/14/2013 Common Stock 70,000 $ 3.8 D  
Stock Option   (2) 11/24/2013 Common Stock 25,000 $ 10.395 D  
Stock Option   (2) 02/06/2014 Common Stock 75,000 $ 13.89 D  
Stock Option   (2) 02/20/2014 Common Stock 20,000 $ 14.435 D  
Stock Option   (3) 02/16/2015 Common Stock 24,701 $ 13.225 D  
Stock Option   (4) 02/10/2013 Common Stock 41,277 $ 23.105 D  
Stock Option   (4) 02/15/2013 Common Stock 50,534 $ 23.77 D  
Stock Option   (4) 02/13/2014 Common Stock 31,268 $ 23.325 D  
Stock Option   (5) 02/11/2015 Common Stock 162,904 $ 5.19 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Curcio Michael John
C/O E*TRADE FINANCIAL CORPORATION
135 E. 57TH STREET
NEW YORK, NY 10022		       Managing Director, Americas  

Signatures

/s/ Russell S. Elmer, Attorney-in-Fact for Michael John Curcio 11/10/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 202,537 represents previous grants of restricted stock awards that remain unvested.
(2) Options are fully exercisable.
(3) Options vest and become exercisable in equal annual installments over four years from the grant date, which was ten years before the listed expiration date.
(4) Options vest and become exercisable in equal annual installments over four years from the grant date, which was seven years before the listed expiration date.
(5) Options vest and become exercisable over two years from the grant date, which was seven years before the listed expiration date, with 33% vesting after the first year and the remainder after the second year.

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