SEC FORM 3

SEC Form 3

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
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

CITADEL L P

(Last)

(First)

(Middle)

131 S. DEARBORN STREET, 32ND FL

(Street)

CHICAGO

60603

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/26/2008

3. Issuer Name and Ticker or Trading Symbol
E TRADE FINANCIAL CORP [ ETFC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		Please see Exhibit 99.1 (1)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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	79,867,087	D⁽¹⁾
Common Stock	704,676	D⁽²⁾
Common Stock	109,113	D⁽³⁾
Common Stock	8,945,249	D⁽⁴⁾

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: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
CALL OPTION: EUSDA [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	209	$5	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDB [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	522	$10	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDB [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	212	$10	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDC [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	114	$15	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDC [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	198	$15	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDD [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	134	$20	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDD [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	3	$20	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDE [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	71	$25	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDG [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	59	$3	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDH [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	79	$4	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDI [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	156	$6	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDI [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	80	$6	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDJ [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	112	$7	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDJ [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	340	$7	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDK [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	36	$8	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDK [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	549	$8	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDL [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	19	$9	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDL [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	43	$9	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDM [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	63	$11	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDM [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	142	$11	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDN [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	242	$12	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDN [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	139	$12	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDO [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	163	$13	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDO [OBLIGATION TO SELL]	⁽⁵⁾	04/19/2008	Common Stock	821	$13	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDP [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	66	$14	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDP [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	46	$14	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDQ [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	85	$16	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDQ [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	232	$16	D⁽²⁾⁽⁵⁾
CALL OPTION: EUSDR [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	204	$17	D⁽³⁾⁽⁵⁾
CALL OPTION: EUSDR [RIGHT TO PURCHASE]	⁽⁵⁾	04/19/2008	Common Stock	24	$17	D⁽²⁾⁽⁵⁾

1. Name and Address of Reporting Person^*

CITADEL L P

(Last)

(First)

(Middle)

131 S. DEARBORN STREET, 32ND FL

(Street)

CHICAGO

60603

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		Please see Exhibit 99.1 (1)

1. Name and Address of Reporting Person^*

CITADEL INVESTMENT GROUP LLC

(Last)

(First)

(Middle)

131 S. DEARBORN STREET, 32ND FL

(Street)

CHICAGO

60603

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		Please see Exhibit 99.1 (1)

1. Name and Address of Reporting Person^*

CITADEL EQUITY FUND LTD

(Last)

(First)

(Middle)

131 S. DEARBORN STREET, 32ND FL

(Street)

CHICAGO

60603

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		Please see Exhibit 99.1 (1)

1. Name and Address of Reporting Person^*

CITADEL AC INVESTMENTS LTD

(Last)

(First)

(Middle)

131 S. DEARBORN STREET, 32ND FL

(Street)

CHICAGO

60603

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		Please see Exhibit 99.1 (1)

1. Name and Address of Reporting Person^*

GRIFFIN KENNETH C

(Last)

(First)

(Middle)

131 S. DEARBORN STREET, 32ND FL

(Street)

CHICAGO

60603

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		Please see Exhibit 99.1 (1)

Explanation of Responses:

1. Please see Exhibit 99.1 (2)

2. Please see Exhibit 99.1 (3)

3. Please see Exhibit 99.1 (4)

4. Please see Exhibit 99.1 (5)

5. Please see Exhibit 99.1 (6)

Remarks:

A Form 3 is limited to a maximum of ten reporting persons. As a result, this Form 3 is one of two filed today reporting on the same securities by the following eleven joint filers: Citadel Investment Group, L.L.C., Citadel Limited Partnership, Citadel Equity Fund Ltd., Citadel AC Investments Ltd., Kenneth Griffin, Citadel Investment Group II, L.L.C., Citadel Holdings I LP, Citadel Holdings II LP, Citadel Advisors LLC, Citadel Derivatives Group LLC and Citadel Derivatives Trading Ltd.

	/s/ John C. Nagel	03/06/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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