AMENDMENT TO
                                   SCHEDULE A
                                     to the
                       SECURITIES LENDING AGENCY AGREEMENT

     The  Securities  Lending  Agency  Agreement  by and between  E*TRADE  Funds
("Lender"),  on behalf of the series of the Lender specified in Schedule A (each
a "Portfolio"), and Investors Bank and Trust Company ("Bank"), dated as of April
1, 2001, is hereby amended as follows:

     1.   Effective  upon the  liquidation  date for the E*TRADE  Global  Titans
          Index Fund ("Global  Titans  Fund"),  the Global Titans Fund is hereby
          removed from Schedule A.

     2.   The  E*TRADE  E-Commerce  Index  Fund  ("E-Commerce  Fund")  is hereby
          removed from  Schedule A effective  upon the earlier of either (a) the
          reorganization of E-Commerce Fund with and into the E*TRADE Technology
          Index Fund, if such  reorganization is approved by shareholders of the
          E-Commerce  Fund;  or (b) if the  reorganization  is not  approved  by
          shareholders,  upon the liquidation of the E-Commerce  Fund,  which is
          expected to occur prior to December 31, 2001.

     3.   Upon the effective date of the  reorganization  or the  liquidation of
          the  E-Commerce  Fund,  either of which is  expected  to occur  before
          December 31, 2001,  Schedule A is hereby amended and substituted  with
          the attached Schedule A.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this Amendment to the
Agreement to be executed by their respective  officers thereunto duly authorized
as of ___________, 2001.


                         INVESTORS BANK AND TRUST COMPANY


                         By:
                              ---------------------------
                              Name:
                              Title:

                          E*TRADE FUNDS


                          By:
                               ---------------------------
                               Name:
                               Title:



                                   SCHEDULE A
                                     to the
                       SECURITIES LENDING AGENCY AGREEMENT

                                   PORTFOLIOS

                       E*TRADE Financial Sector Index Fund
                          E*TRADE Technology Index Fund