Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
CITADEL L P
   2. Issuer Name and Ticker or Trading Symbol
E TRADE FINANCIAL CORP [ETFC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O CITADEL INVESTMENT GROUP LLC, 131 S. DEARBORN STREET, 32ND FL		 3. Date of Earliest Transaction (Month/Day/Year)
04/19/2008
(Street)

CHICAGO, IL 60603		 4. If Amendment, Date 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
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/19/2008   X   38,400 A $ 5 747,993 D (1)  
Common Stock 04/19/2008   X   1,100 A $ 6 749,093 D (1)  
Common Stock 04/19/2008   X   1,500 A $ 10 750,593 D (1)  
Common Stock 04/19/2008   X   5,900 D $ 3 744,693 D (1)  
Common Stock 04/19/2008   X   3,500 D $ 7 741,193 D (1)  
Common Stock 04/19/2008   X   16,600 D $ 8 724,593 D (1)  
Common Stock 04/19/2008   X   26,900 D $ 9 697,693 D (1)  
Common Stock 04/19/2008   X   20,700 D $ 11 676,993 D (1)  
Common Stock 04/19/2008   X   15,100 D $ 12 661,893 D (1)  
Common Stock 04/19/2008   X   31,200 D $ 13 630,693 D (1)  
Common Stock 04/19/2008   X   24,000 D $ 14 606,693 D (1)  
Common Stock 04/19/2008   X   29,200 D $ 15 577,493 D (1)  
Common Stock 04/19/2008   X   4,000 D $ 16 573,493 D (1)  
Common Stock 04/19/2008   X   4,600 A $ 11 129,413 D (2)  
Common Stock 04/19/2008   X   300 A $ 16 129,713 D (2)  
Common Stock 04/19/2008   X   27,900 D $ 6 101,813 D (2)  
Common Stock 04/19/2008   X   17,900 D $ 8 83,913 D (2)  
Common Stock 04/19/2008   X   33,400 D $ 9 50,513 D (2)  
Common Stock 04/19/2008   X   12,100 D $ 10 38,413 D (2)  
Common Stock 04/19/2008   X   35,500 D $ 12 2,913 D (2)  
Common Stock 04/19/2008   X   900 D $ 15 2,013 D (2)  
Common Stock               79,867,087 D (3)  
Common Stock               8,945,249 D (4)  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
PUT OPTION: EUSPA [OBLIGATION TO BUY] $ 5 04/19/2008   X     384   (5) 04/19/2008 Common Stock 38,400 $ 0 0 D (1)  
PUT OPTION: EUSPI [OBLIGATION TO BUY] $ 6 04/19/2008   X     11   (5) 04/19/2008 Common Stock 1,100 $ 0 0 D (1)  
PUT OPTION: EUSPB [OBLIGATION TO BUY] $ 10 04/19/2008   X     15   (5) 04/19/2008 Common Stock 1,500 $ 0 0 D (1)  
CALL OPTION: EUSDG [OBLIGATION TO SELL] $ 3 04/19/2008   X     59   (5) 04/19/2008 Common Stock 5,900 $ 0 0 D (1)  
PUT OPTION: EUSPJ [RIGHT TO SELL] $ 7 04/19/2008   X     35   (5) 04/19/2008 Common Stock 3,500 $ 0 0 D (1)  
PUT OPTION: EUSPK [RIGHT TO SELL] $ 8 04/19/2008   X     166   (5) 04/19/2008 Common Stock 16,600 $ 0 0 D (1)  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CITADEL L P
C/O CITADEL INVESTMENT GROUP LLC
131 S. DEARBORN STREET, 32ND FL
CHICAGO, IL 60603		     X    
CITADEL INVESTMENT GROUP LLC
131 S. DEARBORN STREET, 32ND FLOOR
CHICAGO, IL 60603		     X    
CITADEL EQUITY FUND LTD
C/O CITADEL INVESTMENT GROUP II, L.L.C.
131 S. DEARBORN STREET, 32ND FLOOR
CHICAGO, IL 60603		     X    
CITADEL AC INVESTMENTS LTD
C/O CITADEL INVESTMENT GROUP II, L.L.C.
131 S. DEARBORN STREET, 32ND FLOOR
CHICAGO, IL 60603		     X    
GRIFFIN KENNETH C
C/O CITADEL INVESTMENT GROUP, L.L.C.
131 S. DEARBORN STREET, 32ND FLOOR
CHICAGO, IL 60603		     X    

Signatures

 /s/ John C. Nagel, Authorized Signatory   04/22/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) This security is owned by Citadel Derivatives Group LLC.
(2) This security is owned by Citadel Derivatives Trading Ltd.
(3) This security is owned by Citadel AC Investments Ltd.
(4) This security is owned by Citadel Equity Fund Ltd.
(5) Each of the securities listed is an exchange-traded option contract. Exchange-traded options are immediately exercisable and remain exercisable until expiration. The transaction shown resulted from the exercise of in-the-money option contracts by Citadel Derivatives Group LLC, by Citadel Derivatives Trading Ltd. or by third parties.
 
Remarks:
Each of the Reporting Persons expressly disclaims beneficial ownership of the securities described herein except to the
 extent of such person's pecuniary interest therein.

A Form 4 is limited to a maximum of ten reporting persons. As a result, this Form 4 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.

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