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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
LILIEN R JARRETT
   2. Issuer Name and Ticker or Trading Symbol
E TRADE FINANCIAL CORP [ET] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & COO
(Last)
(First)
(Middle)
C/O E*TRADE FINANCIAL CORPORATION, 135 E. 57TH STREET		 3. Date of Earliest Transaction (Month/Day/Year)
11/09/2006
(Street)

NEW YORK, NY 10022		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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
Contract (right and obligation to sell) (1) 11/09/2006   J/K(1)     51,232 11/09/2006 11/09/2006 Common Stock 51,232 $ 0 (1) 0 D  
Contract (right and obligation to sell) (2) (3) 11/13/2006   J/K(2)(3)     85,508 11/13/2006 11/13/2006 Common Stock 85,508 $ 0 (2) (3) 0 I By Trust

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LILIEN R JARRETT
C/O E*TRADE FINANCIAL CORPORATION
135 E. 57TH STREET
NEW YORK, NY 10022		   X     President & COO  

Signatures

 /s/ Russell S. Elmer   11/13/2006
**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) On November 9, 1999, the R. Jarrett Lilien (the "Reporting Person") entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates the Reporting Person to deliver to the buyer up to 51,232 shares of E*TRADE common stock (or, at the Reporting Person's election, an equivalent amount of cash based on the market price of E*TRADE common stock at that time) on the valuation date of the contract (November 9, 2006). In exchange for assuming this obligation, the Reporting Person received a cash payment of $1,259,730.12 as of the date of entering into the contract. The reporting person pledged 51,232 shares of E*TRADE common stock (the "Pledged Shares") to secure his obligations under the contract, and retained dividend and voting rights in the Pledged Shares during the term of the pledge. The number of shares of E*TRADE stock to be delivered to the buyer on the valuation date is 51,232 based on the Final Price on the valuation date..
(2) On November 10, 1999, the Reporting Person through Pistons Consultants, Ltd., an entity (the "Entity) wholly owned by the Reporting Person entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates the Entity to deliver to the buyer up to 85,508 shares of E*TRADE common stock (or, at the Entity's election, an equivalent amount of cash based on the market price of E*TRADE common stock at that time) on the valuation date of the contract (November 13, 2006). In exchange for assuming this obligation, the reporting person received a cash payment of $2,061,813.61 as of the date of entering into the contract. The Entity pledged 85,508 shares of E*TRADE common stock (the "Pledged Shares") to secure its obligations under the contract, and retained dividend and voting rights in the Pledged Shares during the term of the pledge (Continued to footnote 3).
(3) The number of shares of E*TRADE stock to be delivered to the buyer on the valuation date is 85,508 based on the Final Price on the valuation date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.