<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="82%">&nbsp;</td>
          <td width="18%">&nbsp;</td>
     </tr>
     <tr>
          <td colspan="2" align="center"><B><FONT size=2 face="serif">As filed
                         with the Securities and Exchange Commission on May 31,
          2005</FONT></B> </td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td><font size=2 face="serif">Registration No. 333-__________</font></td>
     </tr>
</table>


<HR SIZE="4" NOSHADE COLOR="#000000" STYLE="margin-top: -2px">
<HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -10px">
<P align="center">
<B><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT></B><FONT size=2 face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center"><FONT SIZE="2" FACE="serif">__________________</FONT></P>
<P align="center">
<B><FONT face="serif">FORM S-8 <BR>
</FONT></B><B><FONT face="serif">REGISTRATION STATEMENT</FONT></B></P>
<P align="center">
<I><FONT size=2 face="serif">Under <BR>
</FONT></I><I><FONT size=2 face="serif">The Securities Act of 1933<BR>
</FONT></I><FONT SIZE="2" FACE="serif">__________________</FONT></P>
<P align="center">
<B><FONT face="serif">E*TRADE FINANCIAL CORPORATION<BR>
</FONT></B><FONT size=1 face="serif">(Exact name of registrant as specified in its charter) </FONT></P>
<TABLE WIDTH="50%" border=0 ALIGN="CENTER" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=center>
<B><FONT size=2 face="serif">Delaware</FONT></B>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=center>
<B><FONT size=2 face="serif">94-2844166</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=center VALIGN="TOP">
<FONT size=1 face="serif">(State or other jurisdiction</FONT>
<FONT size=1 face="serif"><BR>
of incorporation or organization)</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=center VALIGN="TOP">
<FONT size=1 face="serif">(IRS Employer Identification No.)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=5>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100% colspan=5>
<B><FONT size=2 face="serif">135 East 57</FONT></B><B><SUP><FONT size=2 face="serif">th </FONT></SUP></B><B><FONT size=2 face="serif">Street</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100% colspan=5>
<B><FONT size=2 face="serif">New York, New York 10022</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100% colspan=5>
<FONT size=1 face="serif">(Address of principal executive offices) (Zip Code)</FONT>
        </TD>
</TR>
</TABLE>
<DIV ALIGN="CENTER"><FONT SIZE="2" FACE="serif">__________________</FONT></DIV>
<P align="center">
<B><FONT size=2 face="serif">E*TRADE FINANCIAL CORPORATION 2005 EQUITY INCENTIVE PLAN</FONT></B>
<BR>
<FONT size=1 face="serif">(Full title of the Plan)</FONT></P>

<DIV ALIGN="CENTER"><FONT SIZE="2" FACE="serif">__________________</FONT></DIV>
<P align="center">
<B><FONT size=2 face="serif">Russell S. Elmer <BR>
General Counsel <BR>
E*TRADE FINANCIAL CORPORATION<BR>
135 East 57<SUP>th</SUP> Street <BR>
New York, New York
10022 <BR>
(646) 840-8846 <BR>
</FONT></B><FONT size=1 face="serif">(Name, address including zip code, and telephone number,  including area code, of agent for service)</FONT><FONT size=2 face="serif"> <I><FONT size=2 face="serif"><BR>
</FONT></I><FONT SIZE="2" FACE="serif">__________________</FONT></FONT></P>
<P align="center">
<I><FONT size=2 face="serif">copy to: <BR>
</FONT></I><FONT size=2 face="serif">Bruce K. Dallas <BR>
Davis
Polk &amp; Wardwell <BR>
1600 El Camino Real <BR>
Menlo Park, California 94025<BR>
(650) 752-2000 </FONT></P>

<DIV ALIGN="CENTER"><B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B>
</DIV>
<TABLE WIDTH="100%" border=1 cellpadding=4 cellspacing=0 BORDERCOLOR="#000000">
<TR valign="bottom">
  <TD width=20% align=CENTER><B><FONT size=1 face="serif">Title of<BR>
      Securities<BR>
      to be
     <BR>
      <u>Registered</U></FONT></B></TD>
  <TD width=20% align=CENTER><B><FONT size=1 face="serif">Amount to be<U><BR>
      Registered</U></FONT></B></TD>
  <TD width=20% align=CENTER><B><FONT size=1 face="serif">
    Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price<BR><U>
&nbsp;&nbsp;&nbsp;per Share&nbsp;&nbsp;&nbsp;</U></FONT></B></TD>
  <TD width=20% align=CENTER><B><FONT size=1 face="serif">Proposed<BR>
    Maximum<BR>
    Aggregate<BR>
    Offering<BR><U>
&nbsp;&nbsp;&nbsp;Price&nbsp;&nbsp;&nbsp;</U></FONT></B></TD>
        <TD width=20% align=CENTER>
<B><FONT size=1 face="serif">Amount of<BR>
Registration<BR><u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left><FONT size=1 face="serif">Common Stock, $0.01 par value<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
not previously registered<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares registered
under prior plans</font></TD>
        <TD width=20% align=center>
<FONT size=1 face="serif">18,481,180 shares (1)<br>
</FONT><FONT size=1 face="serif">(1)</FONT>
        </TD>
        <TD width=20% align=center>
<FONT size=1 face="serif">$12.16(2)<br>
N/A(3)</FONT>        </TD>
        <TD width=20% align=center>
<FONT size=1 face="serif">$224,731,148.80(2)<br>
N/A(3)
</FONT>
        </TD>
        <TD width=20% align=center>
<FONT size=1 face="serif">26,450.86(2)<br>
N/A(3)
</FONT>
        </TD>
</TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
        <TD><FONT size=1 face="serif">This Registration Statement covers 18,481,180
                  shares automatically added to the E*TRADE Financial Corporation
                  1996 Stock Incentive Plan on January 3, 2005 pursuant to the
                  terms of the plan. Such shares were not previously  registered
                  and are being registered at this time under the E*TRADE Financial
                  Corporation 2005 Equity Incentive Plan (the &#147;2005 Plan&#148;)
                  which is the successor plan to the E*TRADE Financial Corporation
                  1996 Stock Incentive Plan (the
&#147;1996 Plan&#148;). In addition, this Registration Statement covers up to
58,209,796 shares which were previously registered for offer or sale under the
1996 Plan and which may be offered or sold under the 2005 Plan (the &#147;Carried
Forward Shares&#148;).
The Carried
Forward Shares consist of 19,209,796 shares remaining available for issuance
 under the 1996 Plan and up to 39,000,000 shares subject to currently
outstanding options under the 1996 Plan. In the event any of these shares subject
to outstanding options are not issued under the 1996 Plan, such as when an option
granted under the 1996 Plan is canceled without being exercised, such shares
will become available for issuance under the 2005 Plan.
 This Registration Statement shall also cover any additional shares
 of common stock which become issuable under the 2005 Plan by reason of any stock
 dividend, stock split, recapitalization or other similar transaction effected
 without  Registrant&#146;s receipt of consideration which results in an increase
 in the number of the outstanding shares of Registrant&#146;s common stock.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD><FONT size=1 face="serif">Calculated under Rule 457(h) of the Securities Act of 1933, as amended, on the basis of the average of the high and low selling prices per share of the Registrant&#146;s Common Stock on May 26, 2005 as reported by the New
York Stock Exchange.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">I-1</FONT></div>


<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=1 face="serif">(3)</FONT></TD>
        <TD><FONT size=1 face="serif">The Carried Forward Shares were previously registered under Registration Statement Nos. 333-113558, 333-81702, 333-54904, 333-35074, 333-52631 and 333-12503; therefore, no filing fee with respect to those shares is required
(Interpretation 89 under Section G of the Securities and Exchange Commission Division of Corporate Finance Manual of Publicly Available Telephone Interpretations (July 1997) and Instruction E to the General Instructions to Form S-8).</FONT></TD>
</TR>
<TR><TD width="4%">&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">I-2</FONT>
     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p align="center"><br>
     <br>

     <B><FONT size=2 face="serif">PART II </FONT></B><BR>
          <B><FONT size=2 face="serif">Information Required in the Registration Statement</FONT></B></p>
<p><FONT size=2 face="serif">Item 3. </FONT><U><FONT size=2 face="serif">Incorporation of Documents by Reference</FONT></U></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">E*TRADE Financial Corporation (the &#147;Registrant&#148;) hereby incorporates by reference into this Registration Statement the following documents previously filed with the Securities and
Exchange Commission (the &#147;SEC&#148;): </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT></TD>
        <TD><FONT size=2 face="serif">The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2004, filed with the SEC on March 10, 2005, pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the &#147;1934
Act&#148;);</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(b)</FONT></TD>
        <TD><FONT size=2 face="serif">The Registrant&#146;s Current Reports on Form 8-K filed with the SEC on January 1, 2005, February 18, 2005, March 16, 2005 and April 18, 2005;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(c)</FONT></TD>
        <TD><FONT size=2 face="serif">The Registrant&#146;s Quarterly Reports on Form 10-Q filed with the SEC since December 31, 2004; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(d)</FONT></TD>
        <TD><FONT size=2 face="serif">The Registrant&#146;s Registration Statement No. 001-11921 on Form 8-A12B filed with the SEC on July 12, 1996 (as amended on Form 8-A12B/A filed with the SEC on February 12, 2001) pursuant to Section 12 of the 1934 Act, in
which there is described the terms, rights and provisions applicable to the Registrant&#146;s outstanding Common Stock, and the description of the
associated rights contained in our registration statement on Form 8-A12B filed on July 17,
2001.</FONT></TD>
</TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All reports and definitive proxy or information statements filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the &#147;1934 Act&#148;) after the date
of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by
reference into this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </FONT></P>
<p><FONT size=2 face="serif">Item 4. </FONT><U><FONT size=2 face="serif">Description of Securities</FONT></U><FONT size=2 face="serif"> </FONT>          </p>
<p><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Not Applicable. </FONT></p>
<p>
     <FONT size=2 face="serif">Item 5.  </FONT><U><FONT size=2 face="serif">Interests
     of Named Experts and Counsel</FONT></U><FONT size=2 face="serif"> </FONT></p>
<p>     <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Not Applicable.</FONT></p>
<p>
     <FONT size=2 face="serif">Item 6. </FONT><U><FONT size=2 face="serif">Indemnification
          of Directors and Officers</FONT></U></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 145 of the General Corporation Law of the State of Delaware (the &#147;Delaware Law&#148;) empowers a Delaware corporation to indemnify any persons who are, or are threatened to be
made, parties to any threatened, pending or completed legal action, suit or proceedings, whether civil, criminal, administrative or investigative (other than action by or in the right of such corporation), by reason of the fact that such person was
an officer or director of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys&#146; fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided that such officer or director acted in good faith and in a manner he reasonably believed to
be in or not opposed to the corporation&#146;s best interests, and, for criminal proceedings, had no reasonable cause to believe his conduct was illegal. A Delaware corporation may indemnify officers and directors in an action by or in the right of
the corporation under the same conditions, except that no indemnification is permitted without judicial</FONT></P>
<div align="center"><FONT size=2 face="serif">II-1</FONT>
     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P>
<FONT size=2 face="serif">approval if the officer or director is adjudged to be liable to the corporation in the performance of his duty. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to
above, the corporation must indemnify him against the expenses which such officer or director actually and reasonably incurred. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In accordance with the Delaware Law, the Amended and Restated Certificate of Incorporation of the Registrant contains a provision to limit the personal liability of the directors of the
Registrant for violations of their fiduciary duty. This provision eliminates each director&#146;s liability to the Registrant or its stockholders for monetary damages except (i) for any breach of the director&#146;s duty of loyalty to the Registrant
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware Law providing for liability of directors for unlawful payment of
dividends or unlawful stock purchases or redemptions, or (iv) for any transaction from which a director derived an improper personal benefit.  The effect of this provision is to eliminate the personal liability of directors for monetary damages for
actions involving a breach of their fiduciary duty of care, including any such actions involving gross negligence. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Article 5 of the Restated Bylaws of the Registrant provides for indemnification of the officers and directors of the Registrant to the fullest extent permitted by applicable law. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In connection with the incorporation of the Registrant into the State of Delaware, the Registrant entered into indemnification agreements with each director and certain officers. The
Indemnification Agreements provide indemnification to such directors and officers under certain circumstances for acts or omissions which may not be covered by directors&#146; and officers&#146; liability
insurance.</FONT></P>
<P><FONT size=2 face="serif">Item 7. <u><font size=2 face="serif"> Exemption
                    from Registration Claimed</font></u> </FONT></P>
<P><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Not Applicable.</font></P>
<font size=2 face="serif">Item 8. </font><u><font size=2 face="serif">Exhibits</font></u> <BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD valign=top nowrap><u><font size=2 face="serif">Exhibit Number</font></u></TD>
     <TD width="2%">&nbsp;</TD>
     <TD><u><font size=2 face="serif">Exhibit</font></u></TD>
</TR>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">4</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="85%">
<FONT size=2 face="serif">Rights Agreement dated at July 9, 2001 between E*TRADE Financial Corporation and American Stock Transfer and Trust Company, as Rights Agent (Incorporated by reference to Exhibit 99.2 to the Company&#146;s Current Report on
Form 8-K filed on July 9, 2001).</FONT></TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">5</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell.</FONT></TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">23.1</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Consent of Deloitte &amp; Touche LLP, Independent Registered
Public Accounting Firm.</FONT></TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">23.2</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell (contained in Exhibit 5).</FONT></TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">24</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Power of Attorney (included on the signature page).</FONT></TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">99.1</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">E*TRADE Financial Corporation 1996 Stock Incentive
Plan (Incorporated by reference to Exhibit 99.1 to the Company&#146;s Registration
Statement on Form S-8 filed March 12, 2004).</FONT></TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="11%" valign=top nowrap>
<FONT size=2 face="serif">99.2</FONT></TD>
        <TD width="2%">&nbsp;</TD>
        <TD VALIGN="TOP">
<FONT size=2 face="serif">E*TRADE Financial Corporation 2005 Equity Incentive
Plan


 (Incorporated by reference to Exhibit 10.66 of the Company&#146;s Form 8-K filed
 May 31, 2005).</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<FONT size=2 face="serif">Item 9. </FONT><U><FONT size=2 face="serif">Undertakings</FONT></U><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A. The undersigned Registrant hereby undertakes: (1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement (i) to include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the &#147;1933 Act&#148;), (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement and (iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; provided, however, that clauses (1)(i) and (1)(ii) shall not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference into this Registration Statement; (2) that
for the purpose of determining any liability under the 1933 Act each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof; and (3) to remove from registration by means</FONT></P>
<div align="center"><FONT size=2 face="serif">II-2</FONT>
     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P>
<FONT size=2 face="serif">of a post-effective amendment any of the securities being registered which remain unsold at the termination of the E*TRADE Financial Corporation 2005 Equity Incentive Plan. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or Section 15(d) of the 1934 Act that is incorporated by reference into this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">C. Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers, or controlling persons of the Registrant pursuant to the indemnification
foregoing provisions summarized in Item 6 or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable.  In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. </FONT></P>
<div align="center"><FONT size=2 face="serif">II-3</FONT>
     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><br>
     <br>

     <B><FONT size=2 face="serif">SIGNATURES</FONT></B></div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on
Form S-8, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 27 day of May, 2005. </FONT></P>
<B></B>
<DIV ALIGN=RIGHT>
<TABLE width="45%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width=1%>&nbsp;</TD>
     <TD width=6% align="left">&nbsp;</TD>
     <TD width=2% align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD colspan="5" align=left><b><font size=2 face="serif">E*TRADE FINANCIAL CORPORATION</font></b></TD>
    </TR>
<TR valign="bottom">
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width=1%>&nbsp;</TD>
     <TD width=6% align="left">&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>
<FONT size=2 face="serif">By:</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD colspan="3" align="left">
          <FONT size=2 face="serif">/s/ Mitchell H. Caplan</FONT>
        </TD>
    </TR>
<TR>
        <TD width="4%" align="left">
        </TD>
        <TD width="1%"></TD>
        <TD colspan="3" align="left">
          <HR align="left" width="65%" size=1 noshade>
        </TD>
    </TR>
<TR valign="bottom">
        <TD align=left width=4%>&nbsp;
        </TD>
     <TD align=center width=1%>&nbsp;</TD>
     <TD align=left width=6%><font size=2 face="serif">Name:</font></TD>
     <TD align=left width=2%>&nbsp;</TD>
     <TD align=left width=82%><font size=2 face="serif"> Mitchell H. Caplan</font></TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align="left"><font size=2 face="serif">Title: </font>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=82% align=left>
<FONT size=2 face="serif">Chief Executive Officer</FONT>
        </TD>
</TR>
</TABLE>
</DIV>
<p align="center"><BR>
          <B><U><FONT size=2 face="serif">POWER OF ATTORNEY</FONT></U></B></p>
<p><B><FONT size=2 face="serif">KNOW ALL PERSONS BY THESE PRESENTS:</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">That the undersigned officers and directors of E*TRADE Financial Corporation, a Delaware corporation, do hereby constitute and appoint Russell S. Elmer and Robert J. Simmons, and each one of
them, the lawful attorneys-in-fact and agents with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents, and any one of them, determine may be necessary or advisable or
required to enable said corporation to comply with the Securities Act of 1933, as amended, and any rules or regulations or requirements of the Securities and Exchange Commission in connection with this Registration Statement. Without limiting the
generality of the foregoing power and authority, the powers granted include the power and authority to sign the names of the undersigned officers and directors in the capacities indicated below to this Registration Statement, to any and all
amendments, both pre-effective and post-effective, and supplements to this Registration Statement, and to any and all instruments or documents filed as part of or in conjunction with this Registration Statement or amendments or supplements thereof,
and each of the undersigned hereby ratifies and confirms all that said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof. This Power of Attorney may be signed in several counterparts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">IN WITNESS WHEREOF</FONT></B><FONT size=2 face="serif">, each of the undersigned has executed this Power of Attorney as of the date indicated. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
</FONT></P>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD width=38% align=left><u><font size=2 face="serif">Signature</font></u></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=38% align=left><u><font size=2 face="serif">Title</font></u> </TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=20% align=left><u><font size=2 face="serif">Date</font></u> </TD>
</TR>
<TR valign="bottom">
     <TD width=38% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=38% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=20% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ Mitchell H. Caplan</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="38%"><font size=2 face="serif">Chief Executive Officer and</font> </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Mitchell H. Caplan</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left><font size=2 face="serif">Director (Principal
                  Executive Officer)</font>
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ Robert J. Simmons</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="38%"><font size=2 face="serif">Chief Financial Officer</font>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Robert J. Simmons</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left><font size=2 face="serif">(Principal Financial
                  and Accounting Officer)</font>
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
</TABLE>
<div align="center"><BR>
          <FONT size=2 face="serif">II-4</FONT>
     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ George Hayter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">George Hayter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Chairman of the Board</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">William A. Porter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Chairman Emeritus</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ Daryl G. Brewster</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Daryl G. Brewster</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Ronald D. Fisher</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left><FONT size=2 face="serif">/s/ Michael K. Parks</FONT>
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Michael K. Parks</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left><FONT size=2 face="serif">May 27, 2005</FONT>
</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ C. Cathleen Raffaeli</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">C. Cathleen Raffaeli</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ Lewis E. Randall</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Lewis E. Randall</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Lester C. Thurow</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">/s/ Donna L. Weaver</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Donna L. Weaver</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">May 27, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="38%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="20%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT size=2 face="serif">Stephen H. Willard</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;
</TD>
</TR>
</TABLE>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><br>
          <b><font size=2 face="serif">EXHIBIT INDEX</font></b> <br>

</div>
<u><font size=2 face="serif">Exhibit Number</font></u><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit</u></font><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD width="87%">&nbsp;</TD>
</TR>
<TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">4</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Rights Agreement dated at July 9, 2001 between E*TRADE Financial Corporation and American Stock Transfer and Trust Company, as Rights Agent (Incorporated by reference to Exhibit 99.2 to the Company&#146;s Current Report on
Form 8-K filed on July 9, 2001).</FONT> </TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">5</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell.</FONT>  </TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">23.1</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Consent of Deloitte &amp; Touche LLP, Independent Registered
Public Accounting Firm.</FONT>    </TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">23.2</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell (contained in Exhibit 5).</FONT> </TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">24</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">Power of Attorney (included on signature page).</FONT>        </TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">99.1</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD>
<FONT size=2 face="serif">E*TRADE Financial Corporation 1996 Stock Incentive
Plan  (Incorporated by reference to Exhibit 99.1 to the Company&#146;s Registration
Statement on Form S-8 filed March 12, 2004).</FONT>       </TD>
</TR><TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">99.2</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD VALIGN="TOP">
<FONT size=2 face="serif">E*TRADE Financial Corporation 2005 Equity Incentive
Plan


 (Incorporated by reference to Exhibit 10.66 of the Company&#146;s Form 8-K filed
 May 31, 2005).</FONT></TD>
</TR></TABLE>

<br>
<br>
<hr size=3 color=GRAY noshade>


</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "may2705_s8.htm", "secsgml_size_bytes": 48362}]
{"company-data": {"conformed-name": "E TRADE FINANCIAL CORP", "cik": "0001015780", "assigned-sic": "6211", "irs-number": "942844166", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125351", "film-number": "05865524"}, "business-address": {"street1": "135 E. 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "6503316000"}, "mail-address": {"street1": "135 E. 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "E TRADE GROUP INC", "date-changed": "19960531"}}
As filed
                         with the Securities and Exchange Commission on May 31,
          2005
Registration No. 333-__________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
__________________
E*TRADE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
94-2844166
(State or other jurisdiction
of incorporation or organization)
(IRS Employer Identification No.)
135 East 57
th
Street
New York, New York 10022
(Address of principal executive offices) (Zip Code)
__________________
E*TRADE FINANCIAL CORPORATION 2005 EQUITY INCENTIVE PLAN
(Full title of the Plan)
__________________
Russell S. Elmer
General Counsel
E*TRADE FINANCIAL CORPORATION
135 East 57
th
Street
New York, New York
10022
(646) 840-8846
(Name, address including zip code, and telephone number,  including area code, of agent for service)
__________________
copy to:
Bruce K. Dallas
Davis
Polk & Wardwell
1600 El Camino Real
Menlo Park, California 94025
(650) 752-2000
CALCULATION OF REGISTRATION FEE
Title of
Securities
to be
Registered
Amount to be
Registered
Proposed
Maximum
Offering
Price
per Share
Proposed
Maximum
Aggregate
Offering
Price
Amount of
Registration
Fee
Common Stock, $0.01 par value
Shares
not previously registered
Shares registered
under prior plans
18,481,180 shares (1)
(1)
$12.16(2)
N/A(3)
$224,731,148.80(2)
N/A(3)
26,450.86(2)
N/A(3)
(1)
This Registration Statement covers 18,481,180
                  shares automatically added to the E*TRADE Financial Corporation
                  1996 Stock Incentive Plan on January 3, 2005 pursuant to the
                  terms of the plan. Such shares were not previously  registered
                  and are being registered at this time under the E*TRADE Financial
                  Corporation 2005 Equity Incentive Plan (the "2005 Plan")
                  which is the successor plan to the E*TRADE Financial Corporation
                  1996 Stock Incentive Plan (the
"1996 Plan"). In addition, this Registration Statement covers up to
58,209,796 shares which were previously registered for offer or sale under the
1996 Plan and which may be offered or sold under the 2005 Plan (the "Carried
Forward Shares").
The Carried
Forward Shares consist of 19,209,796 shares remaining available for issuance
 under the 1996 Plan and up to 39,000,000 shares subject to currently
outstanding options under the 1996 Plan. In the event any of these shares subject
to outstanding options are not issued under the 1996 Plan, such as when an option
granted under the 1996 Plan is canceled without being exercised, such shares
will become available for issuance under the 2005 Plan.
 This Registration Statement shall also cover any additional shares
 of common stock which become issuable under the 2005 Plan by reason of any stock
 dividend, stock split, recapitalization or other similar transaction effected
 without  Registrant's receipt of consideration which results in an increase
 in the number of the outstanding shares of Registrant's common stock.
(2)
Calculated under Rule 457(h) of the Securities Act of 1933, as amended, on the basis of the average of the high and low selling prices per share of the Registrant's Common Stock on May 26, 2005 as reported by the New
York Stock Exchange.
I-1
(3)
The Carried Forward Shares were previously registered under Registration Statement Nos. 333-113558, 333-81702, 333-54904, 333-35074, 333-52631 and 333-12503; therefore, no filing fee with respect to those shares is required
(Interpretation 89 under Section G of the Securities and Exchange Commission Division of Corporate Finance Manual of Publicly Available Telephone Interpretations (July 1997) and Instruction E to the General Instructions to Form S-8).
I-2
PART II
Information Required in the Registration Statement
Item 3.
Incorporation of Documents by Reference
E*TRADE Financial Corporation (the "Registrant") hereby incorporates by reference into this Registration Statement the following documents previously filed with the Securities and
Exchange Commission (the "SEC"):
(a)
The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, filed with the SEC on March 10, 2005, pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "1934
Act");
(b)
The Registrant's Current Reports on Form 8-K filed with the SEC on January 1, 2005, February 18, 2005, March 16, 2005 and April 18, 2005;
(c)
The Registrant's Quarterly Reports on Form 10-Q filed with the SEC since December 31, 2004; and
(d)
The Registrant's Registration Statement No. 001-11921 on Form 8-A12B filed with the SEC on July 12, 1996 (as amended on Form 8-A12B/A filed with the SEC on February 12, 2001) pursuant to Section 12 of the 1934 Act, in
which there is described the terms, rights and provisions applicable to the Registrant's outstanding Common Stock, and the description of the
associated rights contained in our registration statement on Form 8-A12B filed on July 17,
2001.
All reports and definitive proxy or information statements filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the "1934 Act") after the date
of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by
reference into this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4.
Description of Securities
Not Applicable.
Item 5.
Interests
     of Named Experts and Counsel
Not Applicable.
Item 6.
Indemnification
          of Directors and Officers
Section 145 of the General Corporation Law of the State of Delaware (the "Delaware Law") empowers a Delaware corporation to indemnify any persons who are, or are threatened to be
made, parties to any threatened, pending or completed legal action, suit or proceedings, whether civil, criminal, administrative or investigative (other than action by or in the right of such corporation), by reason of the fact that such person was
an officer or director of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided that such officer or director acted in good faith and in a manner he reasonably believed to
be in or not opposed to the corporation's best interests, and, for criminal proceedings, had no reasonable cause to believe his conduct was illegal. A Delaware corporation may indemnify officers and directors in an action by or in the right of
the corporation under the same conditions, except that no indemnification is permitted without judicial
II-1
approval if the officer or director is adjudged to be liable to the corporation in the performance of his duty. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to
above, the corporation must indemnify him against the expenses which such officer or director actually and reasonably incurred.
In accordance with the Delaware Law, the Amended and Restated Certificate of Incorporation of the Registrant contains a provision to limit the personal liability of the directors of the
Registrant for violations of their fiduciary duty. This provision eliminates each director's liability to the Registrant or its stockholders for monetary damages except (i) for any breach of the director's duty of loyalty to the Registrant
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware Law providing for liability of directors for unlawful payment of
dividends or unlawful stock purchases or redemptions, or (iv) for any transaction from which a director derived an improper personal benefit.  The effect of this provision is to eliminate the personal liability of directors for monetary damages for
actions involving a breach of their fiduciary duty of care, including any such actions involving gross negligence.
Article 5 of the Restated Bylaws of the Registrant provides for indemnification of the officers and directors of the Registrant to the fullest extent permitted by applicable law.
In connection with the incorporation of the Registrant into the State of Delaware, the Registrant entered into indemnification agreements with each director and certain officers. The
Indemnification Agreements provide indemnification to such directors and officers under certain circumstances for acts or omissions which may not be covered by directors' and officers' liability
insurance.
Item 7.
Exemption
                    from Registration Claimed
Not Applicable.
Item 8.
Exhibits
Exhibit Number
Exhibit
4
Rights Agreement dated at July 9, 2001 between E*TRADE Financial Corporation and American Stock Transfer and Trust Company, as Rights Agent (Incorporated by reference to Exhibit 99.2 to the Company's Current Report on
Form 8-K filed on July 9, 2001).
5
Opinion of Davis Polk & Wardwell.
23.1
Consent of Deloitte & Touche LLP, Independent Registered
Public Accounting Firm.
23.2
Consent of Davis Polk & Wardwell (contained in Exhibit 5).
24
Power of Attorney (included on the signature page).
99.1
E*TRADE Financial Corporation 1996 Stock Incentive
Plan (Incorporated by reference to Exhibit 99.1 to the Company's Registration
Statement on Form S-8 filed March 12, 2004).
99.2
E*TRADE Financial Corporation 2005 Equity Incentive
Plan

 (Incorporated by reference to Exhibit 10.66 of the Company's Form 8-K filed
 May 31, 2005).
Item 9.
Undertakings
A. The undersigned Registrant hereby undertakes: (1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement (i) to include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the "1933 Act"), (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement and (iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; provided, however, that clauses (1)(i) and (1)(ii) shall not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference into this Registration Statement; (2) that
for the purpose of determining any liability under the 1933 Act each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof; and (3) to remove from registration by means
II-2
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the E*TRADE Financial Corporation 2005 Equity Incentive Plan.
B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the 1934 Act that is incorporated by reference into this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers, or controlling persons of the Registrant pursuant to the indemnification
foregoing provisions summarized in Item 6 or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable.  In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on
Form S-8, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 27 day of May, 2005.
E*TRADE FINANCIAL CORPORATION
By:
/s/ Mitchell H. Caplan
Name:
Mitchell H. Caplan
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS:
That the undersigned officers and directors of E*TRADE Financial Corporation, a Delaware corporation, do hereby constitute and appoint Russell S. Elmer and Robert J. Simmons, and each one of
them, the lawful attorneys-in-fact and agents with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents, and any one of them, determine may be necessary or advisable or
required to enable said corporation to comply with the Securities Act of 1933, as amended, and any rules or regulations or requirements of the Securities and Exchange Commission in connection with this Registration Statement. Without limiting the
generality of the foregoing power and authority, the powers granted include the power and authority to sign the names of the undersigned officers and directors in the capacities indicated below to this Registration Statement, to any and all
amendments, both pre-effective and post-effective, and supplements to this Registration Statement, and to any and all instruments or documents filed as part of or in conjunction with this Registration Statement or amendments or supplements thereof,
and each of the undersigned hereby ratifies and confirms all that said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof. This Power of Attorney may be signed in several counterparts.
IN WITNESS WHEREOF
, each of the undersigned has executed this Power of Attorney as of the date indicated.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Mitchell H. Caplan
May 27, 2005
Chief Executive Officer and
Mitchell H. Caplan
Director (Principal
                  Executive Officer)
/s/ Robert J. Simmons
May 27, 2005
Chief Financial Officer
Robert J. Simmons
(Principal Financial
                  and Accounting Officer)
II-4
/s/ George Hayter
George Hayter
Chairman of the Board
May 27, 2005
William A. Porter
Chairman Emeritus
/s/ Daryl G. Brewster
Daryl G. Brewster
Director
May 27, 2005
Ronald D. Fisher
Director
/s/ Michael K. Parks
Michael K. Parks
Director
May 27, 2005
/s/ C. Cathleen Raffaeli
C. Cathleen Raffaeli
Director
May 27, 2005
/s/ Lewis E. Randall
Lewis E. Randall
Director
May 27, 2005
Lester C. Thurow
Director
/s/ Donna L. Weaver
Donna L. Weaver
Director
May 27, 2005
Stephen H. Willard
Director
EXHIBIT INDEX
Exhibit Number
Exhibit
4
Rights Agreement dated at July 9, 2001 between E*TRADE Financial Corporation and American Stock Transfer and Trust Company, as Rights Agent (Incorporated by reference to Exhibit 99.2 to the Company's Current Report on
Form 8-K filed on July 9, 2001).
5
Opinion of Davis Polk & Wardwell.
23.1
Consent of Deloitte & Touche LLP, Independent Registered
Public Accounting Firm.
23.2
Consent of Davis Polk & Wardwell (contained in Exhibit 5).
24
Power of Attorney (included on signature page).
99.1
E*TRADE Financial Corporation 1996 Stock Incentive
Plan  (Incorporated by reference to Exhibit 99.1 to the Company's Registration
Statement on Form S-8 filed March 12, 2004).
99.2
E*TRADE Financial Corporation 2005 Equity Incentive
Plan

 (Incorporated by reference to Exhibit 10.66 of the Company's Form 8-K filed
 May 31, 2005).