Prospectus by Investment Company (Form 497)

Summary Prospectuses, Prospectus and
Statement of Additional Information Supplement

April 23, 2026

E*TRADE Trust

Supplement dated April 23, 2026 to the Summary Prospectuses, Prospectus and Statement of Additional Information dated February 27, 2026, as supplemented

E*TRADE No Fee Large Cap Index Fund

E*TRADE No Fee Total Market Index Fund

E*TRADE No Fee International Index Fund
(each, a "Fund" and collectively, the "Funds")

Each Fund is classified as a "diversified company" as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund is updating its investment policy to indicate that it intends to be "diversified" in approximately the same proportion as its underlying index is diversified. This means that a Fund may become "non-diversified," as defined under the 1940 Act, solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Fund's underlying index. Shareholder approval will not be sought if a Fund becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the underlying index.

Accordingly, effective immediately, the Funds' Summary Prospectuses, Prospectus and Statement of Additional Information are hereby amended as follows:

The following is hereby added as the last paragraph in: (i) the section of each Summary Prospectus entitled "Principal Investment Strategies"; (ii) the section of the Prospectus entitled "Fund Summary-E*TRADE No Fee Large Cap Index Fund-Principal Investment Strategies"; (iii) the section of the Prospectus entitled "Fund Summary-E*TRADE No Fee Total Market Index Fund-Principal Investment Strategies"; and (iv) the section of the Prospectus entitled "Fund Summary-E*TRADE No Fee International Index Fund-Principal Investment Strategies":

The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become "non-diversified," as defined under the 1940 Act, solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. Shareholder approval will not be sought if the Fund becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.

The following is hereby added to: (i) the section of each Summary Prospectus entitled "Principal Risks"; (ii) the section of the Prospectus entitled "Fund Summary-E*TRADE No Fee Large Cap Index Fund-Principal Risks"; (iii) the section of the Prospectus entitled "Fund Summary-E*TRADE No Fee Total Market Index Fund-Principal Risks"; and (iv) the section of the Prospectus entitled "Fund Summary-E*TRADE No Fee International Index Fund-Principal Risks":

Non-Diversification Risk. To the extent the Fund becomes "non-diversified" for periods of time solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index, the Fund may invest a greater percentage of its assets in a single issuer or a smaller number of issuers than a diversified fund. As a result, the Fund may be more susceptible to adverse developments affecting one or more issuers, and the value of Fund shares may be more volatile.

The following is hereby added as the last paragraph in: (i) the section of the Prospectus entitled "Details of the Fund-E*TRADE No Fee Large Cap Index Fund-Process"; (ii) the section of the Prospectus entitled "Details of the Fund-E*TRADE No Fee Total Market Index Fund-Process"; and (iii) the section of the Prospectus entitled "Details of the Fund-E*TRADE No Fee International Index Fund-Process":

The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become "non-diversified," as defined under the 1940 Act, solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. Shareholder approval will not be sought if the Fund becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.

The following is hereby added to the section of the Prospectus entitled "Additional Information About Fund Investment Strategies and Related Risks":

Non-Diversification Risk
With respect to the E*TRADE No Fee Large Cap Index Fund, E*TRADE No Fee Total Market Index Fund, and E*TRADE No Fee International Index Fund, to the extent the Fund becomes "non-diversified" for periods of time solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index, the Fund may invest a greater percentage of its assets in a single issuer or a smaller number of issuers than a diversified fund. As a result, the Fund may be more susceptible to adverse developments affecting one or more issuers, and the value of Fund shares may be more volatile.

The following is hereby added as a new paragraph at the end of the section of the Statement of Additional Information entitled "Investment Policies and Limitations-Additional Information About the Investment Policies and Limitations-Summary of 1940 Act Restrictions on Certain Activities-Diversification":

With respect to the fundamental policy relating to diversification set forth in (8) above, each of the E*TRADE No Fee Large Cap Index Fund, E*TRADE No Fee Total Market Index Fund, and E*TRADE No Fee International Index Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. While each of the E*TRADE No Fee Large Cap Index Fund, E*TRADE No Fee Total Market Index Fund, and E*TRADE No Fee International Index Fund is classified as "diversified," under applicable no-action relief from the SEC staff, each such Fund may become "non-diversified," as defined in the 1940 Act, solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of its underlying index and such a change will not require shareholder approval.

Please retain this supplement for future reference.

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