This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

The Fund’s management agreement (“Agreement”) was approved for an initial two-year period and continues for successive one year periods, only if each renewal is specifically approved by E*TRADE Trust’s (the “Trust”) Board of Trustees in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”), including the affirmative votes of a majority of the Trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of any such party at a meeting called for the purpose of considering such approval. The Agreement provides that the Fund’s “Adviser,” Morgan Stanley Investment Management Inc., will pay all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the litigation expenses and other extraordinary expenses, not incurred in the ordinary course of the Fund’s business. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus.

Growth of Investment illustration is based on an initial investment of $10,000 made since fund inception, assumes reinvestment of dividends and capital gains and application of fees, but does not include sales charges if any. Performance would have been lower if sales charges had been included. Results are hypothetical.

Past performance is not indicative of future results. Subject to change daily. Fund information is provided for informational purposes only and should not be deemed as a recommendation to buy or sell any security or securities in the sectors and countries that may be presented.

Index data displayed under characteristics and allocations are calculated using MSIM and/or other third-party methodologies and may differ from data published by the vendor.

Index Information: The Solactive GBS United States 500 Index intends to track the performance of the largest 500 companies from the US stock market and is based on the Solactive Global Benchmark Series. Constituents are selected based on company market capitalization and weighted by free float market capitalization. The Index is calculated as a total return index in U.S. dollars and is reconstituted quarterly.

Risk Considerations:

There is no assurance that a portfolio will achieve its investment objective. Market and Geopolitical risk. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio.   In general, equities securities' values fluctuate in response to activities specific to a company.  The value of the Portfolio may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a portfolio that does not concentrate in companies in the technology sector.  The Portfolio may engage in securities lending (lend its portfolio securities to broker-dealers and other institutional borrowers) to generate income. During the existence of a loan, the Portfolio will continue to receive the equivalent of the interest paid by the issuer, or all or a portion of the interest on investment of the collateral, if any. The Portfolio may pay lending fees to such borrowers. Upon return of the loaned securities, the Portfolio would be required to return the related collateral to the borrower and may be required to liquidate portfolio securities in order to do so. Please be aware that this portfolio may be subject to certain additional risks.   Index Related Risk. The Fund’s return may not track the return of the Index for a number of reasons. For example, the Fund may incur operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund’s returnmay differ from the return of the Index because of, among other things, differences between the Fund’s investments or average duration and those of the Index, pricing differences and the inability to purchase certain securities due to regulatory or other restrictions. Tracking error risk refers to the risk that the Portfolio's performance may not match or correlate to that of the Index it attempts to track, either on a daily or aggregate basis, and may cause the performance to be less than expected. Because a representative sampling indexing strategy is utilized, a larger tracking error can be expected than if it used a replication indexing strategy. Tracking error may also occur because of other factors, including but not limited to, transaction costs and the holding of cash. Index Related Risk. The return may not track the return of the Index and therefore may not achieve its investment objective. In addition, the Portfolio can be expected to be less correlated with the return of the index. The Portfolio is managed using a passive investment strategy and generally will not adjust its portfolio investments to attempt to take advantage of market opportunities or lessen the impact of a market decline or a decline in the performance of one or more issuers or for other reasons, which could negatively impact the portfolio than if the Portfolio employed an active strategy.  Concentration Risk. The Portfolio may face greater risks if the Portfolio concentrates its investments in an industry or group of industries than if it were diversified broadly.  New Fund Risk. A new portfolio's performance may not represent how the portfolio is expected to or may perform in the long term. In addition, there is a limited operating history for investors to evaluate and the portfolio may not attract sufficient assets to achieve investment and trading efficiencies. 

OTHER CONSIDERATIONS: Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus (which includes the applicable fund's current fees and expenses, if different from those in effect as of the date of this web page), download one here or contact your financial professional. Please read the prospectus carefully before investing.
 
NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

Morgan Stanley Distribution, Inc. serves as the distributor for the fund.  Morgan Stanley Distribution, Inc. Member FINRA / SIPC.