<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from E*TRADE S&P 500 Index Fund
financial statements at June 30, 2000
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> E*TRADE S&P 500 INDEX FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 58,829,794
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,829,794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 206,343
<TOTAL-LIABILITIES> 206,343
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54,502,663
<SHARES-COMMON-STOCK> 5,010,013
<SHARES-COMMON-PRIOR> 3,963,409
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,338)
<ACCUMULATED-NET-GAINS> 9,377,929
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,244,803)
<NET-ASSETS> 58,623,451
<DIVIDEND-INCOME> 291,641
<INTEREST-INCOME> 46,898
<OTHER-INCOME> 0
<EXPENSES-NET> (83,322)
<NET-INVESTMENT-INCOME> 255,217
<REALIZED-GAINS-CURRENT> 9,303,971
<APPREC-INCREASE-CURRENT> (9,624,030)
<NET-CHANGE-FROM-OPS> (64,842)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (269,577)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,540,196
<NUMBER-OF-SHARES-REDEEMED> (1,515,025)
<SHARES-REINVESTED> 21,433
<NET-CHANGE-IN-ASSETS> 11,717,658
<ACCUMULATED-NII-PRIOR> 2,022
<ACCUMULATED-GAINS-PRIOR> 73,958
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,312
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85,890
<AVERAGE-NET-ASSETS> 52,411,489
<PER-SHARE-NAV-BEGIN> 11.83
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.12)
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.70
<EXPENSE-RATIO> 0.32
</TABLE>
