The E*TRADE Delphi Value Fund is a no-load mutual fund managed by Scott Black, President of Delphi Management. Delphi manages over $1.5 billion for a small number of large private clients. The minimum investment for the fund is $2,500 and it is available on most major fund networks.

Institutional class shares are also available with a minimum initial investment of $1 million.

Investment Objective
The E*TRADE Delphi Value Fund seeks long-term growth of capital. It is designed for investors who have a long-term time horizon, no need for current income, and who are willing to accept stock market risk in exchange for the opportunity to achieve higher long-term returns.

For more complete information, including management fees and other expenses, please see Prospectus and Application, to receive a free prospectus. Read it carefully before you invest or send money.

E*TRADE Securities LLC, Member NASD/SIPC, Distributor.