E*TRADE is owned by Morgan Stanley. Morgan Stanley completed its acquisition of E*TRADE Financial Corporation on October 2, 2020, principally through the issuance of approximately $11 billion of its own common shares, according to Morgan Stanley's 2020 Form 10-K. The brand now appears as "E*TRADE from Morgan Stanley," and E*TRADE's own site describes Morgan Stanley as its parent company.
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Because E*TRADE is no longer a separate public company, the question of who owns it leads to Morgan Stanley's own shareholders. Japan's Mitsubishi UFJ Financial Group (MUFG) is the largest, with 24.0% of Morgan Stanley's common stock, per Morgan Stanley's 2026 proxy statement. Every figure below comes from those SEC filings and is dated to the filing.
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Morgan Stanley owns E*TRADE outright. The E*TRADE holding company became part of Morgan Stanley in an all-stock deal, and its brokerage subsidiaries now operate as part of Morgan Stanley. Former E*TRADE shareholders received Morgan Stanley stock, so they became Morgan Stanley owners instead.
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Morgan Stanley's 2020 10-K says the purchase consideration consisted principally of the $11 billion fair value of 233 million common shares issued from treasury stock, at an exchange ratio of 1.0432 Morgan Stanley shares per E*TRADE common share. Its disclosures reflect E*TRADE prospectively from the acquisition date, October 2, 2020, per the same filing.
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E*TRADE's regulated entities still carry the name. Morgan Stanley's 2025 Form 10-K refers to E*TRADE Securities LLC and E*TRADE Futures LLC as subsidiaries operating within its regulated businesses.
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Morgan Stanley paid for E*TRADE with its own stock rather than cash. Each E*TRADE shareholder received a fixed number of Morgan Stanley shares per share held. The stock issued was valued at roughly eleven billion dollars at the time.
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The 2020 Form 10-K says Morgan Stanley completed the acquisition principally via the issuance of approximately $11 billion of common shares, and puts the exchange ratio at 1.0432 Morgan Stanley shares per E*TRADE common share. The same filing describes the deal as adding revenue to Morgan Stanley's results and flags the risks of integrating the two businesses and realizing anticipated cost savings and funding synergies.
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Morgan Stanley is a public company, and Mitsubishi UFJ Financial Group is its largest shareholder by far, with close to a quarter of the stock. Three US asset managers each hold more than five percent. MUFG's stake comes with board seats, but it has agreed with US regulators to stay below a set ownership ceiling.
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The table reproduces the 5% holder table in Morgan Stanley's 2026 proxy statement, which reports holdings as of February 27, 2026, with percentages based on shares outstanding on the March 16, 2026 record date.
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The proxy says MUFG designates two directors under an Investor Agreement with Morgan Stanley dated October 13, 2008, under which Morgan Stanley agreed to take all lawful action to cause two of MUFG's senior officers or directors to become board members. The same filing refers to a plan intended to keep MUFG's ownership below 24.9% to comply with MUFG's passivity commitments to the Federal Reserve.
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E*TRADE serves investors who manage their own accounts without a financial advisor. Morgan Stanley does not report E*TRADE as a separate segment. It groups self-directed investing, the kind of brokerage E*TRADE offers, as one of three channels in its wealth management business, next to advisor-led and workplace services.
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Morgan Stanley's 2025 Form 10-K says Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. For the Self-Directed channel, the same 10-K reports $1,667 billion of self-directed assets and 8.5 million self-directed households at December 31, 2025, and 1,029 thousand daily average revenue trades for 2025.
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On the banking side, E*TRADE's site says its savings, checking and lending products now come from Morgan Stanley Private Bank. Morgan Stanley's executive list in the 10-K includes Michael A. Pizzi, Executive Vice President and Head of Technology and Operations, who was chief executive officer of E*TRADE Financial Corporation from August 2019 to October 2020, before the acquisition. Morgan Stanley's chairman and chief executive is Edward Pick, per the 2026 proxy.
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For other brokerage ownership structures, see Who Owns JPMorgan Chase? and BlackRock Ownership.
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E*TRADE has no shareholder list of its own anymore, so this article describes Morgan Stanley's holders instead. Three of the four large-holder rows rely on filings that are more than two years old. The channel figures blend E*TRADE with other self-directed accounts, so they are not a pure measure of E*TRADE alone.
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Three limits apply. First, the State Street, Vanguard and BlackRock rows in the 2026 proxy rest on 13G filings from January and February 2024. Second, the self-directed metrics in the 2025 10-K cover the whole channel, which Morgan Stanley does not break out by brand. Third, the deal value in the 2020 10-K is a fair value at closing, not today's value.
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No. Morgan Stanley completed its acquisition of E*TRADE Financial on October 2, 2020, per its 2020 10-K.
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Not directly. MUFG owns 24.0% of Morgan Stanley, E*TRADE's parent, per the 2026 proxy.
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Edward Pick is chairman and chief executive officer, per the 2026 proxy statement.
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Read Morgan Stanley's 10-K and proxy statement on SEC EDGAR.
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Deal terms come from Morgan Stanley's Form 10-K for 2020 (filed February 26, 2021). Current structure, E*TRADE subsidiaries and self-directed metrics come from Morgan Stanley's Form 10-K for 2025 (filed February 19, 2026). Ownership figures, the MUFG Investor Agreement and leadership come from Morgan Stanley's 2026 proxy statement (DEF 14A, filed April 2, 2026). All were fetched from SEC EDGAR on October 18, 2026. No ownership percentage in this article comes from any other source.
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