This Week's ETF Winners & Losers

As the three major U.S. averages dropped more than 1.6% for the week, nearly every exchange-traded fund was lower over the five sessions.

Financial-related ETFs were hit hard. On Wednesday, Bear Stearns (BSC Quote - Cramer on BSC - Stock Picks) fell 2.5% amid worries about two of its hedge funds, reigniting fears about the effects of the subprime fallout.

The Ultra Financials ProShares (UYG Quote - Cramer on UYG - Stock Picks) ETF ended down 5.5% to $66.55. Additionally, the iShares Dow Jones Broker-Dealers (IAI Quote - Cramer on IAI - Stock Picks) was lower by 3.4% to $55.89.

Housing-related ETFs were among the worst performers of the week. On Tuesday, a government report said U.S. housing starts fell a greater-than-expected 2.1% in May to 1.47 million annualized units. On average, economists were looking for new construction to total 1.48 million units.

For the week, the SPDR Homebuilders (XHB Quote - Cramer on XHB - Stock Picks) ETF shed 4.2% to $31.72. The iShares Dow Jones U.S. Home Construction (ITB Quote - Cramer on ITB - Stock Picks) ETF fell 4% to finish at $32.90.

Several biotech-related bundled securities also declined. On Monday, shares of Encysive Pharmaceuticals (ENCY Quote - Cramer on ENCY - Stock Picks) plunged 43.4% after the Food and Drug Administration refused to approve the company's treatment for pulmonary arterial hypertension, Thelin.

The SPDR S&P Biotech (XBI Quote - Cramer on XBI - Stock Picks) ETF was lower by 5.2% to $50.60. The PowerShares Dynamic Biotech & Genome (PBE Quote - Cramer on PBE - Stock Picks) ETF was down 4.2% to $18.24. The iShares Nasdaq Biotechnology (IBB Quote - Cramer on IBB - Stock Picks) lost 3.9% to $78.10.

Securities tracking energy exploration were also among the decliners, even after the front-month crude contract jumped amid labor strikes in Nigeria. Crude oil finished the week with a gain of nearly 1% at $69.41 a barrel.

The Ultra Oil & Gas ProShares (DIG Quote - Cramer on DIG - Stock Picks) eased 3.9% to $99.12. The SPDR S&P Oil & Gas Exploration & Production (XOP Quote - Cramer on XOP - Stock Picks) ETF fell 2% to $47.63, and the PowerShares Dynamic Energy Exploration (PXE Quote - Cramer on PXE - Stock Picks) ETF lost 1.3% to $23.53.