This Week's ETF Winners & Losers

Exchange-traded funds related to financials were among the best performers of a winning week, despite mixed earnings reports from key names in the sector.

On Wednesday, Merrill Lynch (MER Quote) sank sector ETFs, following its greater-than-expected $7.9 billion writedown due to the credit crisis. The stock, however, rebounded Friday on rumors CEO Stan O'Neal would be forced out of the position.

Countrywide Financial's (CFC Quote) rosy guidance on Friday also buoyed financial names, helping the stock to finish the week higher.

The Ultra Financial ProShares (UYG Quote) added 5.2% to $54.79. The iShares Dow Jones U.S. Broker-Dealers (IAI Quote) was higher by 5.1% to $53.93. The KBW Bank (KBE Quote) ETF rose 3% to $51.02.

Energy-related ETFs were also among the winners, as crude set multiple records during the week. The December benchmark contract touched a high of $92.22 a barrel on Friday. Crude ultimately added 5.6% over the course of the week to close at $91.86.

The United States Oil (USO Quote) added 6% to $71.17. The iPath S&P GSCI Crude Oil Index (OIL Quote) ETF finished up 5.9% to $52.66.

ETFs tracking Internet and software stocks were also higher for the week, following strong reports from Microsoft (MSFT Quote), Akamai Technologies (AKAM Quote) and Apple (AAPL Quote), among others.

The Internet HOLDRs (HHH Quote) gained 4.3% over the five sessions to $67.28. The First Trust Dow Jones Internet Index (FDN Quote) added 3.3% to $27.78. The iShares S&P GSTI Software (IGV Quote) ended up 2.2% to $52.24.

On the other hand, chip-related ETFs were the week's worst decliners, following gloomy earnings releases from Texas Instruments (TXN Quote), Broadcom (BRCM Quote), and Altera (ALTR Quote).

The Ultra Semiconductor ProShares (USD Quote) ETF slipped 7.2% to $79.24. The Semiconductor HOLDRs (SMH Quote) ETF slid 5.2% to $33.79. The PowerShares Dynamic Semiconductors (PSI Quote) ETF was down 2.6% to $17.85.