The asset value of the ProShares Ultra Financials (UYG Quote) was likewise cleaved in two with a 51.3% decline for the period. On top of XL Capital, Lincoln National, Keycorp and Merrill Lynch, the fund also suffered wounds of -64.5% from Protective Life (PL Quote), -53.1% from Conseco (CNO Quote), and 49.9% from Principal Financial Group (PFG Quote).
The fund losses were not restricted to ETFs. An open-end fund, Banks UltraSector ProFund (BKPIX Quote), leveraged 150% to the Dow Jones U.S. Banks Index, severed 44.1% from fund-holder value on declines of 46% in Bank of America (BAC Quote) and 42.5% in Citigroup (C Quote), among others. Bank of America is having to buy back $4.5 billion in auction-rate securities and Citigroup lost out on the Wachovia (WB Quote) battle with Wells Fargo(WFC Quote).| Worst Performing Financial Funds for the Week Ending Thursday Oct. 9
|
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| Fund | Ticker | Rating | Fund Type | 1 Week Total Return |
| Rydex 2X S&P Select Sector Financial ETF | RFL | U | ETF | -54.39% |
| ProShares Ultra Financials | UYG | E+ | ETF | -51.25% |
| ProFunds Banks UltraSector ProFund | BKPIX | E- | Open-End | -44.07% |
| First Financial Fund Inc | FF | E+ | Closed-End | -43.01% |
| First Trust Specialty Finance and Financial Opportunities | FGB | E | Closed-End | -40.92% |
| ProFunds Financials UltraSector ProFund | FNPIX | E- | Open-End | -40.53% |
| Diamond Hill Financial Trends Fund Inc | DHFT | C- | Closed-End | -32.51% |
| AIM Financial Services Fund | FSFSX | E- | Open-End Pension | -31.70% |
| PowerShares FTSE RAFI Financials Sector Portfolio | PRFF | D | ETF | -30.35% |
| Financial Select Sector SPDR Fund | XLF | C- | ETF | -30.30% |
| Source: Bloomberg & TheStreet.com Ratings | ||||
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