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This Week's ETF Winners & Losers

Funds tracking financials ended the week in the black, despite mixed earnings.

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)

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)

rosy guidance on Friday also buoyed financial names, helping the stock to finish the week higher.

The

Ultra Financial ProShares

(UYG) - Get ProShares Ultra Financials Report

added 5.2% to $54.79. The

iShares Dow Jones U.S. Broker-Dealers

(IAI) - Get iShares U.S. Broker-Dealers & Securities Exchanges ETF Report

was higher by 5.1% to $53.93. The

KBW Bank

(KBE) - Get SPDR S&P Bank ETF Report

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) - Get United States Oil Fund LP Report

added 6% to $71.17. The

iPath S&P GSCI Crude Oil Index

(OIL) - Get iPath Series B S&P GSCI Crude Oil ETN Report

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) - Get Microsoft Corporation (MSFT) Report

,

Akamai Technologies

(AKAM) - Get Akamai Technologies, Inc. Report

and

TheStreet Recommends

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

, among others.

The

Internet HOLDRs

(HHH)

gained 4.3% over the five sessions to $67.28. The

First Trust Dow Jones Internet Index

(FDN) - Get First Trust Dow Jones Internet Index Fund Report

added 3.3% to $27.78. The

iShares S&P GSTI Software

(IGV) - Get iShares Expanded Tech-Software Sector ETF Report

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) - Get Texas Instruments Incorporated Report

,

Broadcom

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, and

Altera

(ALTR) - Get Altair Engineering Inc. Class A Report

.

The

Ultra Semiconductor ProShares

(USD) - Get ProShares Ultra Semiconductors Report

ETF slipped 7.2% to $79.24. The

Semiconductor HOLDRs

(SMH) - Get VanEck Vectors Semiconductor ETF Report

ETF slid 5.2% to $33.79. The

PowerShares Dynamic Semiconductors

(PSI) - Get Invesco Dynamic Semiconductors ETF Report

ETF was down 2.6% to $17.85.