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) added 5.2% to $54.79. The iShares Dow Jones U.S. Broker-Dealers ( IAI) was higher by 5.1% to $53.93. The KBW Bank ( KBE) 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) added 6% to $71.17. The iPath S&P GSCI Crude Oil Index ( OIL) 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), Akamai Technologies ( AKAM) and Apple ( AAPL), among others.

The Internet HOLDRs ( HHH) gained 4.3% over the five sessions to $67.28. The First Trust Dow Jones Internet Index ( FDN) added 3.3% to $27.78. The iShares S&P GSTI Software ( IGV) 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), Broadcom ( BRCM), and Altera ( ALTR).

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