Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the PowerShares S&P 500 Quality Portfolio (SPHQ), where 16,000,000 units were destroyed, or a 26.3% decrease week over week. Among the largest underlying components of SPHQ, in morning trading today General Electric Company (GE) is down about 0.9%, and 3M Company (MMM) is lower by about 0.6%.

And on a percentage change basis, the ETF with the biggest outflow was the JPMorgan Efficiente Index ETF (EFFE), which lost 100,000 of its units, representing a 33.3% decline in outstanding units compared to the week prior.