Turning today to week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, the largest outflow was seen in the SPDR S&P 500 (SPY), which shed 5.4 million shares, or a 0.7% decrease week over week. And on a percentage change basis, the ETF with the largest outflow was the Proshares Ultra Telecommunications (LTL), which lost 75,000 of its shares, for a whopping 50.0% decline in outstanding shares.