BNP Paribas maintains a S&P 500-based index (call Spectrum) that is weighted according to sector momentum.  I've found one ETN that tracks this index.  It's an Elements ETN called SPECTRUM U.S. (symbol EEH), and it's issued by Swedish Export Credit.

My concern is that the trading volume of this ETN is very low.  I'm wondering how liquid this note really is?

Is this concern justified?  Does anyone know of another ETN that tracks this BNP index?