The FRN interest would be includible in gross income and the interest to Optech would be deductible or not based on how Mr. Sollberger had spent the money he received from Optech.
According to the ETF Finder at ETF Channel, EOC makes up 5.81% of the Guggenheim Frontier Markets ETF ( AMEX: FRN) which is trading up by about 0.4% on the day Friday.
According to the ETF Finder at ETF Channel, ENI makes up 5.34% of the Guggenheim Frontier Markets ETF ( AMEX: FRN )which is trading lower by about 0.7% on the day Thursday.