An ETF that just last month was dubbed the most volatile to ever hit Wall Street has already been upstaged, after the debut of a competing product that adds even more leverage.

An unprecedented amount of cash flowed into the world’s largest and oldest exchange-traded fund last week, as stocks rallied to near-record highs after the Federal Reserve indicated it could cut interest rates next year.

Brooks Friederich is a little-known figure in the world of investment advisory, even among the Wall Street cognoscenti. Yet every year, the 39-year-old — and his Berwyn, Pennsylvania-based employer Envestnet — helps steer billions of dollars into tailor-made strategies for financial advisers, part of what’s known as the model-portfolio boom.

Bill Gross is right: bond ETF activity has been frenzied in the grip of Wall Street turmoil.