Perhaps Fidelity’s recent performance struggles will cause the fund provider to reconsider its strategy when it comes to exchange traded funds (ETFs).

For now, they’ve just got the one with the aptly-named ticker: Fidelity Nasdaq Composite Index Tracking Report (ONEQ). It’s down 6.8% year-to-date.

Jennifer Levitz for the Wall Street Journal reports that only 39% of their equity funds are among the top half of their peers, compared with 65% for the same time period last year. Relative to its peers such as Vanguard and American Funds, Fidelity’s performance hasn’t been this weak since 2000. Back then, 33% of its funds landed in the top 50%.

The company has been restructuring under a new president, who took over just last summer. Last week, layoffs of 550 employees were announced, attributed to consolidation of two units.

Where does Fidelity go from here? Can they deny ETFs for much longer?