Financial-services and mutual-fund giant Fidelity Investments is reportedly getting ready to launch new index exchange traded funds after sitting quietly on its only ETF offering, Fidelity Nasdaq Composite Index (NYSEArca: ONEQ), for over eight years.

Last week, Fidelity filed for exemptive relief from the Securities and Exchange Commission to launch index-based ETFs for retail and institutional investors, reports Beagan Wilcox Volz for Ignites. According to the filing, the new exemptive relief will supersede the firm’s prior 2003 SEC order that was required for the launch of ONEQ.

The flexibility that the new exemptive relief offers Fidelity the opportunity to significantly increase its offerings in the ETF space.

Fidelity wants to create a fund of funds, according to the report. The firm will be able to use a “master feeder structure,” similar to what State Street Global Advisors uses, which would allow each ETF to invest in a master fund with an identical investment objective and the master fund would be able to hold various ETF products that provide exposure to different asset classes.

Additionally, Fidelity wants to create ETFs that follow a 130/30 strategy or other long/short strategies.

So far, the company’s presence in the ETF industry has been limited to its one ETF offering and a partnership with BlackRock (NYSE: BLK) that allows those who use Fidelity’s brokerage platform to trade commission-free on 30 iShares ETFs.

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