Mutual fund giant Fidelity Investments may be preparing a major expansion of its exchange traded fund business, according to regulatory filings and media reports.

In late 2011, Fidelity filed for exemptive relief from the Securities and Exchange Commission to launch index-based ETFs for retail and institutional investors. [Fidelity Files To Launch More ETFs]

“The filing, if approved, would allow Fidelity to offer almost every type of index ETF available, including international funds and even ‘long/short’ ETFs that mimic sophisticated hedge-fund strategies, said Kathleen Moriarty, an ETF specialist and partner at law firm Katten Muchin Rosenmann LLP,” in a Smart Money report on Tuesday.

“It’s an extensive filing,” said Christian Magoon, an ETF consultant and CEO of Magoon Capital, in the report. “It shows that they are taking a longer-term view and want to be in this business.”

A Fidelity spokesman declined to provide more details on the firm’s ETF strategy, saying only that it’s “always looking for new ways to provide clients with products and services they need and want,” according to the article.

The firm currency offers a single ETF: Fidelity Nasdaq Composite Index (NYSEArca: ONEQ).

Fidelity Nasdaq Composite Index

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