Earlier this year, Fidelity reached a deal with BlackRock, which manages the iShares funds, to boost its presence in indexed-based ETFs. [Fidelity, iShares Expand ETF Partnership: What Does it Mean?]

Fidelity currently manages one ETF, Fidelity Nasdaq Composite Index (NasdaqGM: ONEQ).

However, Fidelity has hired some high-profile ETF veterans, including Anthony Rochte and Greg Friedman. The additions have fueled speculation the company is preparing an expansion of its ETF business. [Fidelity Hires Former iShares ETF Product Expert]

“The firm is likely looking at a push into ETFs as a way to retain its position as a product provider for retail, intermediary and institutional clients if the ETF begins to encroach further on mutual funds’ domain,” Ignites reports.