AltaVista Independent Research, a New-York based indie, last week launched a subscription-based Web service that provides retail investors with fundamental analysis of exchange traded funds. This would be the first service to provide in-depth fundamental analysis of ETFs. Most available ETF research is quantitative, and tracks ETFs' performance based on past patterns. AltaVista analyzes the underlying components of an ETF, and predicts how the ETF will behave. The service comes at a time when a slew of ETFs are launching, and driving up public demand for research, said Michael Krause, president. The $400 billion ETF market is expected grow by 33% each year for the next four years to $1.95 trillion, according to recent research by Celent. AltaVista currently covers ten broad market ETFs, nine select sector SPDRs, the popular ETFs tracking the Standard & Poor's indexes, and seven international ETFs, and plans to continue picking up coverage. Ongoing annual access to the research is $499 a year, Krause said.