One of the marketing pitches for ETFs has been that investors can avoid capital-gains tax bills with these investment vehicles. The scenario this year, however, could create a dent on that pitch, reported Ian Salisbury in today's Wall Street Journal Fund Track column. Some ETFs are handing out substantial capital-gain distributions to shareholders this year, and the list of such ETFs may include the SPDR DJ Wilshire Mid Cap Growth ETF and HealthShares Cardiology Devices ETF. Among the factors at play: Capital-gains distributions for all kinds of funds, including ETFs, are expected to rise this year after a five-year bull market. Also, several funds have been able to offset gains with losses they posted in the bear market of 2000-2002.  

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