Axis Mutual Fund on Wednesday launched an exchange-traded fund focused on technology stocks. The new fund, Axis Technology ETF, opens on Thursday and closes on March 23. It will track the Nifty IT index, and offers investors an opportunity to invest in the biggest IT companies, the fund house said. It said globally, passive funds have been the fastest growing investment segment over the past several years as investors have warmed up to their simplicity and low cost-efficient structures. Passive investing has been gaining ground over the last few years in the domestic market as well, primarily due to wider participation of retirement trusts and greater investor awareness and maturity.