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Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each of those funds uses. a. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund Z relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place. Fund X : % Fund Y : % Fund Z:% b. Using active share calculations above, indicate which fund is the most likely to be considered: (i) a passive index fund, (ii) a closet (or enhanced) index fund, and (iii) an actively managed concentrated stock-picking fund. Explair the reason for your classification. Fund X is considered because, it in the investment weights of holdings relative to the benchmark index. Fund Y is considered because, it is concentrated than the benchmark and has holdings and investment positions. Fund Z is considere because its security holdings come closer to matching the benchmark Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each of those funds uses. a. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund Z relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place. Fund X : % Fund Y : % Fund Z:% b. Using active share calculations above, indicate which fund is the most likely to be considered: (i) a passive index fund, (ii) a closet (or enhanced) index fund, and (iii) an actively managed concentrated stock-picking fund. Explair the reason for your classification. Fund X is considered because, it in the investment weights of holdings relative to the benchmark index. Fund Y is considered because, it is concentrated than the benchmark and has holdings and investment positions. Fund Z is considere because its security holdings come closer to matching the benchmark