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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. % Security Investment Weight: Security Benchmark Ind-t Fund X Fund Y Fund 2 1 11% 10% 39% 10% 2 11 11 0 12 3 11 3 5 10 4 11 5 0 12 5 11 6 20 10 6 11 B 0 12 7 11 12 28 10 B 11 3 25 12 9 11 12 0 12 10 11 15 20 10 a. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund 2 relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place. Fund X: \"in Fund Y: % Fund 2: \"In 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. Explain the reason for your classication. Fund X is considered | -Select- v| because, it in the investment weights of holdings relative to the benchmark index. Fund Y is considered | -Select- v| because, it is concentrated than the benchmark and has holdings and investment positions. Fund Z is considered |-Select because its security holdings come closer to matching the benchmark, -Select- v