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. Explain the reason for your classification. Fund X is considered [ relative to the benchmark index. Fund Y is considered [ holdings and Fund Z is considered [ ] because, it because, it is investment positions. in the investment weights of holdings concentrated than the benchmark and has because its security holdings come closer to matching the benchmark, Continue without saving