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 Index Fund X Fund Y Fund Z 1 10 % 12 % 35 % 11 % 2 10 8 0 11 3 10 8 0 9 4 10 11 0 9 5 10 9 0 9 6 10 5 0 11 7 10 11 26 11 8 10 7 25 11 9 10 13 0 11 10 10 15 0 11 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: % 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 -Select- because, it -Select- in the investment weights of holdings relative to the benchmark index. Fund Y is considered -Select- because, it is -Select- concentrated than the benchmark and has -Select- holdings and -Select- investment positions. Fund Z is considered -Select- because its security holdings come closer to matching the benchmark, -Select- .