Fund Z: b. Using active share calculations above, indicate which fund is the most likely to be consideredi (i) a passive index fund, (i) a closet (or enhanced) index fund, and (ii) an actively managed concentrated stock-picking fund. Explain the reason for your classification. Fund X is considered | because, it in the investment weights of hoidings reiative to the benchmark index, Fund Y is considered |because, it is concentrated than the benchmark and has investment positions. Fund z is considered because its security holdings come closer to matching the benchmark