Options for drop boxes:-

Fund X is considered (i) an actively managed concentrated stock-picking fund (ii)a closet (or enhanced) index fund (iii) a passive index fund

because, it (i) differs (ii) does not differ in the investment weights of holdings relative to the benchmark index.

Fund Y is considered (i) an actively managed concentrated stock-picking fund (ii) a closet (or enhanced) index fund (iii) a passive index fund

because, it is (i) less (ii) more concentrated than the benchmark and has (i) fewer (ii) more holdings and (i) bigger (ii) smaller investment positions.

Fund Z is considered (i) an actively managed concentrated stock-picking fund (ii) a closet (or enhanced) index fund (iii) a passive index fund

because its security holdings come closer to matching the benchmark, (i) in number of those holdings (ii) in the investment weights of those holdings (ii) both in number of holdings and the investment weights of those holdingsI

Fund Z: % managed concentrated stock-picking fund. Explain the reason for your classification. Fund X is considered Fund Y is considered positions. Fund Z is considered \lceil -Select- lecause, it because, it is concentrated than the benchmark and has because its security holdings come closer to matching the benchmark