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 an actively managed concentrated stock-picking fund because, it -Select- in the investment weights of holdings relative to the benchmark index. Fund Y is considered a passive index fund because, it is -Select- concentrated than the benchmark and has -Select- holdings and -Select- investment positions. Fund Z is considered a closet (or enhanced) index fund because its security holdings come closer to matching the benchmark,