Which statement about Managed HSM differs from standard Key Vault?

1. A It uses access policies
2. ✓ B It is a single-tenant, fully managed HSM pool with its own local RBAC and security domain (correct answer)
3. C It stores only secrets
4. D It is cheaper

Shortcut: Managed HSM provides dedicated, single-tenant HSM capacity with its own local RBAC model and a security domain that must be backed up at provisioning time.