A fixed share offering is typical of each of the following investment structures except for which?

A mutual fund does not typically have a fixed share offering. Instead, it continuously issues and redeems shares based on investor demand. This allows the number of shares in a mutual fund to vary over time, as they are bought and sold directly through the fund itself at the fund's net asset value (NAV) at the end of the trading day.

In contrast, other investment structures mentioned, such as ETFs (Exchange-Traded Funds), UITs (Unit Investment Trusts), and closed-end funds, have fixed share offerings. ETFs are traded on the stock exchange and have a fixed number of shares created through a process called creation units, while UITs offer a set number of units to investors at the inception of the trust and do not actively issue or redeem shares afterward. Closed-end funds raise a fixed amount of capital through an initial public offering (IPO) and then trade on the stock market at varying prices.

Thus, the nature of mutual funds, with their dynamic share issuance process, distinguishes them from these other investment structures that have fixed share offerings.