What is an alternative structure for mutual funds?

An alternative structure for mutual funds can indeed be a corporation under federal or provincial jurisdiction. This is because mutual funds can operate as trust structures or as corporations, where the latter allows the fund to issue shares to investors. In this corporate structure, the fund acts as a separate legal entity, providing limited liability to its shareholders while still offering the mutual fund's investment objectives and diversification benefits.

In contrast, while Real Estate Investment Trusts (REITs) and Exchange-Traded Funds (ETFs) provide alternative investment vehicles, they typically do not represent a structure for traditional mutual funds. REITs focus specifically on real estate investments and offer different tax considerations and investment characteristics, while ETFs usually trade on exchanges and offer intraday liquidity but are typically established as trusts rather than corporations.

Not-for-profit organizations, while they serve important roles in different sectors, do not generally function as investment vehicles like mutual funds. They are focused on social objectives rather than generating profits for shareholders or providing investment opportunities.

Thus, the defining factor for the answer lies in recognizing that federal or provincial corporations represent a legitimate alternative structural framework for mutual funds, aligning with regulatory requirements and investor interests while maintaining the mutual fund's core objectives.