How would one create an array which holds any item that derives from a certain class?

When you say a common child, I believe you meant a common parent. AWood, AStone, ASpear all inherit from AItem right?

Not sure if I got what you’re trying to do, but in that case you just need to store a pointer to a AItem as such:

USTRUCT(BlueprintType)
struct YOURPROJECT_API FItem
{
	GENERATED_USTRUCT_BODY()

    FItem() { ItemInstance = nullptr;}
    FItem(AItem* itemInstance) { ItemInstance = itemInstance;}
   
	/**AItem stored inside struct*/
	UPROPERTY(EditAnywhere, BlueprintReadWrite, Category = "Item")
	AItem* ItemInstance;

};

That way when you a construct it on blueprint or c++ you can always specify the AItem on construction, obviously it will only accept AItem references, not global Actors since this would probably result in sometimes the instance being set to nullptr again. but you could, at least on c++ add a constructor with a cast option:

FItem(AActor* itemInstance) { 
    AItem* i = Cast<AItem>(itemInstance);
    if(i){ ItemInstance = i; }
    else{ ItemInstance = nullptr;}
}

Or did you mean you want to spawn the ItemType(The AItem instance itself) on struct construction?