Robinhood has filed an application with the U.S. SEC to launch a new publicly traded fund that will hold shares of startups. The idea behind the “Robinhood Ventures Fund I” is to allow every retail investor access to make money on the hottest startups before they go public. While the current version of the application is public, Robinhood hasn’t filled in the fine-print yet. This means we don’t know how many shares it plans to sell, nor other details like the management fee it plans to charge. It’s also unclear which startups it hopes this fund will eventually hold. The paperwork says it “expects” to invest in aerospace and defense, AI, fintech, robotics as well as software for consumers and enterprises. Robinhood’s big pitch is that retail investors are being left out of the gains that are amassed by startup investors like VCs. That’s true to an extent. “Accredited investors” — or those with a net worth large enough to handle riskier investments — already have a variety of ways of buying equity in startups. Retail investors who are not rich enough to be accredited have more limited options. There are funds similar to what Robinhood has proposed. This new closed-end “Ventures Fund I” is a more classic, mutual fund-style, approach.