I'm no VC, but afaik: traditional VC requires LPs be accredited, meet large minimums, and with "2 and 20," 2% annual management fee and a 20% performance fee on portfolio returns.
This fund: does not require accreditation, has a $500 minimum, and with "2.5 and 0" - no performance fee.
As funds/markets scale, their returns tend to move toward the mean, and this is designed for scale, but it's clearly something people want and I'd guess it'll perform well until this format is normal.
$500 is Low. Lower than Lightning Ventures where I did my deals