Hey guys,
I'm Carlos, one the of the Staygg founders. The app is not a Ponzi scheme, the fees will be made up in other ways as described in the FAQs on the website, and the mutual fund will provide daily liquidity, will be registered with the SEC, and will nearly perfectly replicate the S&P 500 - it does not aim to outperform the S&P 500. The mutual fund itself will not be innovative in any way - except that it's free - and the investment team won't be actively managing the fund. The real motivation behind this product is that each person on the Staygg team thought it would be cool to have an app like this so we decided to make it ourselves and make it available to others.
Thanks for the feedback.
Carlos