For this to work at scale domestically, the fund would need to be a double-digit percentage of the market cap of the entire US economy. It would be a pretty drastic departure from the way we do things now. There would be downsides: market distortions and fraud and capital flight.
But in my mind it would be a solution to the problem of wealth pooling up in the AI economy, and probably also a balm for the "pyramid scheme" aspect of Social Security which captures economic growth through payroll taxes (more people making more money, year on year) in a century where we expect the national population to peak and decline.
Pick your poison, I guess, but I want to see more discussion of this idea in the Overton window.