Founder and former chairman John C. Bogle is credited with the creation of the first index fund available to individual investors and has been a proponent of and a major enabler of low-cost investing by individuals.[5][6] Vanguard is structured as a mutual company; it is owned by funds managed by the company, and is therefore owned by its customers.[7][8] Vanguard offers two classes of most of its funds: investor shares and admiral shares.