VALLEY FORGE, PA — Vanguard announced it will expand its Investor Choice program in 2026 to include three additional funds, most notably its flagship 500 Index Fund. The expansion will double the number of eligible investors to about 20 million and triple eligible assets from $1 trillion to more than $3 trillion, broadening access to proxy voting participation among retail investors.
The Vanguard 500 Index Fund, launched in 1976 as the first retail index fund, remains one of the firm’s most recognized products. Its inclusion in Investor Choice marks a milestone in Vanguard’s effort to give shareholders a greater voice in corporate governance.
“The Vanguard 500 Index Fund, the first ever retail index fund, revolutionized asset management by making it more accessible to everyday investors,” said John Galloway, Global Head of Investment Stewardship at Vanguard. “Central to Vanguard Investor Choice is the core belief that investors should have the option to express a preference for how their index fund holdings vote. As we enter the fourth year of our program with strong momentum, we are committed to building on our legacy of accessibility by continuing to expand Investor Choice to all our U.S. equity index funds.”
Investor Choice allows individual investors, financial advisors, 529 plans, and retirement plan sponsors to determine how their proportionate shares are voted in shareholder matters. Participation has grown rapidly since launch, with more than 80,000 investors making a policy selection during the 2025 proxy season. No single voting policy received more than 35% adoption, underscoring the diversity of investor perspectives.
Vanguard’s research indicates that most investors (83%) value having input in how proxy votes are cast on their behalf. The firm’s latest expansion will extend Investor Choice to 15 funds across all share classes, representing more than half of Vanguard’s U.S.-based equity index assets.
Among the funds included are the Vanguard 500 Index Fund, Extended Market Index Fund, Institutional Index Fund, and ESG U.S. Stock ETF, along with several dividend and tax-managed strategies.
Retail investors can now access the program through the Vanguard mobile app or directly via their Vanguard accounts under the “Proxy Voting through Investor Choice” section. The firm plans continued rollouts to additional index funds in the years ahead as part of its broader initiative to strengthen investor engagement and stewardship transparency.
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