S&P Dow Jones Indices said it had collaborated with the NZX to form a skim milk powder index to track the progress of the world's most actively traded dairy export.
The index is the latest in a series of single commodity indices to be introduced by S&P Dow Jones.
The world's biggest index provider said its S&P GSCI Skim Milk Powder index would be the first of its kind in the commodities market.
"The global dairy commodity markets have been largely untapped and inaccessible to investors until recently," Fiona Boal, head of commodities and real assets at S&P Dow Jones Indices, said.
"Our goal is to develop a series of transparent and innovative indices that help investors track the performance of this unique asset class across different geographies," she said in a statement.