New Zealand dairy giant Fonterra is launching a fund on the New Zealand and Australian stock markets worth at least 500 million New Zealand dollars ($410 million).

But the cooperative owned by farmers isn't offering shares in itself. Rather, it's allowing investors to buy into a fund that will give them dividends. It's the first time non-farmers will be able to invest in Fonterra.

Fonterra chairman Henry van der Heyden says the listing will provide the cooperative with capital security while preserving 100 percent farmer control and ownership.

The Fonterra fund is expected to being trading November 30.

The company this year reported net profit of NZ$624 million ($511 million) on revenue of NZ$19.8 billion ($16.2 billion).