Smart NZ Property ETF (NPF.NZ) is an exchange-traded fund that tracks the performance of the S&P/NZX Real Estate Select Index, which comprises the largest and most liquid New Zealand Stock Exchange-listed real estate companies; its portfolio includes holdings such as Precinct Properties New Zealand Ltd, Kiwi Property Group Ltd, Goodman Property Trust, Property for Industry Ltd, and Vital Healthcare Property Trust, representing over 75% of assets in these top five positions with approximately 98.62% allocated to real estate sector equities focused on commercial property assets. The ETF provides investors with diversified exposure to the New Zealand property market through publicly listed securities, distributing dividends derived from rental income and capital returns; it operates as a passively managed fund domiciled in New Zealand, available for trading on the NZX Main Board, with a gross dividend yield around 4.37% and units issued totaling over 87 million. Launched on November 12, 2015, and listed on November 11, 2015, the ETF is issued and managed by Smartshares Limited, now operating under the Smart brand, with headquarters in Wellington, New Zealand; it targets retail and institutional investors seeking sector-specific real estate exposure within Australasia, primarily serving the domestic New Zealand market.