Expenses are coming down in the market for commodity-related exchange-traded products.

Just weeks after ETF Securities launched gold and silver bullion ETFs with record-breaking low expense ratios, UBS has set a new bar for futures-based products as well.

On Thursday the company rolled out the new UBS E-TRACS Dow Jones-UBS Commodity Index Total Return ETN (NYSEArca: DJCI). The note will track the popular Dow Jones-UBS Commodity Index, a broadly diversified index of 19 commodity futures. It will charge investors just 0.50 percent in annual expenses.

That's well below the standard 0.75 percent expense ratio charged by most commodity futures exchange-traded products, including the direct competitor to DJCI, the $1.8 billion iPath DJ-UBS Commodity ETN (NYSEArca: DJP). It also beats the 0.65 percent expense ratio UBS charges for its other commodity ETNs.

If DJCI can trade at tight spreads, it could attract significant assets, as investors seem to like the DJ-UBS index. The DJ-UBS index has less exposure to energy than competing commodity indexes, and more exposure to the agricultural market.

DJCI joins a list of 10 other E-TRACS ETNs from UBS. Those products follow the performance of various UBS Bloomberg CMCI indexes, including broad-based commodities as well as platinum, silver, gold, livestock, food, agriculture, industrial metals and energy.

The CMCI products differ considerably from the new DJCI ETN, however. The former tracks the performance of positions in multiple contract months for each commodity, with the goal of limiting the impact of contango. DJCI, in contrast, follows a more standard approach and tracks the performance only of front-month futures.

You can read the prospectus for DJCI here.