The Federal Reserve are expected to vote to raise interest rates Wednesday for the first time in nearly a decade, and "Fast Money" traders outlined what they thought were the best ways to play the move.

Trader Dan Nathan believes the so-called "FANG" stocks, high-growth technology companies Facebook, Amazon, Netflix and Google-parent Alphabet, could struggle after the move. Shares of those companies, and Netflix in particular, have soared past the broader market this year, and investors may drop some of their exposure next year, he contended.

He also saw possible upside in utilities stocks as rates rise, as investors may seek yield.

Trader Guy Adami contended the hike could create market volatility, driving CBOE Volatility Index options higher.

"Volatility is going to be the world of 2016, and it might start tomorrow," he said.

Emerging markets could see benefits from a rate increase, said trader Tim Seymour. Struggling emerging market assets could get a boost from their currencies getting a "floor" underneath them, he contended.

Investors could play the trend through the iShares MSCI Emerging Markets Index, he said.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, BX, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JCP, JPM, KO, LGF, RL, T, TWTR, VRX. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO.

Dan Nathan

Long PFE buy-write, long TWTR March Risk Reversal, long IWM Dec Put Spread, long UUP call spread, long XLU Feb Call, long PYPL Jan Risk Reversal, long M Jan16 52.50 / 62.50 call spread, long INTC Dec Put Spread, long XLF Dec put spread, long NTAP risk reversal, long GM Jan Put Butterfly

Today: closed FCX Feb risk reversal

Karen Finerman

Karen is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, DIS puts, FINL, FL, FL calls, GOOG, GOOGL, GPS, JPM, KORS, LYV, MA, URI, URI long puts, WFM, her firm is short IWM, SPY, MDY. Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.