After months of waiting, the Federal Reserve is gearing up to cut its benchmark short-term interest rate for the first time in more than four years later this week. While Wall Str

First is the Vanguard Extended Duration Treasury ETF (NYSEMKT: EDV). This fund has a rock-bottom 0.06% expense ratio and a 4.2% current yield, and it invests in an index of long-term (20- to 30-year) U.S. Treasury securities. The average maturity of bonds in its portfolio is 24.6 years, and the average yield to maturity is 4.5%.

In the end, the Fed decided to go big. The Federal Reserve lowered its key interest rate by a hefty half percentage point Wednesday, moving ahead with its first rate cut in four years and cheering markets that expected an emphatic move amid a softening jobs picture.