Owns the 50 S&P 500 companies that rank highest on S&P's Market Leader Score among those based in the US and earning at least half their revenue there.
FLAG, the Global X S&P 500 U.S. Market Leaders Top 50 ETF, is a $2 million ETF whose main story is the trade-war tax. Over the past year it returned −0.8%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The trade-war tax →
Retailers, brands and US manufacturers: the companies that pay tariffs or are protected by them.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLY | 57.4% | $21.27bn | −7.3% | 0.08% |
| 2 | AIRR | 16.9% | $8.94bn | +10.0% | 0.69% |
| 3 | VCR | 16.6% | $6.16bn | −6.1% | 0.09% |
| 4 | FDIS | 4.4% | $1.63bn | −6.0% | – |
| 5 | IYC | 3.1% | $1.17bn | −8.3% | 0.37% |
| 25 other ETFs | 1.6% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 30 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| FLAG | −4.2% | −1.9% | −0.2% | −0.8% | – | – |
| The trade-war taxits narrative | −3.3% | −7.5% | −3.8% | −3.7% | +15.0% | +7.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on April 16, 2025: +9.0% a year.
$10,000 invested April 30, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
FLAG moves closely with the market. When the market has moved 1%, FLAG has tended to move 0.61%.
FLAG moves closely with the trade-war tax. When the trade-war tax has moved 1%, FLAG has tended to move 0.43%.
Weekly returns over 76 weeks. The narrative is measured without FLAG in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The trade-war tax
Each dot is one of 13 unlevered ETFs whose main narrative is the trade-war tax, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
FLAG is the 4th cheapest of 9 ETFs in the trade-war tax. The dashed line is the middle of the group, 0.37% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is FLAG selling?
FLAG’s main story is the trade-war tax, which covers retailers, brands and US manufacturers: the companies that pay tariffs or are protected by them.
Which ETFs compete with FLAG?
The ETFs whose weekly returns move most like FLAG’s over the past 3 years are QUS (0.88), OUSA (0.88) and FDLO (0.87).
How has FLAG performed against its story?
Over the past year FLAG returned −0.8%, the ETFs carrying the trade-war tax −3.7% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.70 with the story. Past performance only.
Run an ETF in the trade-war tax? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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