旗 is built from the 方, 𠂊 (claw / hand (top of 色·危)), and 其 (that / winnowing basket) components.
It belongs to a phonetic family with 期, 基, 棋, and 欺 — they share the 其 component and the reading キ.
A common word using 旗 is 旗 (はた), meaning “flag”.
Kanji that look similar include 敷, 傍, 激, and 遊.
