FTSE 100

Roughly 75% of FTSE 100 revenue is earned overseas, so it's less a play on the UK economy than on global cyclicals and a weaker pound. Heavy weightings in energy (Shell, BP), financials (HSBC), miners (Rio, Glencore) and pharma (AstraZeneca, GSK). Structurally lags the S&P because it has almost no large-cap tech. When FTSE outperforms the S&P, it's usually commodity- or financials-led.