Swallowtail
A swallowtail is a V-shaped cut in the fly end of a flag or pennant, which leaves two points. The name comes from the forked tail of the swallow. The state flag of Denmark is a swallowtail version of the Dannebrog.
A variant with a narrower third point between the two tails is called a swallowtail and tongue. Swallowtails are common on yacht club burgees and on military and naval flags. Because the cut removes part of the fly, keep important details toward the hoist.
The flag maker exports rectangular flags, so a swallowtail is something your printer cuts. Design the full rectangle, then ask about the shape when you order. The custom flag printing guide covers that step, and the pennant entry covers the tapered shapes.