In short: The non-American equivalent of the spotlight, named for access reasons. "Non-American investors can look at the iShares Edge MSCI Europe Quality Factor UCITS ETF (IEQU). It's got a slightly lower expense ratio (0.25%) and the top holdings are nearly identical to IQLT." Note the substitution is not exact — IQLT is international developed (which includes Japan and Australia), IEQU is Europe only; the post treats them as interchangeable on the strength of the top-ten overlap.
This exists only because of a rules problem, not an investment one: Americans cannot buy European funds and Europeans cannot buy American ones. IEQU is the version of the same quality screen that non-Americans are allowed to own, and it is slightly cheaper at 0.25% a year.
Worth noting a small imprecision in the substitution. IQLT covers developed markets worldwide outside the US — which includes Japan, Australia and Canada — while IEQU is Europe only. The post treats them as interchangeable because the largest holdings are almost the same, which is true at the top of the fund and less true further down.
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